Nestle gloomy on 2014 prospects February 13, 2014 Nestle warned yesterday that 2014 would be another challenging year, after revealing that sales growth slowed to 4.6 per cent last year. The maker of Kit-Kats and Buitoni pasta has been hit by weaker emerging market demand and pressure on prices in Europe, with people still cutting back. Nestle’s net profit fell to SFr10.02bn (£6.7bn) [...]
IAG strikes Spanish pilots pay deal February 13, 2014 International Airlines Group (IAG) has reached a deal with Spanish pilots to link salary rises to group profitability from 2015, helping to ensure the viability of local carrier Iberia. IAG, which groups British Airways and Spanish carriers Iberia and Vueling, said that Spanish pilots union Sepla had agreed wages would be frozen until 2015, and [...]
Hornby names new chief exec February 13, 2014 Model train maker Hornby yesterday said it had appointed former Ladbrokes board director Richard Ames as its new chief executive. Ames joined Ladbrokes in 2005 and ran the UK and Ireland retail operations where he was responsible for managing a successful retail turnaround strategy. Ames has also held senior roles at Dixons and Wal-Mart. The [...]
City Moves for 14 February 2014 | Who’s switching jobs February 13, 2014 Baker & McKenzie The law firm has announced the appointment of Hiroshi Sheraton as a partner in its intellectual property (IP) practice group, and global pharmaceutical and healthcare industry group. He was most recently at McDermott Will & Emery, where he was a partner and co-head of its IP practice. RICS The Royal Institution of Chartered Surveyors [...]
Best of the Brokers for 14 February 2014 February 13, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com ABERDEEN ASSET MANAGEMENT Jefferies has downgraded the fund manager from “hold” to “underperform” on fears that its recent acquisition of Swip will not meet its stated objectives. The broker has also cuts its target price to 350p from 430p, saying investors should follow [...]
London Report: FTSE’s winning run ends as Tate & Lyle share price sours February 13, 2014 BRITAIN’S top share index fell yesterday after six straight days of gains, its longest rising streak of the year, led down by food ingredients firm Tate & Lyle and engineer Rolls Royce, which gave disappointing outlooks. Of FTSE 100 companies that have reported quarterly earnings so far, 39 per cent have missed profit expectations. The [...]
New York Report: US investors remain upbeat February 13, 2014 US STOCKS closed higher yesterday, with the Nasdaq rising for a sixth straight day, as investors looked past disappointing data on consumer spending, chalking the weakness up to weather instead of weaker fundamentals. The Nasdaq is up about 5.7 per cent over the past six sessions, its best six-day advance since December 2011. Both the [...]
The ultimate privatisation: It’s time to let parent power loose on our schools February 13, 2014 HOW DO you change the world? The answer is one child at a time, by transforming the education system and the influence of parents in that system. How do you transform the education system and the role of parents? By making schools part of a genuine market, dominated by consumers (parents and children), and not [...]
Why transport is the key to unlocking London’s garden suburb renaissance February 13, 2014 THIRTEEN miles east of the Palace of Westminster, a development is taking place that is vital to the future of London’s housing debate. On the site of a former Victorian power station, a town the size of Windsor is being built. Barking Riverside is London’s newest suburb. It is the cousin of Battersea and, while [...]
Annuity market review uncovers a fundamental flaw in pensions policy February 13, 2014 BRITAIN’S annuity market is not working for consumers. This is the conclusion of an important report, released by the FCA today. With the advent of auto-enrolment, most people are now saving for their retirement through a pension scheme, where they and their employer pay money in and invest it to build up a fund. But [...]
