Flybe’s architect steps down from airline after two decades November 5, 2013 FLYBE chairman Jim French has left the airline after more than 20 years, as the firm’s new boss ploughs on with a restructuring. French, who was chairman and chief executive until the role was split in the summer, will be replaced by Quintain non-executive director Simon Laffin with immediate effect, the firm announced yesterday. “Jim [...]
Somali transfer firm wins right to keep banking with Barclays November 5, 2013 A SOMALI money transfer group has won an injunction to keep its banking services with Barclays open, having launched a campaign against closure that won support from Olympic athlete Mo Farah, the United Nations and several charities. Dahabshiil, which says it is the largest African money transfer operator and has around 100,000 customers in the [...]
Kofax makes a narrow loss as software sales continue to grow November 5, 2013 KOFAX, the business software maker, yesterday reported an 8.8 per cent increase in revenue to $65.4m (£40.8m) during its first quarter. The results also revealed an operating loss of $0.6m for the quarter ending 30 September, having broken even during the same period last year. Chief executive Reynolds Bish said: “We were pleased with our [...]
Difficult year for Next Fifteen November 5, 2013 Next Fifteen, the communications group that owns five PR brands, saw a five per cent rise in revenue to £96.1m for the year ending 31 July, but saw a 66 per cent drop in its adjusted profits to £2.1m. Chairman Richard Eyre said it had been a tough year. “It remains a year of progress [...]
Davey unveils new green funding November 5, 2013 Energy secretary Ed Davey yesterday said that four offshore wind projects will receive government funding totalling £2.5m and reaffirmed the government’s commitment to renewable energy. “A mix of technologies is vital to secure Britain’s energy supplies and reduce the environmental impact of powering our homes and businesses,” he said at the Renewable UK conference in [...]
Aer Lingus profits grow November 5, 2013 Irish airline Aer Lingus yesterday reported a 4.4 per cent rise in operating profit to €94.9m (£79.9m) for the three months to the end of September, as a 0.9 per cent drop in passengers was offset by tight cost control. The firm said tough competition on fares in Europe had kept a lid on growth, [...]
Profits slump at BMW car arm as tech costs climb November 5, 2013 GERMAN luxury carmaker BMW said yesterday its third-quarter operating profit at its key automotive division fell more than expected due to the cost of new technology and price discounts in core European markets. Munich-based BMW said the division’s earnings before interest and tax (Ebit) dropped six per cent to €1.55bn (£1.3bn), missing analysts’ expectations. That [...]
Strong appetite for luxury spurs bumper sales for Michael Kors November 5, 2013 MICHAEL Kors Holdings a better-than-expected 40 per cent jump in quarterly revenue yesterday, driven by strong demand for its trendy handbags and watches. Signs of economic recovery in the US and Europe have increased demand for affordable luxury items. Men are also spending more on luxury, encouraging companies to step up investments. Michael Kors Holdings, [...]
Encana boss Doug Suttles eyes spending cuts amid restructure November 5, 2013 ENCANA, the Canadian natural gas producer run by former BP executive Doug Suttles, said yesterday it will cut about 20 per cent of its workforce, slash its dividend and invest nearly three-quarters of its 2014 capital spending budget in more lucrative oil and liquid gas assets. The strategy is part of the new chief executive’s [...]
Vivendi to sell Maroc Telecom stake to Etisalat in €4.2bn deal November 5, 2013 VIVENDI has agreed terms to sell its 53 per cent stake in Maroc Telecom to the UAE’s Etisalat for €4.2bn (£3.5bn), the latest step in the French conglomerate’s drive to become more media focused. Looking to pay down its debts and revive its shares, Vivendi is selling assets such as Maroc Telecom and video games [...]