Interest rates may rise as soon 2014 July 22, 2013 THE RECOVERY means the Bank of England could hike interest rates as soon as late 2014, Deutsche Bank analysts said yesterday. Markets have only priced in a rise in 2015-16, but economists are increasingly upbeat on the recovery. “The Bank has been swift to turn policy around over the last 30 years,” said George Buckley. [...]
Nicole Farhi sold to daughter of Matalan founder July 22, 2013 NICOLE FARHI, the British fashion brand, has been bought out of administration by Maxine Hargreaves-Adams, the daughter of the Matalan tycoon John Hargreaves. The retailer’s joint administrators Zolfo Cooper said Hargreaves-Adams has bought all six stores, the nine concessions and the wholesale and ecommerce parts of the business for an undisclosed sum. The brand, founded [...]
Ocado shorters scrambling to shrink positions July 22, 2013 HEDGE funds who bet against Ocado have continued to shrink their unprofitable positions in the online grocer, shares in which have soared since its £216m tie-up with supermarket WM Morrison in May. Ocado has been a longstanding favourite among shortsellers, who borrow shares in the hope that a company’s share price will fall. However, the [...]
Fat Face to bulk up in the States July 22, 2013 CLOTHING brand Fat Face is aiming to crack the American market in the next two years, the firm said as it posted record annual sales. Fat Face yesterday confirmed plans to open its first store in the US and launch a dedicated website for American customers. It posted a 12 per cent rise in turnover [...]
Supergroup strikes new deal to expand its presence into Asia July 22, 2013 SUPERGROUP, the FTSE 250 company behind the Superdry fashion label, announced yesterday that it has struck a new partnership deal to expand its presence into Asia. The company said it has signed a 10-year distribution agreement with FJ Benjamin, a luxury retailer in south east Asia, to grow the Superdry brand in Malaysia and Singapore. [...]
Competition authorities examine Diageo’s United Spirits stake build July 22, 2013 THE UK competition regulator said yesterday it would investigate whether drinks group Diageo’s purchase of a stake in United Spirits would have a detrimental impact on the spirits market. The main area of concern is likely to be centred on United Spirits’ Whyte & Mackay whisky brand, because Diageo is the world’s biggest scotch company. The [...]
Firms picking first-timers for non-exec roles July 22, 2013 THE POOL of recruits for non-executive directorships (NEDs) is getting wider, according to new stats. Around 47 per cent of first-time NED appointments to FTSE 350 companies last year were women, up from just 11 per cent five years ago. Korn Ferry Whitehead Mann, the recruitment firm that conducted the research, said female NEDs were [...]
Digital firms overlooked by official figures July 22, 2013 GOVERNMENT statistics substantially understate the importance of digital businesses to the UK economy, according to an analysis released yesterday. A report by the National Institute of Economic and Social Research found there are at least 270,000 digital companies in Britain, well above the government’s recent estimate of 120,000. Under its most optimistic analysis, produced by studying [...]
Apple keeps developer site shut after hackers hit personal data July 22, 2013 TECH giant Apple yesterday continued the temporary shut down of its popular developer website after it was hit by a hacking attack looking to snatch people’s personal data. The company said in a statement that it took down the members’ section of the website on Thursday last week after a hacker tried to access personal [...]
ReNeuron raises £33m and plans to relocate operations to Wales July 22, 2013 AIM-LISTED stem cell research company ReNeuron yesterday said it has raised £25.35m through a share placement and plans to relocate from Guildford to Wales after receiving a £7.8m grant from the Welsh government. The company will move its core operations to a new cell manufacturing and development facility in South Wales over the next two [...]
