Equistone gets rid of Global Blue for €1bn May 24, 2012 TAX-FREE shopping specialist Global Blue has been sold by its private equity owner to buyout firms Silver Lake and Partners Group for €1bn (£802m). Global Blue has trebled in value since Equistone Partners bought the firm from management in 2007, and the sale will help the current owner return cash to its investors. Partners Group [...]
MasterCard loses EU card fees court case May 24, 2012 MASTERCARD has said it will appeal an EU court ruling that upholds Brussels’ ban on extra fees for cross-border card transactions. MasterCard’s president in Europe Javier Perez said that the ruling would hinder its development of new payment technologies. Retailers, who benefit from lower fees as a result of the EU ban, welcomed the decision [...]
RBC profit slips on M&A loss May 24, 2012 ROYAL Bank of Canada’s (RBC) quarterly profit fell seven per cent as the company took a C$202m (£125.4m) loss from its acquisition of the 50 per cent of its joint venture with Franco-Belgian lender Dexia that it did not already own. RBC, Canada’s largest bank, said net income from continuing operations was C$1.56bn, or C$1.01 [...]
TIFFANY CUTS FORECAST AS SALES SLOW May 24, 2012 TIFFANY yesterday cut its full-year global net sales growth forecast to a range of seven to eight per cent from a prior outlook of 10 per cent. Earnings were $81.5m or 64 cents per share, up from $81.1m, or 63 cents per share, a year earlier, but five cents below analysts’ expectations. The chain’s weakest [...]
Thomas Cook names Harriet Green as chief May 24, 2012 THOMAS COOK has named Premier Farnell boss Harriet Green as its new chief executive, ending a nine-month search for Manny Fontenla-Novoa’s successor after a string of profit warnings sparked his departure last year. Green, who has been at the helm of the FTSE-250 electronic parts distributor since 2006, will take over from Sam Weihagen, Thomas [...]
CITY VIEWS | CAN THOMAS COOK REINVENT ITSELF? May 24, 2012 JONATHAN WALTON DALTON WARNER DAVIS I think yes, but only if it gets the balance right. It needs to follow the lead set by other people, because it has a great brand name but the internet seems to provide the more cheap and cheerful option. It can build on it by providing the great quality [...]
CVC to cut F1 stake to 30pc May 24, 2012 PRIVATE equity firm CVC Capital Partners will cut its ownership stake in Formula One to about 30 per cent following the company’s initial public offering (IPO), by selling shares on the public market, sources said yesterday. CVC currently holds about 42 per cent of Formula One after it recently sold a $1.6bn stake to a [...]
BT boss earns £7.9m packet May 24, 2012 BT chief executive Ian Livingston took home £7.9m last year, including a £1.34m cash bonus and deferred shares worth £481,000. The BT boss earnt £240,000 towards his pension and expenses, and pocketed a £925,000 salary, which will not be raised next year. Livingston will also get £4.7m from BT’s £90m payout as part of its three year [...]
Mothercare to slash prices to boost UK sales May 24, 2012 MOTHERCARE revealed the details of an ambitious three-year plan aimed at reviving its struggling UK business yesterday, as the baby products retailer slumped to a £103m loss. Shares rose more than 23 per cent after Simon Calver, who joined in April from online movie rental firm Lovefilm, pledged to be “ruthless” on costs and bring [...]
Asos boss receives £25m shares bonus as retailer profits double May 24, 2012 NICK Robertson, the co-founder and chief executive of Asos, has been awarded almost £25m worth of shares after the online fashion retailer reported a near doubling of profits and strong overseas growth. Seven executives at the company have pocketed £66m in shares after reaching all of the targets set out in a three-year incentive plan. [...]
