House of Fraser opens overseas October 24, 2013 House of Fraser announced yesterday that it will this weekend open its first department store outside of Britain in the Middle East. The privately-owned group, which has 61 stores in the UK, said it will launch its first international flagship in the World Trade Centre Mall in Abu Dhabi. The 100,000 square foot store will [...]
BHP bullish on commodity demand October 24, 2013 BHP Billiton told shareholders yesterday it expects global commodity demand to grow by up to 75 per cent over the next 15 years, remaining bullish on the Chinese market despite recent concerns of a slowdown in growth. At its AGM, BHP also said it would stick to a “wait and see” approach in its expansion [...]
Saint-Gobain sticks to targets October 24, 2013 France’s Saint-Gobain stuck to its full-year targets yesterday, saying robust growth in emerging markets, an upturn in the US construction market and stabilisation in Europe would help it offset the impact of volatile currencies. Europe’s biggest supplier of building materials reported a 1.4 per cent drop in third-quarter sales to €10.8bn, in line with analysts’ [...]
Stobart profits get boost from Autologic buy October 24, 2013 BRITISH haulier Stobart Group’s first-half revenue from continuing operations jumped 33 per cent, helped by its acquisition of Autologic Holdings in mid 2012. The company, whose Eddie Stobart trucks deliver goods to retailers like Tesco, reported an underlying pre-tax profit of £13.8m in the six months ended 31 August, up five per cent from a [...]
Luxury demand helps Inchcape drive sales October 24, 2013 MULTINATIONAL car dealer Inchcape has reported a seven per cent rise in third quarter sales on the back of robust demand for premium and luxury vehicles. The firm, which sells and distributes cars for manufacturers such as Toyota, Mercedes-Benz and BMW in 26 countries, yesterday said revenues rose to £1.63bn in the three months to [...]
Daimler beats expectations as its cuts pay off October 24, 2013 GERMAN automotive group Daimler forecast higher fourth-quarter profit after a rejuvenated model range and cost cuts in the core luxury car business helped it to post better than expected results yesterday. Third-quarter group earnings before interest and tax (ebit) excluding one-off items rose 15 per cent to €2.23bn (£1.9bn), while the Mercedes luxury car business [...]
Latin America prompts higher quarterly earnings for Colgate October 24, 2013 COLGATE-PALMOLIVE reported slightly higher third-quarter earnings yesterday as it spent more on advertising and posted strong sales growth in Latin America, yet failed to show robust growth at home. The toothpaste maker still expects its annual profit to rise 4.5 per cent to 5.5 per cent, assuming foreign exchange rates remain fairly stable. It is [...]
Quintain launches London’s first designer outlet village in Wembley October 24, 2013 HUNDREDS of shoppers made their way to Wembley yesterday as London’s first designer outlet village offering discounts of up to 70 per cent on top brands opened its doors. The 280,000 square feet shopping centre, which has over 70 shops including Marks & Spencer, LK Bennett and Nike, forms part of developer Quintain’s wider 85-acre [...]
City Moves for 25 October 2013 | Who’s switching jobs October 24, 2013 Aon Hewitt The human resources solutions firm has announced the hire of Stephen Hackett as head of health and risk in its benefits solutions practice. He joins from Capita Employee Benefits, where he was head of health management. Prior to that, Hackett was head of employee benefits at Bluefin. Jupiter The asset management company has [...]
Ophir confirms plans to sell off Tanzanian asset October 24, 2013 AFRICA-FOCUSED oil explorer Ophir Energy soared to the top of the FTSE 250 yesterday, after the firm confirmed that it is looking to sell part of its Tanzanian assets. “We’re not surprised by the sale, due to the extent of the Tanzania project in terms of capital,” Kate Sloan, analyst at Liberum Capital, told City [...]