Gap buys luxury retailer Intermix January 3, 2013 Gap, the US clothing giant which also owns Banana Republic and Old Navy, revealed yesterday it is tapping into the luxury market with the $130m (£80m) acquisition of women’s fashion boutique Intermix. The business sells clothes and accessories brands such as Yves Saint Laurent and Jimmy Choo via its 32 stores in the US and [...]
Quiksilver appoints new chief January 3, 2013 Quiksilver, the Californian group known for its surfwear, said yesterday it has hired former Disney executive Andy Mooney as its new chief executive. Mooney will take up his role next week replacing Quicksilver co-founder Bob McKnight, who will become executive chairman. Mooney resigned as chairman of Disney’s consumer products division last year after 12 years [...]
Leni starts legal fight with MOG January 3, 2013 Explorer Leni Gas and Oil yesterday issued High Court proceedings against fellow explorer Mediterranean Oil and Gas (MOG), regarding last year’s sale of Leni’s 10 per cent stake in a Maltese oil block to the European-focused explorer. Leni alleges that MOG misrepresented the productivity of the oil block, which the latter denies. MOG said yesterday [...]
City Moves for 4 January 2013 | Who’s switching jobs January 3, 2013 Barings Asset Management Nicola Hayes has been appointed head of client service and relationship development in London for the investment management firm. She joins from Invesco Perpetual, where she was most recently associate director, global sales and relationship management. Hayes was also previously a consultant director in Invesco’s UK institutional sales team. Smith & Williamson [...]
Best of the Brokers January 3, 2013 COMPASS Espirito Santo yesterday downgraded the food services group from “buy” to “neutral”, believing the company’s shares outperformed in 2012. According to the analysts, this encapsulates the gloomy short-term potential in the company due to limited organic growth caused by cyclical pressure in Europe. However, Espirito Santo has raised its fair value by 50p to [...]
UK construction output falls to six-month low January 3, 2013 The UK construction sector shrank at the steepest pace in six months in December, driven by a fall in house building, according to a survey out today. The Markit/CIPS Purchasing Managers’ Index dropped to 48.7 in December, from 49.3 the month previously, marking its lowest level since last June. The 50 level separates growth from [...]
FTSE 100 flat after landmark day yesterday January 3, 2013 Following a stellar day yesterday for the FTSE 100 in which it tipped over the 6,000 mark, the leading share index was broadly flat in early deals today, although it still clung to the 6,000 level. Financial shares were strong risers on the blue chip index, with Aberdeen Asset Management, Legal & General and Hargreaves [...]
Chinese service sector growth buoys hope of recovery January 3, 2013 China’s service sector expanded at its fastest pace in four months in December, raising hopes of an economic revival in the world’s second-largest economy. The official purchasing managers’ index for the non-manufacturing sector rose to 65.1 in December from 55.6 in November, according to the National Bureau of Statistics. A reading above 50 indicates growth, [...]
Next lifts profit guidance on strong sales January 3, 2013 Clothing retailer Next this morning upped its profit forecast on the back of strong pre-Christmas sales. It now expects profit to come in at between £611m and £625m, up from previous guidance of between £590m and £620m. Next cited better-than-expected cost control measures, markdowns and gross margins for the hike. Strong pre-Christmas sales boosted Next, [...]
Markets fly but hangover feared January 2, 2013 MARKETS around the world rallied yesterday after the US agreed an eleventh-hour deal to limit fiscal cliff tax increases and spending cuts, giving equities a much needed boost. The deal averted sharp rises in income-tax for a majority of Americans, but failed to reach any conclusion over cutting the budget deficit, leading analysts to warn the [...]