Gormley plans to put fizz back into Majestic June 15, 2015 MAJESTIC’S new chief executive said it would take further investment and a shake-up of the business before the wine specialist can toast to growth again, after reporting a sharp decline in full-year profits. Rowan Gormley took over as chief executive after his firm Naked Wines was snapped up by Majestic earlier this year in a [...]
H&M beats forecasts as currency movements work in its favour June 15, 2015 Swedish fashion retailer H&M posted a bigger-than expected jump in sales in May, helped by weakness of the Swedish crown against other international currencies. H&M has benefitted from a recovering US economy, a stronger online presence and a broader product offering, which includes new brands such as & Other Stories and sales of homeware. Sales [...]
Dragon Oil share price soars as board agrees £3.7bn takeover offer June 15, 2015 Dragon Oil’s board yesterday approved a sweetened takeover offer from Emirates National Oil Company (ENOC), breathing fire into its share price on hopes that minority shareholders will accept the deal. Shares in the oil explorer, which operates in Turkmenistan, soared 9.6 per cent to a record high of 734p in early trading, before settling [...]
Consumers to buoy US economy as industry feels bite of cheap oil June 15, 2015 THE STRONG dollar and cheap oil are hindering US industrial production, but optimism among home builders imply the economy is being buoyed by consumers. Total industrial production dropped 0.2 per cent in May, according to figures published by the Federal Reserve yesterday. New oil drilling declined, and manufacturers were hit by the strength of the dollar, which [...]
Cheap pint? The outlook is favourable at UK’s first real-time, automated booze “stock-exchange” bar June 15, 2015 Sick of never getting change from your tenner at the bar? Have no fear; the City is about to welcome a “stock-exchange” bar, pricing drinks according to supply and demand on the night. You could even get a pint for under £3. The Reserve Bar Stock Exchange, the UK’s first real-time, automated stock market for [...]
Sharing economy gets upgraded to business June 15, 2015 Schmoozing can be a bore but have you ever thought how much better networking would be on a private jet? US private flight company Rise is expanding to Europe, bringing their travel-cum-social experience to the UK. Members pay from £1,500 per month for the Private Flight Sharing concept, accessing unlimited flights to cities including London, [...]
Saudi Stock Exchange opens to foreign investment: Meet the biggest companies you’ve never heard of June 15, 2015 Saudi Arabia’s largest natural resource is oil. Yet there is one deep, very different well that remains still untapped: direct foreign investment in the Tadawul, better known as the Saudi Stock Exchange. With a market capitalisation of more than $560bn (£360bn) it is the final major capital market not yet open to direct foreign investment. [...]
Posco sells off a $1.1bn stake to Riyadh public investment fund June 15, 2015 SOUTH Korean steelmaker, Posco has agreed to sell $1.1bn (£710m) worth of shares in Posco E&C to Saudi Arabia’s Public Investment Fund (PIF). The deal gives Posco a 38 per cent stake, made up of 10.8m shares in Posco E&C, plus the issuance of 5.1m new shares, it said in a statement to the market [...]
Wheels turning at 22 Bishopsgate June 15, 2015 THOUSANDS of workers at the soon-to-be redeveloped Pinnacle site – now known as 22 Bishopsgate – will be able store their bikes, take them for repair and even wash their lycra on site as part of new plans for the 62-storey office tower unveiled yesterday. The building, which is currently just seven storeys high and [...]
Digital money transfer firm Azimo raises $20m to push its expansion June 15, 2015 Digital money transfer service Azimo has raised $20m (£12.8m) to accelerate its expansion. The latest funding round was led by Frog Capital – backer of local tradesman comparison site RatedPeople.com, as well as MCI Investments and existing investors, including e.ventures and Greycroft Partners. The London-based tech firm, set up three years ago, allows customers to [...]
