Nestle’s share price falls as it warns of “even softer pricing” ahead while profits slip on currency headwinds, Maggi noodles scare and L’Oreal disposal February 18, 2016 Nestlé's share price fell this morning after revealing profits slipped last year as currency headwinds, the L'Oreal disposal and the Maggi noodles scandal hurt its bottom line. The food and drinks business has warned 2016 will bring more challenges on pricing. The figures Total sales were up 4.2 per cent to CHF 88.8bn, at the lower end of Nestle's guidance, with a foreign [...]
UK house prices: Britain’s property millionaires are set to triple by 2030 – as one in four London homes hit £1m February 18, 2016 Worried about how exactly to become a millionaire after the Adam Smith Institute's predictions this week that we will all be hitting the millionaire milestone by 2050? Not to fear – your property will do most of the work for you, according to new research out today that forecasts that the number UK properties worth at [...]
European grocery prices rise at slowest pace in five years February 18, 2016 The price of everyday products sold across Europe is rising at its slowest pace in well over five years as fierce competition among the grocers rages on, according to the latest data by research giant Nielsen. The data firm said that sales volumes of fast-moving consumer goods (FMCG), such as soft drinks, toiletries and food, rose by 0.8 per [...]
Yahoo to shut down seven digital magazines in a bid to simplify the business February 17, 2016 Struggling online media group Yahoo has announced plans to cut seven of its digital magazines. The company said the move is part of recently announced plans to "simplify our business and focus our effort on our four most successful content areas – news, sports, finance and lifestyle". The magazines being phased out are Yahoo Food, Yahoo [...]
Majority of HSBC UK retail and wealth managers will not receive pay rise in 2016, despite u-turn on pay freeze February 17, 2016 The majority of managers at HSBC’s UK retail and wealth group will not receive a pay rise this year, a spokesman for HSBC confirmed this evening, despite the bank U-turning on a policy to enact a pay freeze. This latest announcement marks the third change in HSBC’s pay policy in as many weeks. Junior-level staff [...]
UK equity firm 3i Group mulling IPO of Dutch discount gym chain Basic-Fit February 17, 2016 The UK’s largest private equity firm, 3i Group Plc, is reportedly considering an initial public offering valued at €1bn (£779m), including debt, for the Dutch discount gym chain Basic-Fit. If the IPO is launched it could see Basic-Fit listed in Amsterdam by the end of this year. Morgan Stanley and ABN Amro Group NV have [...]
Rental app Movebubble wins £1.1m funding from investors including former Spotify boss February 17, 2016 A start-up that has designed an app dedicated to renters searching for a new pad in London has won £1.1m backing from a group of investors including the former boss of Spotfify. Movebubble, which launched in November last year, lists thousands of properties available in the capital whilst also helping renters to book and manage viewings. The app allows people to [...]
Barclays’ investment bank chief Tom King could be set to retire next month February 17, 2016 Tom King, head of Barclays' investment bank, is reportedly planning to retire as early as next month. King, who is based in New York and has worked for Barclays since 2009, has long been expected to step down from his post at the top of the bank's investment banking business, but multiple media reports out [...]
Dr Pepper Snapple shares lose their fizz after firm delivers downbeat profit outlook February 17, 2016 Dr Pepper Snapple Group disappointed investors with a warning that full-year profit for 2016 could fall short of expectations. The company, which owns the Schweppes, Canada Dry and Snapple brands among others, reported profit of $936m (£654m) for the fourth quarter of 2015, up from $895m in the same period of the previous year. For the year, [...]
Fox’s Biscuits in line for a Jammie deal as Wagon Wheels maker Burton’s eyes a sweet treat February 17, 2016 Ontario Teachers' Pension Plan, owner of Burton's, the biscuit company behind British favourites such as Jammie Dodgers, Wagon Wheels and Maryland cookies, is reportedly in talks to buy rival Fox's Biscuits. Rothschild has been brought in to advise on the sale, which could see Fox's, the firm that makes Party Rings and Rocky biscuits, valued at [...]