Eurozone’s industry plummets January 14, 2013 INDUSTRIAL output collapsed in the Eurozone in November, official figures revealed yesterday, leaving economists certain the currency area is mired in recession again. Yet International Monetary Fund chief Christine Lagarde argued that the Eurozone has turned a corner and that the economy is on the mend. “We forecast the Eurozone to be delivering growth in [...]
Tullett Prebon loses claim of staff poaching by rival BGC January 14, 2013 UK BROKERAGE giant Tullett Prebon yesterday lost a $16m (£9.9m) damages claim against rival US firm BGC Partners concerning an alleged raid on members of its workforce by BGC in 2011. The US financial watchdog Finra kicked out the damages claim by Tullett against BGC’s subsidiary BGC Financial over nine brokers it claims were poached [...]
UK’s public debt to keep rising January 14, 2013 GOVERNMENT consumption is rising at its fastest pace in eight years, a group of economists said today, warning that the very slow pace of the coalition’s austerity plans means deficit reduction will have to drag on for another two full parliaments. Slow growth combined with this year’s 2.8 per cent rise in government consumption mean [...]
Swatch chimes in with $750m jewellery deal January 14, 2013 JEWELLER Harry Winston is selling its high-end watches-to-necklaces division to Swatch Group in a $750m (£467.3m) cash deal that expands the Swiss watchmaker’s luxury offering and lets the Canadian group concentrate on its diamond mines. Yesterday’s s deal reverses a 2004 acquisition which turned Harry Winston, the group that discovered what became Canada’s Diavik diamond [...]
Moss Bros raises profits outlook after strong Christmas trading January 14, 2013 MENSWEAR retailer Moss Bros Group said yesterday it expected full-year results to exceed market expectations, helped by sales during the Christmas period. The company said like-for-like sales during the 24 weeks to 12 January rose 2.7 per cent. The suit specialist, which sells and hires out clothing through its Moss Bros Hire, Moss Bespoke, Moss [...]
CVC and RBS in Samonsite sale January 14, 2013 PRIVATE equity firm CVC Capital Partners and Royal Bank of Scotland have sold a combined $290m (£180m) stake in Hong Kong-listed luggage maker Samsonite International, according to a term sheet of the deal. The 138.3m shares were sold at HK$16.20 each, a 4.9 per cent discount to Samsonite’s Friday’s close of HK$17.04, the terms showed. [...]
BT app targets mobile calls January 14, 2013 BT has launched a challenge to mobile phone operators, launching a smartphone service that allows phone calls over the internet. SmartTalk, which the telecoms firm announced yesterday, allows BT customers to make calls which are then charged to their landline account, as if the calls were from a home phone. But the launch of the [...]
Auditors: like for like sales distort outlook January 14, 2013 AUDITORS today warned against the retail sector’s “over-reliance” on like-for-like trading figures, saying they are not always consistent nor directly linked to profitability. Like-for-like sales are a key measure used by retailers that strips out of the effects of expansion, shop closures and other distorting events to help investors better understand how the underlying business [...]
Hobbs reports surge in sales at Christmas January 14, 2013 HOBBS, the upmarket womenswear chain, enjoyed a surge in sales over the Christmas trading period, boosted by a record online trading. The chain said total sales rose 16.4 per cent in the 10 weeks to 5 January, driven by a 60 per cent jump in online sales. That compared with a six per cent rise [...]
Big screens and popular designs are helping Samsung take a bite out of Apple’s smartphone lead January 14, 2013 TAKE note. 2013 has already been dubbed the year of the phablet – the hideous nickname given to oversized mobile phones that are closer in form factor to a tablet computer. This year’s Consumer Electronics Show featured new phablets from the likes of Lenovo, Sony and Huawei. Some have gone so far as to call [...]