January boost for online retail February 14, 2013 Online retail sales were up 16 per cent overall year-on-year in January. The clothing sector was the best performer, with its 23 per cent year-on-year rise marking a three-year high for the sector. In total, £6.9bn was spent online in January – nearly £1bn more than January 2012 – according to the statistics from the [...]
Slower growth in new markets knocks Nestle February 14, 2013 NESTLE, the world’s biggest food company, sees no respite this year from a tough trading environment after sales growth undershot rival Unilever last year as emerging markets like Asia slowed. Nestle’s 2012 underlying sales grew 5.9 per cent last year to SFr92.2bn (£64.6bn), the firm said yesterday. The figure is in line with a consensus [...]
City Views | How much have you spent on Valentine’s day this year? February 14, 2013 ADAM LEWIS | UBS I have a girlfriend and haven’t spent a penny. I don’t see it as a big thing and only found out when somebody told me today… I found a poem, copied it into an email and sent it to her. I don’t think she’s particularly worried either. PHIL KNIGHT | SEB [...]
City Moves for 15 February 2013 | Who’s switching jobs February 14, 2013 CBRE The property firm has appointed Andrew Peacock as head of central London asset management. He joins after 24 years at Aviva Investors, where he held a number of senior roles, including manager of its central London office portfolio. Towers Watson The professional services company has appointed Liz Rennie as senior consultant in its human [...]
Best of the Brokers February 14, 2013 SPIRIT PUB COMPANY Broker Numis has reiterated its “buy” rating on the pub stock after it said the company’s growth prospects were “undervalued”. Analysts said there were concerns about the firm’s bond amortisation schedule in 2015 but that it should be resolved by refinancing. The firm’s net debt to earnings ratio should also fall in [...]
Warren Buffett and 3G in $28bn offer for Heinz February 14, 2013 Warren Buffett and 3G will buy iconic ketchup maker Heinz in a deal worth $28bn (£18bn). Buffett’s investment vehicle Berkshire Hathaway and 3G will pay $72.50 per share of the iconic company – famous for its ketchup and baked beans – marking a 19 per cent premium to the stock’s previous all-time high. Heinz hailed [...]
Amec weighs on FTSE February 14, 2013 The FTSE 100 edged down this morning as oil engineer Amec weighed heavily on the index. Shares in the engineer lost more than 5.5 per cent in early trading, despite it posting an 11 per cent hike in annual earnings this morning, enabling it to pledge a 20 per cent increase in its dividend. “In [...]
French and German economies contract in final quarter February 14, 2013 The French and German economies both shrank in the final quarter of 2012, preliminary data showed this morning. The German economy contracted more than at any time since the height of the financial crisis, shrinking 0.6 per cent on a seasonally-adjusted basis and worse than forecast. The Statistics Office said weaker foreign trade – exports [...]
Rio Tinto plunges to $3bn full-year loss February 14, 2013 Rio Tinto chief executive Sam Walsh promised to cut costs and spend capital more carefully, as the miner slumped to a full-year loss of $3bn (£1.9bn). Walsh, who was appointed chief executive as former boss Tom Albanese resigned on a $14.4bn write-down on failed acquisitions, said the company would have an “unrelenting focus” on pursuing [...]
Profit leaps at Rolls-Royce February 14, 2013 Pre-tax profit at engine maker Rolls-Royce jumped by almost a quarter last year to £1.4bn, it announced this morning. The 24 per cent leap in full-year profit was driven by growth its civil aerospace unit and a strong performance at Tognum, its marine and industrial engine joint venture with Daimler. Revenues came in eight per [...]