Germany plan for road tax November 26, 2013 GERMAN parties negotiating a coalition deal have overcome one of the most divisive issues in the talks, agreeing to a demand by Chancellor Angela Merkel’s Bavarian allies to introduce a motorway toll for foreign-registered cars. The toll was vigorously opposed by the centre-left Social Democrats (SPD) and Merkel herself ruled out introducing it during a [...]
China slowdown hits luxury firms Boss and Remy November 26, 2013 LUXURY brands revised down their profit forecasts yesterday as growth in key Chinese markets continued to slow, dragging shares lower. Shares in Remy Cointreau dropped 11.6 per cent after the French spirits group warned of a double-digit decline in full-year operating profit because of a slowdown in China, while subdued demand in the country also hit [...]
Barnes & Noble revenue drops as Nook loses e-reader battle November 26, 2013 BARNES & Noble, the largest US bookstore chain, reported an eight per cent drop in quarterly revenue yesterday as sales fell across all its businesses, including its stores and Nook e-readers and e-books. Barnes & Noble shares fell as much as six per cent, with the sliding revenue highlighting again the bookseller’s battle with giant [...]
Tiffany bucks the trend as it raises outlook on high demand November 26, 2013 TIFFANY & Co swam against the tide for luxury firms yesterday as it reported a higher quarterly profit. Stronger-than-expected sales in Asia mitigated continued softness in the US, and the jeweller again raised its full-year earnings forecast. Global sales rose seven per cent to $911.5m (£562.3m) in the third quarter ended 31 October, well above [...]
De La Rue profit is lifted by cost cutting success November 26, 2013 BANK note printer De La Rue increased its profits in the six months to September, the firm reported yesterday, as it successfully slashed costs. Revenues fell five per cent in the year to £234m as print volumes dropped 10 per cent. The currency unit defied the trend, with revenues up four per cent to £145.4m. [...]
Brand Index: Britain needs more than visa changes to woo Chinese November 26, 2013 LAST year Chinese tourists heading to France outnumbered those visiting Britain by more than five-to-one. Many furious business leaders blamed Britain’s “outdated” and overly restrictive visa system for giving our neighbours across the Channel the edge in attracting this increasingly important consumer group. However, new research from YouGov China reveals that, while travel visas may [...]
SEI Investments fined £900,000 for failing to protect client funds November 26, 2013 INVESTMENT manager SEI was fined £900,000 by the Financial Conduct Authority yesterday for failing to protect client money properly. The City watchdog found that from November 2007 to October 2012, SEI repeatedly failed to perform its internal reconciliations, failed on several occasions to ensure any shortfall or excess identified was covered by the end of [...]
BTG jumps as US approves its vein treatment November 26, 2013 SHARES in British pharmaceutical firm BTG jumped yesterday after it said US regulators had approved its varicose vein treatment that uses an injectable foam to dissolve the veins as an alternative to surgical removal. Varithena, previously known as Varisolve, has taken more than a decade to win approval, as the company had to answer concerns [...]
UK housing boom hikes earnings at buy-to-let specialist Paragon November 26, 2013 SOARING buy-to-let lending boosted Paragon’s profits in the year to September, the specialist lender said yesterday. Pre-tax profits jumped 10.4 per cent to £105.4m, up from £95.5m in the previous 12-month period. Total operating income increased 4.5 per cent to £177.9m, while operating expenses increased 12.9 per cent to £58.6m. Earnings per share increased 17.4 [...]
Greencore draws a line under horsemeat as revenues rise November 26, 2013 GREENCORE posted a robust rise in full-year profits yesterday after recovering in the second half from a slump in the ready meal market caused by the horsemeat scandal. The food group, which makes own label products such as sandwiches and desserts for major supermarkets, said revenues increased by three per cent to £1.19bn in the [...]