Christine Lagarde charged with negligence August 27, 2014 Head of the International Monetary Fund Christine Lagarde has been charged with “simple negligence” by a court in France, following claims of ministerial wrongdoing surrounding a €400m (£318m) payout to French businessman Bernard Tapie when she was finance minister. Lagarde said she would challenge the “totally baseless” decision.
Salesfest at Tiffany’s as profit forecast rises August 27, 2014 Upscale jeweller Tiffany & Co raised its full-year profit forecast for a second time following a better-than-expected rise in quarterly profit, driven by strong sales and higher prices for its high-end jewellery in the Americas, its biggest market. Sales in the region, about half of overall sales, rose 10 per cent in the second quarter [...]
Samsonite makes case for new CEO Ramesh Tainwala August 27, 2014 Luggage giant Samsonite yesterday announced the appointment of Ramesh Tainwala as chief executive as sales reached a record $1bn (£600m) in the first half of 2014. The Hong Kong-listed company said Tainwala, the group’s chief operating officer, would take over when current CEO Tim Parker stands aside on 1 October. His appointment comes as Samsonite [...]
Estee Lauder has a beautiful year in Britain August 27, 2014 Fashion house Estée Lauder UK retail sales were up 10 per cent for the fiscal year ending 30 June. Britain is the second largest market for the company, which outperformed the Prestige Beauty sector market, where retail sales were up 5.4 per cent.
Best of the Brokers for 28 August 2014 August 27, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com JAMES FISHER Investec has maintained its “buy” rating, wile increasing the target price to 1,500p from 1,450p. The broker believes the company has continued to deliver strong results, with a good long-term strategy driving growth forward, highlighted by recent contract wins and select [...]
London Report: Petrofac buoys FTSE but poor store data weighs on market August 27, 2014 BRITAIN’S top equity index yesterday climbed to its highest closing level in nearly two months, with oil and gas services company Petrofac buoyed by positive broker comments. However, supermarkets J Sainsbury and Tesco underperformed after weak sales data. The FTSE 100 index ended up 0.1 per cent, or 7.90 points, at 6,830.66 points. Petrofac rose [...]
New York Report: Wall Street treads water August 27, 2014 US STOCKS were little changed yesterday, with the S&P 500 creeping up to another record closing high in a lethargic session, though a number of retail stocks traded heavily after reporting results. The Dow Jones industrial average rose 15.31 points, or 0.09 per cent, to 17,122.01. The S&P 500 gained 0.1 point, or 0.01 per [...]
BNY Mellon hit as Argentina revokes licence August 26, 2014 Bank of New York Mellon was yesterday hit by a double whammy after Argentina stripped its licence to operate in the country. And it was revealed that George Soros had launched legal proceedings in London against it. Argentina’s Congress is due tomorrow to discuss a law that would replace BNY Mellon as intermediary for payments [...]
Boris takes first step towards return as MP August 26, 2014 Mayor of London Boris Johnson has taken the first step towards rejoining the House of Commons by submitting his application to stand as the Conservative candidate in Uxbridge and South Ruislip in 2015. The incumbent MP, Sir John Randall, is stepping down at the next election and Boris is favourite to take his place and [...]
UTV gets revenue kick from World Cup fans August 26, 2014 Northern Irish radio and television broadcaster UTV Media reported a 13 per cent jump in first-half revenue as its radio stations drew in fans for the 2014 FIFA World Cup. The company, which held radio rights to the finals, expects third-quarter revenue to grow three per cent, underpinned by improving economic conditions in the UK [...]
