HSBC switches auditors to PwC after decade with rivals KPMG March 18, 2015 HSBC yesterday announced plans to appoint PricewaterhouseCoopers as its auditor, replacing KPMG which had held the position since 1991. Europe’s biggest bank said the appointment would be put to shareholders at its 2015 annual general meeting on 24 April, but that the recommendation was the result of a competitive tender. “The tender process was both [...]
Knickers in a twist over sale of 1954 Ferrari March 18, 2015 What am I bid for a High Court battle between billionaire lingerie boss Les Wexner and auction house Bonhams over the ownership of a vintage car? The Victoria’s Secret owner paid almost £11m for the 1954 Ferrari 375-Plus at the Goodwood Festival of Speed last summer. However, Wexner says he was unaware of an ongoing [...]
Celebrities are racing to be the ambassadors of Investec Derby March 18, 2015 THE STARS started shining on June’s Investec Derby Festival at Epsom with yesterday’s announcement of its 2015 celebrity ambassadors. And it’s the fourth year that City A.M. is the official newspaper of the Derby, the greatest flat race in the world. The ambassadors are a diverse lot: former Epsom champion Frankie Dettori, Olympic Gold medalist [...]
Lord Smith’s SSE board departure brought forward March 18, 2015 SCOTTISH businessman Lord Robert Smith of Kelvin has brought forward his departure as chairman of energy giant SSE to become chairman of industrial group IMI. The announcement follows current IMI chairman Roberto Quarta’s decision to step down at the group’s annual general meeting in May. “We agreed unanimously that Robert, who in addition to his [...]
Charles Taylor to raise £30.6m for acquisitions March 18, 2015 PROFESSIONAL services firm Charles Taylor is to raise £30.6m through a rights issue, in order to make more acquisitions and investments. David Marock, the group’s chief executive, said the business had built a strong platform for growth over the past three years, and was now seeing an “increased number and range of potential acquisitions, joint [...]
Lakehouse hits £140m on stock market flotation March 18, 2015 BUILDING maintenance and service group Lakehouse priced its shares yesterday as the firm pulled off a successful stock market flotation. The shares priced at 89p each, giving the firm an estimated market capitalisation of £140.2m. Stock in the float amount was £60m, with roughly half of that sum coming from newly issued shares. “We are [...]
Zara owner to trim investment as sales jump March 18, 2015 INDITEX, the Spanish owner of the Zara fashion chain, expects to trim investment in 2015 after a recovery in its biggest European markets, alongside a store and online expansion, boosted profit by five per cent. The clothing giant, which also owns Massimo Dutti, Bershka and Pull & Bear, said it expected capital expenditure to fall [...]
Full steam ahead for Eurotunnel as 2014 profits surge 90 per cent March 18, 2015 EUROTUNNEL operator Groupe Eurotunnel yesterday announced that 2014 profits surged 90 per cent as the UK’s economic recovery saw passenger numbers boom. The undersea rail link reported an 89 per cent rise in pre-tax profit to £40.5m as sales rose seven per cent to £870m in 2014. The positive results come as the company transported [...]
BMW enters the slow lane as car firm says 2015 will be tougher March 18, 2015 BMW SHARES were knocked yesterday and closed down more than 4.5 per cent, despite the company ending 2014 with record sales volumes. The upmarket German car manufacturer lowered the tone of this year’s forecasts, saying it expected group sales and profits to grow in the mid- to high- single-digit range. Chief executive Norbert Reithofer said [...]
Bloomsbury books good trading forecast March 18, 2015 BLOOMSBURY, the publisher of the Harry Potter books, yesterday said it traded in line with its expectations for the year to end-February, noting trading in its second half “has been good”. Bloomsbury will announce its full-year results on 19 May.
