Bottom Line: Half-time break for high flyer December 12, 2013 BEFORE yesterday’s slump, shares in Sports Direct had risen by more than 90 per cent so far this year. Six years after its flotation at 300p, even early investors in Mike Ashley’s empire have more than doubled their money – while those that were brave enough to buy in when it fell to 32p in [...]
DFS is hurt by summer heat December 12, 2013 SOFA retailer DFS blamed the hot summer weather for denting sales in its first quarter of the year but said it was confident that it would continue to outperform the market. Earnings fell by 29 per cent to £7.2m in the quarter to 26 October compared with the same time last year, whilst sales were [...]
Final reel for Blockbuster December 12, 2013 BLOCKBUSTER’S remaining 91 stores are to be shuttered before Christmas with the loss of 800 jobs, the chain’s administrators confirmed yesterday. Moorfields Corporate Recovery said all remaining stock will be sold by Sunday 15 December with discounts of up to 90 per cent before store are finally shut for good the following day, bringing an [...]
Moss Bros sales smarten up as eveningwear season kicks-off December 12, 2013 SUIT-seller Moss Bross enjoyed a bounceback in hire sales in the first weeks of the second half as it recovered from a subdued wedding season in the first part of the year. Like-for-like sales rose 5.3 per cent in the first 19 weeks to 7 December, the retailer said yesterday, as hire sales stabilised and [...]
Ex-B&B finance chief fined for cash call failings December 12, 2013 THE FORMER finance director of Bradford & Bingley (B&B) has been fined £30,000 for failings related to a 2008 cash call, as the regulator forces board members to take responsibility for their actions. The Financial Conduct Authority (FCA) said yesterday Christopher Willford had failed to alert the board to potential risks such as details about profits, [...]
Four ex-Kaupthing bosses given jail sentences for market abuse December 12, 2013 THE FORMER chief executive and chairman of collapsed Icelandic bank Kaupthing as well as two other senior executives were given prison sentences yesterday for market abuse. The four were accused by Iceland’s special prosecutor of hiding the fact that a Qatari investor bought a 5.1 per cent stake in the firm with money lent by [...]
Ofcom to apply freephone rules to mobile calls December 12, 2013 MOBILE calls to businesses or services using freephone numbers will be free from 2015 as part of new rules unveiled by Ofcom yesterday. Freephone numbers 0800, 0808 and 116 will be made free from mobiles under the plans, and the pricing of 08, 09 or 118 numbers will be made clearer for callers. “These changes [...]
A Christmas prayer for City slickers… December 12, 2013 Avid readers of The Capitalist might remember the Fiscal Cliff economist rock song we brought to your attention during the summer. Well, the man behind the anthem, Peter Cook (ex-MBA tutor and friend of musical economist and former MPC member Andrew Sentance) is back, and this time he’s given his rockenomics treatment to the Lord’s [...]
Win talk from South Pole team December 12, 2013 PRINCE Harry and his team are due to arrive at the South Pole this afternoon having braved the Antarctic extremes to raise money for Walking With The Wounded. But the push to support ex-servicemen and women doesn’t end there. The charity is calling for City workers to do their bit by signing up to Walking [...]
Wood Group’s shares fall on profit warning December 12, 2013 JOHN Wood Group’s shares plunged 12 per cent in early trading yesterday, after the FTSE 250-listed energy services firm warned that profits from its engineering division would be down around 15 per cent next year. Wood Group said it expected earnings to decline in its engineering unit – which carries out design work for offshore [...]