Pepsico given boost from new bottlers July 20, 2010 DRINKS giant PepsiCo yesterday reported a quarterly profit just above analysts’ expectations, helped by strength in international snack and beverage markets and the recent acquisition of its North American bottlers. The company, which makes Tropicana juice, Frito-Lay snacks and Quaker Oats cereals in addition to its namesake cola, stood by its full-year earnings forecast. Net [...]
Hermes lifts its sales forecast July 20, 2010 DESIGNER label Hermès yesterday lifted its full-year sales growth target on the back of a stronger than expected second quarter, confirming the French group was enjoying one of the strongest rebounds of the luxury sector. The maker of printed silks and €10,000 (£8,500) leather handbags now foresees a 10-12 per cent rise in full-year sales [...]
William Hill in World Cup boost after poor Ascot July 20, 2010 BOOKMAKER William Hill said first half earnings would be fractionally higher than the year before with the football World Cup offsetting the company’s worst ever results from horseracing at Royal Ascot. The company said it expected earnings before interest, tax and amortisation to be around £135m in the first half, up from £134.6m the year [...]
Grocers see demand rise from footie July 20, 2010 SALES in the grocery sector received a boost as British shoppers stocked up for the World Cup. In the 12 weeks to 10 July sales grew 3.2 per cent compared with same period last year. Two of the weeks saw sales lifts of more than four per cent. Beers, wines and spirits saw the biggest [...]
Heard it through the grapevine: Levis popular July 20, 2010 A new YouGov SixthSense report into high street fashion reveals that Levis is still in demand despite a high ownership rate amongst UK consumers. The report, which investigates public perceptions of 35 prominent high street brands, also brings into question the consumer-appeal of high-end brands such as Vivienne Westwood. Despite the fact that one in [...]
CITY MOVES | WHO’S SWITCHING JOBS July 20, 2010 XENFIN CAPITAL The systematic trading firm has hired Luca Rubinelli to head up its new fixed income trading arm. Rubinelli joins from a family office, where he was a multi-asset portfolio manager on the proprietary trading desk. Prior to that, he was a director at Société Générale in the derivatives solutions group and also held [...]
Cable & Wireless is hit hard by Budget July 20, 2010 CABLE & Wireless Worldwide (CWW) has said its trading has been hit hard by the spending squeeze announced in the emergency Budget, sending its shares a staggering 18 per cent lower. About £285m, or 12 per cent of CWW’s revenue, came from UK public sector customers such as the NHS and the Ministry of Justice [...]
Amazon sees ebook sales outpace hard covers for first time July 20, 2010 AMAZON says digital publishing has reached a “tipping point” after revealing it now sells more ebooks than hardcover versions. The internet giant has staged a spirited fightback against the hugely successful iPad, slashing its price in the US from $259 (£170) to $189. This has driven a surge in sales for its Kindle reader. Amazon [...]
BEST OF THE BROKERS July 20, 2010 WILLIAM HILL Execution Noble gives William Hill a “buy” rating and said it expects marginal upgrades to full-year numbers based on the bookmaker’s first half performance. But, given World Cup benefit would have spilled into the second half, according to Execution, the interims should provide flavour on further support. BAE SYSTEMS BAE Systems has been [...]
Nokia set to oust chief executive July 20, 2010 Nokia has begun looking for candidates to replace chief executive Olli-Pekka Kallasvuo, who has struggled to keep up with rivals Apple and Google in the fiercely competitive smart-phone market. Sources close to the firm say Kallasvuo may be ousted as early as the end of July, as the firm’s stock continues its decline. Kallasvuo, who [...]
