Eurozone unemployment still flat despite end to recession October 1, 2013 THE EUROZONE’S unemployment rate held at 12 per cent in August, with little change from the previous month revealed in figures yesterday. The currency union’s high unemployment levels are yet to decline, despite the end of an 18-month recession in the second quarter of this year. There are currently 19.178m people out of work and [...]
Thomas Cook rebrands under sunny heart logo as part of rescue plan October 1, 2013 THOMAS Cook yesterday announced that its globe-share logo and famous slogan “Don’t just book it, Thomas Cook it” have been scrapped as part of chief executive Harriet Green’s continued turnaround of the group. The 172-year-old tour operator has opted instead for a yellow symbol it describes as a “Sunny Heart” and the simpler tag-line “Let’s [...]
Unilever drags down peers as Nestle hints at portfolio shake-up October 1, 2013 NESTLE hinted yesterday it was getting closer to disposing of bad brands and shaking up its portfolio, as shares suffered in the wake of a profit warning from consumer peer Unilever. Unilever warned late on Monday of a sharper slowdown in its emerging markets, sending its shares tumbling as much as four per cent in [...]
Bottom Line: This is just the start of the dreaded slowdown October 1, 2013 IT DOESN’T seem to matter what Unilever is selling. From Dove deodorant to PG Tips and Pot Noodles, the group’s emerging markets customers aren’t buying. Except that’s not strictly true. Monday’s profits warning from the consumer goods group didn’t say that sales are set to have fallen in the third quarter, just that growth will [...]
Settlement may end Google’s EU antitrust case October 1, 2013 GOOGLE’S largest EU antitrust case moved closer to an end yesterday as the EU competition chief said progress had been made towards a settlement that would address concerns about the search engine giant offering favourable results to its own services. “With the significant improvements on the table, I think we have the possibility to work [...]
American tobacco firm buys into growing UK e-cigarette market October 1, 2013 LORILLARD, the third largest American cigarette manufacturer, yesterday took a stake in the UK’s burgeoning e-cigarette market by snapping up manufacturer Skycig in a deal worth up to £60m. “We chose to move forward with Lorillard for the exceptional resources and expertise which the company can provide to enable Skycig to further both our product [...]
Wolseley steps up hunt for deals as it returns £300m to investors October 1, 2013 PLUMBERS’ merchant Wolseley confirmed plans yesterday to return £300m to shareholders after posting a strong rise in profits. Chief financial officer John Martin said that a lack of attractive acquisition opportunities last year meant that it will return £300m to investors in a special dividend. He said it will continue to seek out bolt-on acquisitions [...]
Analyst Views: Have Wolseley’s results altered your outlook for the year ahead? October 1, 2013 JONATHAN JACKSON KILLIK & COWolseley’s results were very reassuring…. With more than 70 per cent of profits generated in the US, the company provides a good way of playing the ongoing recovery in housing and construction markets, while self-help in Europe provides a cushion while investors wait for the economy to recover. CHARLIE CAMPBELL LIBERUM [...]
ITE revenue to grow to £191m October 1, 2013 BRITISH-based conference organiser ITE Group saw its share price jump yesterday after it said results would meet revenue expectations of £191m, showing 11 per cent growth for the year, when the company publishes annual results on 3 December. During the fourth quarter its revenues were up four per cent, at £26m, on the same period [...]
Jaeger halves annual losses October 1, 2013 TROUBLED fashion chain Jaeger yesterday said it had stopped the rot after stemming losses last year and putting in place new management. The company, which was acquired by private equity group Better Capital last year, said post-tax losses for the year ending February were £13.1m, down from £35.5m. Overall turnover fell to £70.7m from £85.5m [...]