Blockbuster end looms nearer as more shops go December 5, 2013 BLOCKBUSTER’S administrator yesterday blamed business rates for contributing to the film rental chain’s demise, as it warned that all of the DVD rental chain’s 153 remaining stores may be closed after failing to find a buyer. “While the difficulties faced by Blockbuster are not solely due to the burden of business rates the group was [...]
Scardino takes to Twitter as the site’s newest board member December 5, 2013 TWITTER has named Marjorie Scardino, former chief executive of publishing company Pearson, to its board following criticism that it lacked diversity in the top ranks of the company. The addition of Scardino, who is also a former board member of phone maker Nokia, expands the Twitter board to eight members and puts a woman on [...]
London tech firms double in three years December 5, 2013 THE NUMBER of tech and digital companies in London has ballooned 76 per cent in the three years to 2012, while jobs in the industry are up 16.6 per cent, figures out today showed. Tech firms now employ more than half a million people in the capital in 88,125 companies, and drive 27 per cent [...]
Royal Bank of Canada boss to retire December 5, 2013 ROYAL Bank of Canada chief executive Gordon Nixon will step down next summer after 13 years at the helm of Canada’s largest bank, RBC said yesterday as it announced a stronger-than-expected quarterly profit. RBC’s retail banking head, Dave McKay, will take over in a move that analysts said was expected, just not so soon.
Expansion costs turn profits at Mulberry sour December 5, 2013 PROFITS at Mulberry slumped by more than a quarter in the first half as the luxury retailer continued to invest in driving international expansion. The British handbag and clothing brand still has a relatively small presence overseas compared to some of its larger rivals, like Burberry, and has been pushing ahead with growth in key [...]
Bottom Line: Overseas is the only place for luxury to grow December 5, 2013 IN THE UK, Mulberry is usually mentioned in the same breath as Burberry, with both brands attracting big name stars to their catwalk shows and campaigns, and copycat handbags rife on the high street. But the comparison is somewhat unfair. Burberry – with a market cap of £6.5bn and 206 stores (excluding concessions) worldwide – [...]
EasyJet profits trigger £6.4m payout for boss December 5, 2013 PAY for EasyJet’s top staff doubled last year as the airline beat targets for soaring profits and punctuality. Carolyn McCall was awarded a total of £6.4m, including £4.6m in long-term share awards and a bonus of £1.1m, EasyJet’s annual report showed yesterday. Her salary will rise from £665,000 to £681,000 next year. Finance boss Chris [...]
Inside Track: Moncler’s heavily subscribed new issue gives Milan a boost December 5, 2013 LONDON has enjoyed something of a return to form in the new issues market during 2013, but it’s the Milan stock market that is going out with a flourish. While the Dubai-based luxury property group Damac limped in a rather pedestrian way towards a £1.6bn London flotation this week after flirting with a postponement, there’s [...]
Marks & Spencer chooses a new auditor after 87 years with PwC December 5, 2013 MARKS & Spencer has parted ways with PwC, picking a new auditor for the first time since the FTSE 100 retailer became a public company in 1926. M&S said yesterday it has appointed Deloitte as its new auditor following a competitive tender. The switch comes at a time when the close and often decades-long relationship [...]
BNP Paribas snaps up Polish lender for £832m December 5, 2013 FRENCH giant BNP Paribas yesterday bought Rabobank’s stake in Polish lender Bank Gospodarki Zywnosciowej (BGZ) for 4.2bn zloty (£832m). The sale is the latest step in the Dutch bank’s efforts to cut down its non-core business and shore up its capital position. And the purchase of the 98.5 per cent stake is a sign of [...]