Goldman cuts pay and boosts its dividends April 17, 2012 GOLDMAN Sachs slashed costs and boosted its dividend by over 31 per cent to 46 cents yesterday as it unveiled first-quarter results that beat expectations. Profits and revenues were down compared to the first quarter of 2011 earlier but, like its rivals, Goldman saw a significant bounceback in business compared to the end of last [...]
Spanish banks could merge to help meet capital benchmarks April 17, 2012 THE BANK of Spain yesterday warned that some of the country’s banks may face difficulties meeting tough requirements set by the government. As the central bank approved all 135 Spanish institutions’ plans to boost capital, it said the plans submitted included five merger and acquisition operations in which 11 institutions are participating. No details were [...]
Shareholders vote down Citi management’s remuneration April 17, 2012 SHAREHOLDERS in Citigroup dealt a blow to the bank’s management by voting down its executive pay proposals yesterday. Although the vote is advisory rather than binding, it is a major embarrassment to chief executive Vikram Pandit and reflects investors’ fury that his promise to deliver a rise in the firm’s dismal one cent dividend has [...]
GUARDSMEN MARK 100 DAYS TO GO UNTIL LONDON 2012 OLYMPICS April 17, 2012 GUARDSMEN wearing traditional dress have gathered at Horse Guards Parade in central London to mark 100 days to go until the start of the London 2012 Olympic Games. The 260 Guardsmen are members of the Grenadier, Coldstream, Scots and Welsh guards. The London Olympics will kick off on 27 July with the Opening Ceremony at [...]
Marks & Spencer sales hit by shortage of stock April 17, 2012 MARKS & SPENCER reported worse-than-expected fourth quarter sales yesterday after the retailer was hit by a shortage of stock across some of its best-selling women’s clothing lines. Chief executive Marc Bolland said the company had been caught out by February’s cold snap, when it failed to meet demand for items such as coats and knitwear. [...]
CITY VIEWS DO YOU THINK M&S WILL STILL BE AROUND IN 5O YEARS? April 17, 2012 SUE LEE PML GROUP Yes. The quality is much higher than other stores and there will always be demand for higher quality goods. It is increasingly seen to represent good value, which is obviously important at the moment. STEFAN BLOM SUP GROUP Yes, I think so. It’s a strong brand that is both well-known and [...]
Aquascutum calls administrators April 17, 2012 Aquascutum, the British luxury clothing brand has gone into administration, the latest high-profile name to fall by the wayside in the consumer downturn. FRP Advisory, the restructuring, recovery and insolvency firm, said two of its partners had been named administrators of the 161-year old loss-making firm, which employs 250 people in the UK.
Dairy Crest loses Tesco contract April 17, 2012 Dairy Crest said yesterday it has lost its contract to supply milk to Britain’s largest retailer Tesco and that it was looking at closing two facilities, which will affect about 470 staff. The manufacturer of Country Life butter, Cathedral City cheese and flavoured milk drink Frijj, said Tesco had decided not to renew its contract [...]
Next chief executive pay falls April 17, 2012 Lord Wolfson, the chief executive of Next and a Conservative peer, has taken a cut in his salary and long term bonus, despite the fashion retailer reporting record earnings per share in the year to the end of January 2012. Wolfson earned £1.49m in salary, annual bonus and benefits, down from £1.76m during the previous [...]
Burberry posts rising revenues but shares drop April 17, 2012 BURBERRY’S shares retreated more than five per cent yesterday despite the luxury clothing brand posting an 18 per cent rise in second half sales, driven by strong sales in Europe and China. The 156-year-old fashion label posted total sales of £1.027bn for the six months to 31 March, with fourth quarter revenue up 16 per [...]