Vanjoki is to leave Nokia as Elop hired September 13, 2010 ANSSI Vanjoki, the Nokia executive in charge of smartphones and services, is resigning following the appointment of outsider Stephen Elop as chief executive of the world’s biggest cellphone maker. Vanjoki, who joined Nokia in 1991 and has been head of Mobile Solutions since 2008, has a six-month notice period and will continue with his current [...]
Dollar Thrifty bidding war heats up September 13, 2010 SHARES of car rental companies Dollar Thrifty Automotive, Hertz Global and Avis Budget Group all rose more than five per cent yesterday as Hertz’s sweetened offer for Dollar Thrifty signaled an industry consolidation that could cut excess capacity and boost prices. Hertz’s $1.56bn (£1.1bn) offer was the latest move in a bidding war with rival [...]
STARS TURN A HAND TO WHEELER DEALING AT BGC’S CHARITY DAY September 13, 2010 TRIUMPH in the face of adversity yesterday at the Canary Wharf offices of inter-dealer broker BGC Partners, as fate chose the firm’s annual charity day to bestow upon it an inopportune instance of telecommunications failure. Half of BGC’s poor brokers battled for the entire day with faulty phones, with the system swapping calls between the [...]
Chinese stake purchase boosts WPP’s expansion September 13, 2010 Advertising giant WPP yesterday announced that it has taken a majority stake in Chinese retail marketing consultancy DPI through one of its wholly owned subsidiary companies in the region G2. The company refused to say how much it was paying for the stake, but the move continues its investment in China which is currently WPP’s [...]
Kraft in push to raise choc sales in China September 13, 2010 KRAFT Foods is aiming to double the number of Chinese cities in which it sells Cadbury chocolate within the next two years. This would mean the number of cities in China in which Cadbury products are sold will rise to about 40. The US food group would use its vast distribution network to achieve its [...]
PZ Cussons upbeat amid tough market September 13, 2010 PZ Cussons said yesterday new products, including Imperial Leather Skin Kind, a new formula Carex and The Sanctuary’s skincare range, meant it felt “cautiously optimistic” despite tough competition and an uncertain global economic environment. Cussons said its trading for the three months to September would meet City expectations. It said: “We remain cautiously optimistic for [...]
Revenue slips at eaterie chain September 13, 2010 INDIVIDUAL Restaurant Company, owner of the 22-strong Piccolino chain of Italian restaurants, yesterday reported that revenues slipped to £24.6m in the six months to 4 July. That compared with the £25.1m reported in the previous year. However, the company said it had refinanced its loan facility and trading was picking up. Meanwhile rival restaurant firm [...]
Boden sales up past £200m September 13, 2010 SALES at clothes catalogue company Boden – run by former Warburg banker Johnnie Boden – rose by 20.1 per cent in the year to December 2009 to £201.9m. Pre-tax profit surged 15.9 per cent to £28.7m, its accounts revealed. In the first half of 2010 sales rose 15 per cent compared with the same period [...]
AB Foods hit by Primark sales slowing September 13, 2010 SLOWING sales growth at budget fashion retailer Primark hit its parent company Associated British Foods’ shares yesterday. The 204-strong chain, which makes a third of group profit, has grown strongly through the downturn as its cheap chic clothes prove popular with cash-strapped shoppers, but now spending cuts, extra costs and tax rises are clouding the [...]
Higher VAT and costs will hurt profits September 13, 2010 IN recessions past, hard-up consumers have had to make do and mend. This time, they’re buying cheap and chucking away. Yesterday’s pre-close update from AB Foods showed that Primark, a leading purveyor of so-called “disposable fashion”, is going from strength to strength. Full-year like-for-like sales at the budget retailer are forecast to be six per [...]
