SuperGroup dealt blow as co-founder resigns August 14, 2012 SUPERGROUP, the company behind the cult fashion label Superdry, said yesterday its co-founder Theo Karpathios has quit “to take on new challenges”. Shares in the company, which has been recovering from a tough year, fell as much as 2.7 per cent in early morning trading yesterday, before closing down 1.6 per cent. Karpathios, who was [...]
Twilight star rings NYSE opening bell August 14, 2012 LONDON-born actor Robert Pattinson took to the trading floor in New York yesterday to ring the New York Stock Exchange’s opening bell. Pattinson was in town to promote his recent film Cosmopolis – an adaptation of a Don De Lillo book in which he plays a wealthy Manhattan asset manager travelling across the city in [...]
US corporate results round-up August 14, 2012 Estee Lauder profits jump 25 per cent Estée Lauder reported a higher than expected quarterly profit yesterday, helped by double-digit percentage gains in sales of its makeup and skincare. The maker of Bobbi Brown and MAC cosmetics reported net profit rose 24.6 per cent to $51.2m. Dick’s Sporting Goods writes off JJB Sports Dick’s Sporting [...]
Net outflows at Henderson but profits hold up August 14, 2012 HENDERSON Global Investors, the retail and institutional fund manager, yesterday delivered a better than expected half year net profit despite £2.1bn fund outflows from the business. The FTSE 250 listed firm showed pre-tax profits of £79m, down from £86.4m last year, but posted improved net profit of £46.4m after paying a lower effective tax rate [...]
Analyst Views | How did Henderson’s fund outflows impact results? August 14, 2012 DAVID MCCANN NUMIS Flows across the business were weak and described as ‘below management expectations’: We believe Henderson is cheap relative to the sector, but there are several good reasons for this and as such we regard the share price as fair. ARUN MELMANE CANACCORD GENUITY Net asset flows continue to remain challenging for Henderson [...]
The times they are a-changing: Meaning it pays to be prepared August 14, 2012 MASSIVE regulatory change isn’t the easiest business environment, but Standard Life appeared well-adapted to its rigours yesterday, as it posted impressive UK profits ahead of two huge retail investment shakeups. The retail distribution review comes into effect from 1 January 2013 and will change how UK financial advice is delivered, ending commissions. With £12.8bn of [...]
US retail sales bounce back August 14, 2012 RETAIL sales in the US spiked by 0.8 per cent last month, surprising analysts and providing a glimmer of hope for the American recovery. The figure represented the first time in four months that retail sales had grown, while June’s result was revised down from a 0.5 per cent fall to a 0.7 per cent [...]
Soros reveals stake in Facebook August 14, 2012 Hedge fund legend George Soros acquired 341,000 shares in Facebook over the last quarter, building his stake at a time when the social network’s stock was battered by valuation concerns, according to a regulatory filing last night. Meanwhile, he exited holdings in JP Morgan, Citigroup and Goldman Sachs. Facebook has also been given a boost [...]
Buffett buys into oil firms August 14, 2012 Warren Buffett’s Berkshire Hathaway made two substantial bets on the oil business in the second quarter, accumulating shares in National Oilwell Varco and Phillips 66. The famed money manager also reduced his firm’s position in Procter & Gamble by nearly 20 per cent, cut its stake in Kraft by a quarter and slashed its position [...]
London TV candidates revealed August 14, 2012 Ofcom has unveiled the five networks in the running to operate London’s local TV station. Candidates include the Evening Standard and ex-BBC Trust chairman Michael Lyons’ Your TV project. London is one of 21 UK towns and cities to receive channels, with the licence winners set to be announced in the autumn. The other London [...]
