Retail investors warned over ETFs May 25, 2011 THE CHIEF of stockbroker Tullett Prebon yesterday warned retail investors against the use of some exchange traded funds (ETFs). Terry Smith said the rise of ETFs as a popular vehicle for investors had become “worse than I thought”. Writing on his blog, he added: “I suspect a lot of retail investors think that ETFs are [...]
JJB revival plan hit as its losses mount May 25, 2011 SPORTSWEAR chain JJB Sports yesterday warned that it will take as long as five years to turn round the business after it reported mounting losses. The full-year losses almost doubled to £181.4m. The retailer was saved from administration in March when it hammered out a company voluntary agreement with its landlords, closing up to 89 [...]
Legal action dogs Tate & Lyle May 25, 2011 TATE & Lyle (T&L) will announce its annual results tomorrow against the backdrop of a £100m legal dispute. The conglomerate is embroiled in a complex court case with London-based firm Whitefox Technologies. The two firms are suing each other in a spat that could cost the giant in excess of £100m if it loses. There [...]
Westfield on target but silent over European plans May 25, 2011 AUSTRALIAN mall operator Westfield Group reconfirmed its earnings forecasts yesterday despite the impact of a lower US dollar, but kept tight-lipped about reports of plans to expand in Europe. Westfield has already ventured into the UK with the opening of Westfield London in 2008 and Westfield Stratford City, which is expected to open later this [...]
FSA fines Bank of Scotland May 25, 2011 Bank of Scotland, owned by Lloyds Banking Group, has been slapped with a £3.5m fine from the Financial Services Authority (FSA) for failures in how it handled certain customer complaints. The FSA added it had also secured £17m in compensation for customers, following complaints about the company’s retail investment products. Between July 2007 and October [...]
Costain wins water contracts May 25, 2011 Construction and engineering firm Costain yesterday announced two major water contract extensions worth £100m. The firm is in a joint venture to upgrade and extend Sandon Dock sewage treatment works in Liverpool, and has a contract to design and build wastewater schemes for Severn Trent. Chief executive Andrew Wyllie said he was pleased with the [...]
Revolt at Robert Walters AGM May 25, 2011 Shareholders yesterday refused to support recruitment firm Robert Walters’ pay package for directors at its annual meeting. Around 28 per cent voted against the remuneration report, with a further 10 per cent abstaining. Only 26 per cent of all shares were used to vote in favour of the pay package. Some directors were to receive [...]
Shake-up at Diageo sparks job cut fears May 25, 2011 DRINKS giant Diageo yesterday announced a shake-up of its international business with two senior executives leaving yesterday. Stuart Fletcher, (pictured right) president of Diageo International, and chief customer officer Ron Anderson (left) have quit the firm. Chief executive Paul Walsh said the company’s regions would be re-jigged, indicating that staffing would be reviewed. He said: [...]
Hogg Robinson in boost as business travel takes off May 25, 2011 CORPORATE travel firm Hogg Robinson shrugged off the latest volcanic ash cloud to hit Europe and unrest in North Africa and the Middle East, saying yesterday that short-term travel disruption was often good for business. “We don’t see this having any impact on our business at all. Whenever travel plans have to change, that creates [...]
Focus DIY to close after failing to find buyer as 3,000 jobs face axe May 25, 2011 HOME improvement retailer Focus DIY is to close with the possible loss of up to 3,000 jobs, after the administrator was unable to find buyers for the bulk of its stores, it was announced yesterday. Administrators at Ernst & Young said they had appointed retail consultants Gordon Brothers to advise on the sale of all [...]
