Swatch reports record sales January 10, 2012 Swatch Group, the world’s largest watchmaker, shrugged off the impact of the strong Swiss franc to post record sales in 2011 and said it is confident of more growth in 2012. The group, which is best known for its colourful plastic Swatch watches, said sales rose 21.7 per cent at constant rates in 2011 compared [...]
Debenhams trading nudges over forecasts January 10, 2012 Debenhams posted a better than expected performance in underlying sales in the last 18 weeks, proving it could trade well through even the most difficult of conditions. Shares in the department store group lifted by eight per cent after it said it had enjoyed record sales in the final week before Christmas, as its diverse [...]
Jubilant to invest $80m in Myanmar oil and gas block January 10, 2012 London-listed explorer Jubilant Energy expects to initially invest between $70m (£45m) and $80m on an onshore oil and gas block it was recently awarded in Myanmar, a senior company official said. The India-focused energy company is in talks with the Southeast Asian country to buy stake in another block, and hopes to finalise a decision [...]
M&S sales rise fuelled by discounts January 10, 2012 Marks & Spencer posted a slim rise in underlying Christmas sales as deep discounts helped to lure cash-strapped shoppers, and said it expected trading conditions to stay challenging. Britain’s biggest clothing retailer said it was making additional cost savings to offset a fall in profit margins due to the discounting. Sales at British stores open [...]
Olympus to sue 19 executives January 10, 2012 Japan’s disgraced Olympus Corp is suing 19 current and former executives, including its current president, for up to almost $50m (£32m) in compensation, as it struggles to recover from one of the nation’s worst accounting scandals. The maker of cameras and medical equipment said all board members subject to the lawsuit would quit in March [...]
SNB’s Hildebrand resigns over currency trade scandal January 9, 2012 Swiss National Bank (SNB) chairman Philipp Hildebrand is resigning with immediate effect after a scandal over a controversial currency trade made by his wife, the SNB said. The SNB said in a brief statement that Hildebrand would speak about his decision at a media briefing in Berne and make available a number of unspecified documents. [...]
Lloyds chief Horta-Osorio “thrilled” to be back at work January 9, 2012 Lloyds Banking Group Chief Executive Antonio Horta-Osorio said he was “thrilled” to return to work on Monday after a two-month absence due to fatigue, but faces an even bigger challenge turning around the part-state-owned lender than when he left. “I am thrilled to be back and I look forward to working with my colleagues again,” [...]
FTSE dented by GSK January 9, 2012 The FTSE 100 was dented by pharmaceutical giant GlaxoSmithKline today after concerns over one of its new treatments. GSK shed 2.6 per cent after reported problems with tests on its lung medication Relovair. Traders and investors were eyeing events in Berlin where German leader Angela Merkel and French President Nicolas Sarkozy are meeting today. The [...]
FTSE solid as banks edge up January 9, 2012 The FTSE 100 saw modest advances today ahead of talks between France and Germany on how to create the environment for a sustained recovery in the Eurozone. The bloc’s debt crisis will be top of the agenda when German Chancellor Angela Merkel and French President Nicolas Sarkozy meet in Berlin. Later this week the European [...]
Persimmon sees profits at top end of forecasts January 9, 2012 British house builder Persimmon said it expects underlying full-year pre-tax profits to rise by half, helped by higher sales margins, and said it was confident of further growth in 2012 as first time buyer interest improves. The largest UK housebuilder by market value said on Monday tighter cost control and sales on higher margin land [...]
