EC to approve Sony’s EMI takeover April 18, 2012 The European Commission is today set to approve Sony’s £1.4bn takeover of EMI’s music publishing division. To placate competition concerns, the music giant is prepared to sell off some of EMI’s music publishing catalogues, which roll in €25m (£20.5m) a year. It was revealed late last month that Sony – which is bidding for the [...]
BlackRock boss gloomy while profit ticks up April 18, 2012 BLACKROCK chief executive Laurence Fink has issued a warning over the health of global markets as the world’s largest money manager beat expectations to post almost flat profits. He said the markets were “quite fragile” despite a powerful rally in the first quarter, driven in part by an easing in turmoil in Europe. Major investors [...]
VAT changes approved despite biggest rebellion since fees row April 18, 2012 THE CONTROVERSIAL VAT hikes outlined in the Budget were yesterday approved by parliamentary vote despite prompting the second largest rebellion of the coalition government. The introduction of VAT on hot takeaway food, alterations to listed buildings and static caravans was approved after Labour called a vote on the issues, but the latter prompted the largest [...]
Allen & Overy sets scene for low wage rises April 18, 2012 MAGIC CIRCLE law firm Allen & Overy (A&O) has set the scene for an anaemic round of salary rises for City lawyers this year, after announcing pay increases of just one per cent or less for its associates. A&O kicked off the 2012 remuneration season yesterday by matching the salaries it offers to newly-qualified associates [...]
Unemployment drops as firms pick up hiring April 18, 2012 UNEMPLOYMENT fell in the three months to February, official data showed yesterday, raising hopes that businesses are now confident enough in the economic recovery to take on more staff. Joblessness fell 35,000 in the three-month period to 2.65m, down to 8.3 per cent from 2.685m in the three months to November. The number unemployed for [...]
Promethean sees sales plunge April 18, 2012 INTERACTIVE whiteboard firm Promethean World yesterday revealed a dramatic sales drop in its key North American market, causing its share price to tumble a further 20 per cent. Blaming “challenging market conditions”, the interim management statement showed revenues of £35.9m for the first quarter of 2012, a 14.4 per cent decline on the same period [...]
Higher card spend boosts American Express April 18, 2012 AMERICAN Express’ profits climbed seven per cent in the first quarter to $1.26bn (£0.79bn), beating Wall Street estimates as customers spent more on their credit cards. Revenues grew by eight per cent to $7.61bn as spending on the network rose by 12 per cent. Amex cardholders spent an average of $3,772 a month, up from [...]
LVMH WARNS ON EUROPE DESPITE PROFIT JUMP April 18, 2012 LVMH, the luxury conglomerate, yesterday warned that the outlook remained uncertain despite posting a 25 per cent jump in first-quarter revenue. The owner of brands such as Moet Hennessy and Yves Saint Laurent said like-for-like sales rose 14 per cent to €6.58bn.
Tesco to fight back with £1bn revival scheme April 18, 2012 TESCO revealed yesterday it would be spending £1bn on reviving its UK business as the supermarket giant attempts to restore sales growth and make customers “fall back in love again” with the brand. Chief executive Philip Clarke outlined a six-point plan to hire 8,000 more staff, create “warmer” stores, lower prices and improve products after [...]
Tata pulls out of bid race for UK telco firm April 18, 2012 TATA Communications has ditched discussions to bid for Cable & Wireless Worldwide (CWW), surprising the City after weeks of building up financing from a handful of banks. The Indian company announced after markets closed yesterday that it “has been unable to reach agreement with CWW on an offer price and therefore confirms that it does [...]
