Deutch exits Citigroup board January 7, 2010 John Deutch yesterday said he would not stand for re-election at Citigroup’s 20 April annual meeting. Ex-CIA director Deutch has been a Citigroup director for 12 years. His exit follows the departure of several directors since the government took a more active role in the bank’s affairs last year following two multibillion-dollar bailouts. Among those [...]
Paul Smith cautious on 2010 January 7, 2010 Paul Smith, the upmarket fashion brand, has warned that the coming six months will be “challenging” for retailers around the world. The firm, known for its distinctive stripes and sharp suits, reported a 2 per cent slip in pre-tax profits to £21.7m for the year to June as stockists cut down their orders. Founder Sir [...]
Ex-Dowgate execs launch Nomad January 7, 2010 A new firm set up by four former Dowgate Capital executives is today set to gain FSA approval as a nominated adviser (Nomad) for companies listed on London’s Aim market. Cairn Financial Advisers, founded by ex-Dowgate chairman Tony Rawlinson and former colleagues James Caithie, Liam Murray and Simon Sacerdoti, will also provide advice to quoted [...]
Sainsbury’s in festive feast as sales rise January 7, 2010 J SAINSBURY was given a festive boost with sales rising by 3.8 per cent as shoppers snapped up food and drink for Christmas. The like-for-like sales figures at Britain’s third largest supermarket chain, revealed yesterday, beat the forecasts of City analysts who had predicted a 3.5 per cent gain. Sainsbury’s slashed prices on its beer, [...]
New Look hails strong Xmas January 7, 2010 BUDGET fashion chain New Look yesterday said it was undecided on a return to the stock market as it reported strong Christmas trading. Like-for-like sales in the UK grew 5.9 per cent in the 14 weeks to 2 January, while total turnover including overseas operations was up 14.4 per cent. The “disposable fashion” group, backed [...]
Sarkozy proposes Google tax to help French artists January 7, 2010 France could start taxing internet advertising revenue from online companies such as Google, using the funds to support creative industries that have been hit by the digital revolution. The proposal, put forward in a government-commissioned survey, is France’s latest challenge to Google and its online rivals. Google said that it does not believe an additional [...]
JD Sports on track as sales surge January 7, 2010 JD Sports Fashion said yesterday it was on track to beat the City’s profit expectations for the year after enjoying a festive boost. Like-for-like sales rose 6.6 per cent in the five weeks to 6 January, driven by the performance of its fashion-focused chains Bank and Scotts, where trading rose 9.7 per cent. The group [...]
Summer blockbusters and rise of 3D movies boost revenues for Cineworld January 7, 2010 CINEWORLD revenues were up more than 11 per cent last year after receiving a welcome boost from the rise in popularity of 3D movies. Box office takings were up by nearly 17 per cent and food sales were up by almost 10 per cent. These rises were enough to overshadow a drop in advertising revenue [...]
AstraZeneca rises as top drug stays safe until 2014 January 7, 2010 ASTRAZENECA settled a US patent row with Israeli drug maker Teva yesterday, protecting its top-selling heartburn drug Nexium for almost four more years. The deal will allow Teva, the world’s biggest manufacturer of generic pharmaceuticals, to start selling a cheaper copy of Nexium when the first patent expires in 2014. However, under a previous arrangement, [...]
Interest rate kept on hold again by Bank January 7, 2010 THE Bank of England’s Monetary Policy Committee (MPC) yesterday froze the interest rate at 0.5 per cent while persevering with quantitative easing until next month. The interest rate has remained unchanged since March after the MPC took drastic action to tackle the global economic crisis. Quantitative easing, aimed at pumping cash into the financial system, [...]
