Hermes gets Asian lift yet warns over drag from European crisis May 3, 2012 HERMES’ first-quarter sales have grown strongly as Chinese buyers flock to stores in both Europe and Asia, yet the French luxury goods firm yesterday warned that the weak European economy could drag down growth in 2012. The slowdown was not yet evident in the April figures, chief executive Patrick Thomas said, noting that the month [...]
American ice-cream chain to double its number of UK stores May 3, 2012 BASKIN-ROBBINS, the world’s largest chain of ice cream parlours, said it plans to double its stores in the UK, hiring 400 new staff. The 65-year old American company is best-known for its wacky flavours such as “bombshell blondie” maple and sponge cake ice-cream and “Lunar Cheesecake” in celebration of the 1960s Nasa space missions. In [...]
BMI Baby to close in September May 3, 2012 ■ Budget airline BMI Baby is to close after previous owner Lufthansa failed to find a buyer. Loss-making BMI, which was taken over by IAG in April, said it would consult on plans to shutter the division in September, with some flights ceasing as soon as next month. The firm still has hope that a [...]
Conrad Black to leave prison May 3, 2012 ■ Former media tycoon Conrad Black is due to be released from a prison in Florida today, marking the end of a sentence for fraud and obstruction of justice. The mogul, who once owned the Telegraph, was jailed in 2007 but released from prison in July 2010 while he appealed. He returned to prison last [...]
Sales melt away at Thorntons May 3, 2012 ■ Chocolate shop chain Thorntons said yesterday its third quarter sales had fallen nearly three per cent to £62.4m, as ongoing store closures and a tough consumer environment bit into turnover. Excluding store closures as part of an ongoing restructuring, total sales were broadly flat, the company said.
Deutsche star moves to Morgan Stan May 3, 2012 ■ Eric Heaton, a veteran investment banker with a track record in M&A deals, has left Deutsche Bank to join Morgan Stanley, according to people familiar with his plans. Heaton, head of Deutsche’s North American financial institutions group, resigned on Monday.
Hedgie Hendry forecasts Asian economic crash May 3, 2012 HEDGE fund boss Hugh Hendry has warned the next phase of the economic crisis will hit Asia as China feels the impact of a property bubble and falling demand for exports. The Scot (below), who runs Eclectica Asset Management, which has around $700m in assets, is known for his gloomy view of China but he [...]
Fuel costs send Lufthansa further into the red and prompt job cuts May 3, 2012 GERMANY’S biggest airline yesterday announced plans to cut 3,500 office jobs in an attempt to stem widening operating losses. Lufthansa reported an operating loss of €381m (£309m) for the first three months of the year, more than double its losses a year ago, as high fuel and tax costs along with fierce competition across Europe [...]
Bailed-out AIG trumps forecasts as its profits more than double May 3, 2012 BAILED-OUT insurer American International Group (AIG) said quarterly profit more than doubled from a year earlier, exceeding expectations with the help of investment gains. The company yesterday reported first-quarter earnings of $1.65 a share on an operating basis, beating the $1.12 estimated on average by analysts. AIG’s net income for the quarter was $3.2bn, or [...]
ARE YOU PLEASED TO SEE A RETURN IN SHAREHOLDER ACTIVISM? May 3, 2012 KEVIN POWELL XL INSURANCE No, I think businesses should be left to run themselves. That’s what executives get paid for. If investors don’t approve of the way the company is being run, they can get rid of their shares. ANDY SWAN JARDINE LLOYD THOMPSON Yes – if companies want to be on the stock exchange [...]
