NEXT LORD MAYOR ELECTED AT THE GUILDHALL September 29, 2010 THE City of London Corporation yesterday elected Alderman Michael Bear (right) as its 683rd Lord Mayor of the City of London. He succeeds current Lord Mayor Nick Anstee (left). Bear, who works as regeneration director at property firm Hammerson, takes up his position on 12 November. “The financial crisis has raised the stakes: it is [...]
Germany and France slam hedgie rules September 29, 2010 FRENCH economy minister Christine Lagarde looks set to dash hopes of an imminent deal on EU hedge fund rules when she meets finance ministers in Brussels this week, diplomats with direct knowledge of the matter said yesterday. France’s refusal to back a “passport” scheme that would allow foreign funds to do business across all of [...]
Michelin senior bosses launch charm offensive September 29, 2010 MICHELIN senior management, including chief executive Michel Rollier, will meet investors and analysts this week to reassure them over the group’s €1.2bn (£1.03bn) rights issue. The group yesterday said it remained confident about its move despite the intensely negative reaction from the market over its deeply discounted rights issue, which saw shares plummet by more [...]
H&M is hit by rise in costs of materials September 29, 2010 SWEDISH fashion group Hennes & Mauritz (H&M) said profit margins weakened in its third quarter, as costs rose. While H&M boosted profit by 20 per cent thanks to popular sales campaigns and its wide geographical spread, analysts worried about how the world’s third biggest clothing retailer – behind Gap and Inditex – will cope with [...]
Moss Bros in office suit push September 29, 2010 MENSWEAR retailer Moss Bros is hoping demand for suits from office workers will help it narrow full-year losses. Moss Bros made a pre-tax loss of £3.3m for the six months to 31 July versus a loss of £3m in the same period last year, as costs increased faster than sales. However, revenue rose 7.9 per [...]
Topps Tiles back on track after bleak summer sales September 29, 2010 TILE and wood flooring retailer Topps Tiles said yesterday full-year underlying profit would be within the range of analyst expectations following a pick-up in fourth-quarter sales growth. Topps Tiles, which trades from over 300 stores, said sales at stores for open over a year rose about four per cent in the last quarter of its [...]
Domino’s given boost as online revenues shoot up September 29, 2010 DOMINO’S Pizza said yesterday its online sales have surged by 69 per cent – mainly due to its new iPhone app. The chain said overall same-store sales rose 9.9 per cent in the 13 weeks to last Sunday taking its sales growth for the year to 12.5 per cent. Including new stores, total sales rose [...]
H&M September 29, 2010 H&M is a company built for recession. You can splurge on outfits for under a tenner, and it specialises in fast throwaway fashion – stocking the latest look, but making it cheap enough to ensure you return for more when it’s no longer in trend. Investors have lapped up this apparently slump-proof stock – sending [...]
Forever 21 in UK launch September 29, 2010 US fashion retailer Forever 21 is opening stores in Birmingham and Dublin in November as it tries to break into the European market for the first time. The retailer will take on around 550 staff for the launch. The company, which aims to sell designer-styles at cheaper prices has its flagship store in New York’s [...]
Theo Fennell dismisses VAT rise September 29, 2010 Jeweller Theo Fennell said yesterday January’s VAT rise is not a worry as most of its affluent customers are from overseas and not liable for the tax. Chairman Rupert Hambro said the business had performed well over the last six months, while both its flagship Fulham Road and City stores have been upgraded. The company’s [...]
