Reckitt Benckiser beats expectations thanks to bumper sales of healthcare brands April 24, 2015 The figures Consumer goods giant Reckitt Benckiser (RB) has reported a five per cent rise in like-for-like sales, which hit £2.2bn during the first quarter. Health and hygiene enjoyed strong growth, with net revenue rising by 32 per cent and 42 per cent respectively in those categories. Why it's interesting A bad flu season (bad [...]
AstraZeneca share price dips despite rise in profits and unchanged outlook April 24, 2015 AstraZeneca had a successful start to the year, but competition means growth will be slow. The figures The Anglo-Swedish drug maker's operating profit went up by 15 per cent to $933m (£620m) during the first three months of the financial year, with revenue also rising by one per cent to $6bn. This is a [...]
Deutsche Bank wields axe after £1.7bn fine: Staff fired over Libor fixing scandal but top bosses stay April 23, 2015 Deutsche Bank was ordered to fire another seven staff yesterday for manipulating Libor submissions between 2005 and 2010 – but no top bosses have resigned over the scandal. The $2.5bn (£1.7bn) fine is far bigger than any previously levied on other banks, in part because Deutsche’s staff misled regulators and tried to cover up [...]
Barclays’ bosses warn investors of pain ahead as Libor scandal fines and legal bills roll in April 23, 2015 Huge fines and legal bills are on the way, Barclays’ outgoing chairman Sir David Walker warned shareholders at yesterday’s annual general meeting. Walker joined the bank almost three years ago in the wake of the Libor scandal, aiming to clean it up. While he said he has made great strides in that direction, the City [...]
Qataris clinch Claridges from Barclay brothers April 23, 2015 The Barclay brothers have sold off their stake in three of London’s five-star hotels, including Claridges. Sir Frederick and Sir David Barclay are reported to have sold their 64 per cent interest to Qatar’s Constellation Hotels, a business controlled by the country’s sovereign wealth fund. The sale was made for an undisclosed sum.
Pace chairman Allan Leighton to exit after Arris takeover April 23, 2015 Pace chairman Allan Leighton is set to leave the UK group once its £1.4bn takeover by a US rival is finalised, as shares in the set-top box maker closed 34 per cent higher yesterday. Leighton, chair of Pace since 2011, oversaw the cash-and-share offer by Georgia-based group Arris Group but will not seek a [...]
Budget deficit drops but pre-General Election growth could disappoint Tories April 23, 2015 Chancellor George Osborne received a budgetary boost yesterday as figures revealed the government had cut the budget deficit, but weak retail sales could hit a key economic growth figure in the run up to the General Election. Government borrowing – as measured by the public sector net borrowing requirement excluding public sector banks – totalled [...]
Mortgage lending lull ends as March registers upturn as General Election uncertainty fails to make slow demand April 23, 2015 Mortgage lending has picked up in March following a slow start to 2015, data released yesterday by the Council for Mortgage Lenders (CML) show. Gross mortgage lending reached £16.5bn, 21 per cent higher than in February and seven per cent higher than March last year. Lending remains below levels seen last summer and is far [...]
Sainsbury’s to shed 800 store jobs in bid to save £500m in supermarket price war April 23, 2015 Sainsbury’s is set to axe 800 jobs in stores as part of a shake-up aimed at saving £500m over the next three years to better position itself in the ongoing supermarket price war. The supermarket chain said yesterday that it plans to remove department and deputy managers from certain stores in order to invest [...]
Profits surge at Kent winemaker Chapel Down after large harvests April 23, 2015 Profits at winemakers Chapel Down soared 175 per cent in the year ending December as large harvests poured through to the bottom line. Revenues in the company expanded 21 per cent during the period on the year before, reaching a record £6.1m and leading to pre-tax profits of £187,000. The Kent-based company also saw sales [...]