Habitat guru made head of design at John Lewis chain October 17, 2011 RETAILER John Lewis has appointed former Habitat creative director Theo Williams as design manager. Williams will be in charge of developing the seasonal and home design trends. The designer, who headed the creative direction at Habitat for four years, will put his energy into revamping the department, focusing on furniture, lighting and 3D design. He [...]
Wetherspoon chief takes pay cut as two directors sign off with £766k October 17, 2011 FOUNDER and chief executive of pub group JD Wetherspoon, Tim Martin, has taken a £19,000 pay cut this year while two top directors have parted with the firm with combined total payments of £766,000. Martin’s salary was £375,000 in the year to 24 July, according to the company’s annual report. That compared with his 2010 [...]
Mattel close to deal for Thomas the Tank Engine October 17, 2011 US TOYMAKER Mattel could buy Hit Entertainment, the British owner of Thomas the Tank Engine and Bob the Builder as soon as this week, paying just over £500m for the media group. Hit has been owned by private equity firm Apax Partners since 2005, but US sources close to the deal have said a sale could [...]
PRADA UPBEAT ON CHINA GROWTH October 17, 2011 PRADA said it would stick to its plan for opening new retail outlets yesterday as it was optimistic over growth in Asia, particularly in China, where sales are expected to double or even triple in the next two to three years. In September it reported pre-tax profits up more than 70 per cent for the first [...]
Rio puts $8bn of aluminium assets on sale October 17, 2011 Global miner Rio Tinto signalled a major retreat from its aluminium business yesterday, putting an estimated $8bn (£5bn) worth of assets up for sale across six countries, only four years after buying aluminium giant Alcan for $38bn. Rio Tinto said it planned to sell 13 assets, including smelters and alumina refineries, in a move immediately [...]
Kinder Morgan to buy El Paso October 17, 2011 KINDER Morgan has struck a $21bn (£13.3bn) deal to buy rival El Paso Corp, combining the two largest natural gas pipeline operators in North America in a huge bet on the fast-growing market for that fuel. The cash and stock deal values El Paso at a 37 per cent premium to its Friday market value, [...]
Unemployment could rise further with small firms set to cut jobs, survey says October 17, 2011 SMALL business confidence has nose-dived in the third quarter of the year, with firms increasingly having to cut back on staff. The Federation of Small Businesses (FSB) reported yesterday that its confidence index plunged to -9.3 points in the three months to September, down from +0.3 per cent in the previous quarter. And a positive [...]
Statoil bids $4.4bn for Norwegian firm Brigham October 17, 2011 STATOIL is bidding $4.4bn for Brigham Exploration to boost its unconventional energy resources in the US, one of its key growth areas. The Norwegian state-controlled oil firm backed its belief in the growing importance of unconventional sources on energy supplies with an agreed $36.50 (£23) per share all-cash offer, a 36 per cent premium to [...]
SYRIAN STRIFE FOR GULFSANDS October 17, 2011 GULFSANDS Petroleum said it had not yet been paid for its August output in Syria, escalating the firm’s problems in the country after the oil ministry last week ordered it to reduce production. Gulfsands, which produces over 90 per cent of its total output in Syria, said yesterday it had expected payment for August output [...]
Amec wins £150m BP contract October 17, 2011 Engineering and project management services firm Amec said yesterday it had won a £150m contract related to a giant Shetland oil field operated by BP. The work will take place on the main platform design for Clair Ridge, the second phase of the Clair oil field, west of the islands. “The award will see AMEC [...]
