Shares in shoemaker soar on death of matriarch Wanda Ferragamo October 22, 2018 The death of Salvatore Ferragamo’s widow has sent shares soaring in his eponymous company amid speculation her successors may sell their stake in the business. Shares closed up over seven per cent in the late afternoon today. The company’s value peaked in 2015, and has been on a downwards trajectory since May last year. Wanda [...]
Unilever hikes dividend by eight per cent with €6bn share buyback programme kicking off in May October 22, 2018 Unilever said this morning it will be hiking its dividend by eight per cent with a share buyback of up to €6bn starting next month, as it looks to keep investors on side. The consumer goods giant, which owns brands from Dove to Marmite, reported underlying sales growth – excluding its spreads business – of [...]
Netflix issues $2bn in bonds to fund original content October 22, 2018 Netflix plans to issue $2bn (£1.5bn) in bonds in a bid to fund its drive towards producing more original content, the company announced today. The streaming service will use the proceeds of the dollar and euro dominated junk bonds for general corporate purposes including content acquisitions and production and development. Read more: Subscribers have surged, but are we nearing ‘peak Netflix’? Netflix [...]
Morrisons loses ruling on data breach challenge as compensation looms October 22, 2018 Supermarket giant Morrisons faces a mass payout to staff after losing a major court case over a data leak this afternoon, in a ruling which could have implications for all UK businesses. The Bradford-based chain lost its appeal against a High Court ruling that it is legally liable for a former employee leaking personal information [...]
Philips chief executive warns no-deal Brexit will hit British manufacturing October 22, 2018 Brexit could wreck Britain’s future as a manufacturing hub, forcing firms like Philips to rethink their UK operations, the company’s chief executive warned today. Frans van Houten expressed concern at the lack of progress on a Brexit deal in comments reported by Reuters. Read more: Financial stability should not be used as a bargaining tool for [...]
New stomping grounds: Dr Martens posts strong growth after opening 25 new stores last year October 22, 2018 Dr Martens’ new chief executive said there is room for further growth as the company posted strong results for the financial year, opening 25 new stores. The iconic footwear brand increased revenue by 20 per cent to £349m, while growing operating profit by a third to £50m. Read more: Fintech startup Worldremit poaches former Paddy [...]
DEBATE: Will our growing enthusiasm for low-alcohol drinking change the very culture of the City? October 22, 2018 Will our growing enthusiasm for low-alcohol drinking change the very culture of the City? Christi Tronetti, marketing director at creative agency isobel, says YES. If New York is the city that never sleeps, London has always been the city that never stops drinking. When I first moved here from NYC, I thought I could drink – [...]
Fintech startup Worldremit poaches former Paddy Power chief as its next boss October 22, 2018 London money transfer fintech startup Worldremit has today revealed former Paddy Power Betfair chief Breon Corcoran will be its newest chief executive. Corcoran joins the fintech as it hurtles towards so-called unicorn status – a company worth over $1bn (£764.6m) – after successfully managing the merger of betting firms Paddy Power and Betfair in 2016. Worldremit's current founder and chief [...]
Vue buys German cinema group Cinestar for €221.8m October 22, 2018 Cinema group Vue has entered into a deal to buy Event Hospitality & Entertainment's (EVT) German cinema division Cinestar for as much as €221.8m (£195.5m). The agreement signifies Vue's largest ever acquisition, totalling 57 premium multiplex sites with 449 screens. This is the cinema chain's third acquisition this year, after it bought Cinema3D in Poland [...]
Winemakers running out of storage space in wake of ‘record’ harvest October 21, 2018 The 2018 English wine harvest is so enormous that there is not enough space to hold it, astonished wine makers are reporting. The long hot summer has produced an unprecedented volume of grapes, in what is certain to be the biggest vintage since the English wine industry began to take off thirty years ago. With [...]