House of Fraser sales hit record for new owners April 15, 2014 BOOMING online sales helped House of Fraser deliver record gross profits last year, the department group said yesterday in the wake of its acquisition by Chinese conglomerate Sanpower. House of Fraser’s adjusted earnings rose 8.3 per cent to £60.2m in the year to 25 January while gross profits hit £430.6m – its highest ever level, [...]
JD Sports posts a jump in profit as Blacks and Millets break even April 15, 2014 A STRONG performance from JD Sports’ sportswear arm helped profits sprint ahead of expectations last year, despite losses at the retailer’s struggling fashion business. Adjusted pre-tax profit rose 27 per cent to £77m in the year to the beginning of February, beating analysts’ forecasts of around £71m. Chairman Peter Cowgill said the turnaround of Blacks [...]
Belgian court bans Uber app April 15, 2014 Taxi drivers in Belgium could face a €10,000 (£8,260) fine every time they pick up a passenger who has booked through smartphone app Uber, a Brussels court ruled yesterday. European Commissioner Neelie Kroes hit out at the decision, arguing it hurts consumers and innovators. “This decision is not about protecting or helping passengers – it’s about [...]
Diageo makes £1.1bn play for United Spirits April 15, 2014 DRINKS giant Diageo has launched a $1.9bn (£1.13bn) bid to nearly double its stake in India’s largest spirits firm United Spirits. The bid, if successful, would give Diageo a controlling stake in United and better position the firm to take advantage of India’s increasingly wealthy consumers. FTSE 100 component Diageo currently holds a 28.8 per [...]
SABMiller mulls sale of Tsongo April 15, 2014 SABMILLER, the FTSE 100 brewer, is considering selling its 39.6 per cent stake in Tsogo Sun Holdings, the South African casino and hotel firm. The London-listed brewer behind beers such as Miller Lite and Peroni saw its shares slip 2.3 per cent after it said its stake in Tsogo Sun, worth around $1.04bn (£622m), is [...]
Aggreko on track for the year as rental business boosts revenues April 15, 2014 TEMPORARY power provider Aggreko’s share price spiked yesterday, after a bumper trading update unveiled a five per cent rise in revenues for the first three months of the year. The FTSE 100 company’s power equipment rental business accounts for around half its revenues, which soared 11 per cent during the quarter. The firm, whose client list [...]
Rio boss upbeat despite drop in iron ore output April 15, 2014 RIO TINTO’S chief executive Sam Walsh yesterday stuck to his guns about the miner’s expansion plans, blaming a quarter-on-quarter fall in iron ore shipments and output on bad weather in Western Australia. The FTSE 100 firm said that a tropical cyclone had closed its ports and coastal rail operations in late December and continued to [...]
Analyst Views: What did you make of Rio Tinto’s production update? April 15, 2014 JAWAHAR HINGORANI | S&P CAPITAL IQWe expect the improving trend in cash flows and gearing seen at the end of 2013 to continue until 2015 despite concerns over global iron ore demand. Share price upside will likely be capped by uncertainty over price and volume growth until 2015, from weak forecast steel production in China. [...]
Insurers Paws for thought as pet claims rise April 15, 2014 THE UK’s love of pets is costing the country almost half a billion pounds a year in insurance claims. Figures from the Association of British Insurers show that pet insurance claims are up 24 per cent since 2010, with £478m paid out last year alone. One poor pooch was taken to the vet after swallowing [...]
TalkTalk teams up with Sky to square up to BT April 15, 2014 TALKTALK and Sky will bypass BT’s national fibre broadband network, which they complain overcharges and under-delivers, with a trial of their own dedicated fibre network in York. Sky and TalkTalk will both plough £5m into the new joint venture, in partnership with CityFibre, which they say will surpass speeds offered by BT. “This is a [...]
