Burberry second half sales up 18pc April 17, 2012 Luxury brand Burberry Group met forecasts with an 18 per cent rise in second half sales, driven by strong sales in Britain, France and China, and said it was positive on the year ahead. The 156-year-old seller of raincoats and leather goods, known for its camel, red and black check pattern, reported total revenues of [...]
M&S misses sales forecast April 17, 2012 Marks & Spencer missed forecasts for underlying fourth quarter sales, with growth in food sales failing to offset a weaker outcome in general merchandise. The UK’s biggest clothing retailer, which also sells homewares and upmarket foods, said on Tuesday it would, however, meet expectations for 2011/12 profit. M&S said sales at stores open over a [...]
Spain’s debt levels approach crisis levels April 16, 2012 Spain’s debt yields have broken the six per cent level as investors worried about its budget, knocking the euro and sending safe-haven German bonds to a record last set at the height of the euro zone crisis. Signs of slowing global growth also undermined sentiment in commodity markets while European equity markets were mostly in [...]
Miners fuel FTSE gains April 16, 2012 The FTSE 100 was in positive territory in early trading with resilient miners lifting the index despite fears over slowing growth in China Investors were more upbeat after markets were also buffeted last week by fears over Eurozone debt, with eyes focusing on Spain and Italy. However sentiment toward banking stocks remained tepid this morning [...]
GDF agrees £6.4bn deal for International Power April 16, 2012 French utility GDF Suez has agreed to buy the 30 per cent of British power producer International Power it does not already own for £6.4bn, increasing its exposure to fast-growing markets. The 418 pence per share offer, at a seven per cent premium to an earlier approach by GDF, values International Power (IPR) at about [...]
Polar Captal assets jump to £3bn April 16, 2012 Fund firm Polar Capital saw its total assets rise above $5bn (£3bn) after another quarter of client inflows, as a number of investment managers benefit from a rebound in financial markets and investor sentiment this year. The London-based firm, which has been winning clients to its mutual funds while seeing outflows from its hedge funds, [...]
Hedge funds moving away from Mayfair April 16, 2012 London hedge funds are shunning their traditional heartland in Mayfair, the city’s most expensive office neighbourhood, pushed out by straitened financial circumstances and the desire to dump their racy image for something more businesslike. The Mayfair and St James’s district, including the so-called “hedge fund alley” of Curzon Street and Berkeley Square, contains some of [...]
Wells Fargo profit rises April 13, 2012 Wells Fargo & Co reported higher first-quarter profits on Friday as the bank posted strong mortgage banking results and set aside less money for bad loans. Wells Fargo, the nation’s fourth-biggest US bank, said net income was $4.25bn, or 75 cents a share, in the quarter, compared with $3.76bn, or 67 cents, a share in [...]
JP Morgan profit drops but beats forecasts April 13, 2012 JPMorgan Chase & Co’s first-quarter profit fell three per cent as recent recoveries in trading and deal-making failed to lift investment banking revenue to earlier levels. But results still beat Wall Street expectations. The biggest US bank by assets said on Friday that net income was $5.4bn (£3.3bn), or $1.31 a share, compared with $5.6bn [...]
VW sales drive forward April 13, 2012 Volkswagen, Europe’s biggest automaker, said group sales posted record gains in the first quarter thanks to increased demand from North America, Russia, and China. Total sales in March rose 12.5 per cent to a record 862,700. Sales of brands including luxury division Audi and Czech mass market manufacturer Skoda increased 9.6 per cent in the [...]
