Market welcomes Cutifani as new Anglo American chief January 8, 2013 THE MARKET reacted well to Anglo American’s official appointment of incoming chief executive Mark Cutifani yesterday, with the miner’s shares closing up 1.37 per cent. Cutifani, currently chief executive of South African-focused gold producer AngloGold Ashanti, will begin his tenure on 3 April. “He is a seasoned miner, with broad experience of mining operations and [...]
Insurer Generali pays €2.5bn for eastern European joint-venture January 8, 2013 ITALIAN insurance giant Generali yesterday paid €2.5bn (£2bn) to take full control of an eastern European joint-venture with Czech firm PPF. It is the first major decision made by Mario Greco, Generali’s new chief executive, as part of the strategic review that followed his appointment last August. Generali said eastern Europe was now its fourth [...]
Virgin picks US exec as its new airline leader January 8, 2013 VIRGIN Atlantic has hired American Airlines executive Craig Kreeger as its new chief executive, replacing Steve Ridgway at the carrier from 1 February. Kreeger, who has beaten internal candidate Julie Southern to the top job, joins the firm as it navigates a new tie-up with US giant Delta Air Lines. The search for Ridgway’s replacement [...]
AIG could join case against US January 8, 2013 AIG, the insurer rescued by the US government in 2008 with a bailout that ultimately totaled $182bn (£113.3bn), may now join a lawsuit against the government alleging the terms of the deal were unfair, the company said yesterday. AIG said its board would meet today to discuss joining a lawsuit filed against the government by [...]
Discount battle knocks margins at Debenhams January 8, 2013 DEBENHAMS’ shares took a battering yesterday after the department store group’s rise in sales this Christmas came at the expense of more promotions to lure cautious shoppers through its doors. Chief executive Michael Sharp said it had been the toughest Christmas in his 40-year career and shot down comments made by Next’s chief Lord Wolfson [...]
Prosecco adds fizz to Majestic’s festive sales in slow December January 8, 2013 MAJESTIC said Britons uncorked a record number of bottles of Prosecco this Christmas than last year and drank just as much as Champagne as the wine specialist posted a rise in sales over the period. Chief executive Steve Lewis said Prosecco sales rose 20 per cent on last year while Champagne sales were flat. New [...]
Sainsbury’s takes the lead at Christmas January 8, 2013 SAINSBURY posted the highest sales growth of the so called big four grocers in the run-up to Christmas and was the only one to grow market share, data revealed yesterday. Figures from Kantar Worldpanel showed Britain’s grocery market grew 3.2 per cent in the 12 weeks to 23 December, with the strongest growth at the [...]
Analyst Views | Did Debenhams fare as well this Christmas as you expected? January 8, 2013 JEAN ROCHE PANMURE GORDON We anticipated a weak performance from Debenhams shares [yesterday], as a better than expected top line is likely to be more than overshadowed by weak gross margins…This shows that Debenhams is suffering from the extremely promotional backdrop we saw pre-Christmas and are continuing to see. BETHANY HOCKING INVESTEC The Christmas statement [...]
Dunelm looks to build on profits January 8, 2013 British home wares retailer Dunelm said yesterday that it expects to report a pre-tax profit in the range of £59m-£60m for the first half as it continues to grow sales despite weak demand and extreme weather conditions. Dunelm said revenue increased 13.4 per cent for the 26 weeks to 29 December, compared with a year [...]
Winter sales shine bright for Signet January 8, 2013 Sales at Signet’s US stores open at least a year rose 4.7 per cent in November and December, the jeweller said yesterday. Ahead of Valentine’s Day, the report eased concerns over whether slumping consumer confidence in December might dent luxury sales.
