Constellation Brands lifts full-year guidance after “winning” the 4 July holiday and profit boost from acquisitions October 5, 2016 Shares in the US owner of Corona Extra, Constellation Brands, were up in morning trading New York time after the beer and spirits maker posted better-than-expected second quarter revenues. The figures Net sales grew 17 per cent to $2.02bn (£1.6bn) in the second quarter, while operating income rose 27 per cent to $611m. Constellation's beer brands, [...]
Five new retailers are opening shops in The Royal Exchange October 5, 2016 The Royal Exchange is to become home to five new luxury brands. Aspinal of London, Grind & Co, Orlebar Brown, Halcyon Days and TD Tom Davies are taking space in the Grade I listed building. Oxford Properties bought the 16th century landmark in 2013 and this is the second set of retailers to move in [...]
ASOS boss says “it isn’t very practical” to be like an employer from the Victorian era October 5, 2016 ASOS has kicked back against accusations of poor working practices in its Barnsley warehouse and has said the company looks forward to engaging with the government on the issues surrounding low paid workers. "The picture of an uncaring, secretive and exploiting employer from the Victorian times is false," ASOS said in a statement. "Actually, it isn't practical either. [...]
Megabrew merger between AB InBev and SABMiller inches closer as SAB shares suspend trading on London Stock Exchange October 5, 2016 Shares in British drinks giant SABMiller suspended trading on the London Stock Exchange this morning as the Megabrew merger between SAB and Belgian beer giant Anheuser-Busch InBev inches closer. Yesterday, the UK's High Court gave its approval to AB InBev's £79bn takeover and the holding company for the combined company, Newbelco, listed 1.7bn shares on the Johannesburg [...]
Topps Tiles share price slides after company warns on low consumer confidence October 5, 2016 Topps Tiles said this morning that it had been hit by the fall in consumer confidence following the Brexit vote. After the company announced a slowdown in like-for-like sales growth to 1.4 per cent its share price slid more than six per cent. The sales dip was in part to due to a strategic change to [...]
Tesco’s pension deficit has more than doubled in six months October 5, 2016 The market has responded positively to Tesco's new target for operating margin to move to four per cent by 2020, but Tesco also reported this morning that its pension deficit has more than doubled in six months. The deficit has risen from £2.61bn to £5.85bn due to exceptionally low bond yields, leaving the scheme's trustees in a tight spot. [...]
Bookies think Steven Woolfe is most likely to be the next leader of Ukip though they aren’t ruling out a third comeback for Nigel Farage October 5, 2016 The UK's biggest high street bookmakers haven't ruled out Nigel Farage returning to the helm of Ukip for a third time, though the party's migration spokesman Steven Woolfe is being tipped to take the top spot. Ukip was plunged into another search for a leader yesterday after Diane James stepped down, having spent just 18 days [...]
Tesco posts increase in UK like-for-like sales but profit drops 28 per cent October 5, 2016 Tesco's share price jumped nine per cent in early morning trading after it posted an increase in UK sales in its interim results. The company also confirmed its pension deficit has jumped by £3.2bn to £5.9bn "due to lower bond yields". The figures Tesco's like-for-like sales in the UK were up 0.6 per cent in the first [...]
Raise a dram to this 50-year-old whisky… If you have £20,000 to spare, that is October 5, 2016 A new whisky has been launched today that would leave Don Draper scrabbling for a dram – and his wallet. The world's number two whisky brand, Scotch giant Glenlivet, has unveiled the second release from its luxury Winchester collection, a 50-year-old Vintage 1966 worth an eye-watering £20,000 a bottle and created by then-master distiller Robert Arthur. [...]
Business travelers fork out more to stay near the City, study shows October 4, 2016 Business travelers were still prepared to pay more to stay near Canary Wharf and the Square Mile despite increased uncertainty ahead of the EU referendum. A bi-annual report by HRG — the global travel company — showed that average room rates for business travelers leapt in the Docklands and the City by 6.9 per cent [...]