Air watchdogs ground all 50 Dreamliners January 17, 2013 AIRLINES were left racing to rearrange flights yesterday after regulators decided to temporarily ground the entire 50-strong fleet of Boeing’s 787 Dreamliner planes due to safety fears. Europe, India and Qatar followed Japan and the US in keeping the new planes indefinitely confined to airports following several reports of burning batteries as well as brake [...]
Hammerson and Westfield call truce in battle for Croydon January 17, 2013 AUSTRALIAN mall owner Westfield Group has made peace with Anglo-French developer Hammerson in a long-running battle over an ageing Croydon shopping centre, agreeing to redevelop it together. The two have been wrangling for over a year about the Whitgift Centre in Croydon whose owners sided with both developers on the right to redevelop the site, [...]
Primark helps boost AB Foods’ revenues January 17, 2013 PRIMARK, the budget clothing retailer, has outsmarted its rivals on the high street after reporting a 25 per cent increase in sales yesterday. Its parent company Associated British Foods (ABF) said the launch of 14 new stores in Spain, the UK, Austria, Germany and the Netherlands helped to lift sales in the 16 weeks to [...]
Argos owner lifts forecasts January 17, 2013 SHARES in Home Retail Group jumped 14 per cent yesterday after the group raised its full-year profit forecasts and announced third quarter sales showed signs that efforts to turn Argos into a digital-led retailer were paying off. Chief executive Terry Duddy said he now expects full-year group profit before tax to be about £10m ahead [...]
Analyst Views | What do you think of home retail’s results? January 17, 2013 KEITH BOWMAN HARGREAVES LANSDOWNE For now, management appears to have moved some way in convincing investors that the company can prosper in the internet age…In all, analyst opinion has thawed from a ‘sell’ to a weak ‘hold’, with the group becoming a surprise Christmas winner. PHILIP DORGAN PANMURE GORDON This is a much better than [...]
Abu Dhabi Capital inks Northacre deal January 17, 2013 ABU DHABI Capital Management-owned Spadille has agreed a £25.65m deal to buy Northacre, the residential property developer that has a portfolio of prime London addresses across Mayfair and Kensington, including The Phillimores (above). The recommended 96p per share offer is a premium of around 21.5 per cent to the closing price in December, when the [...]
Solid quarter for Premier Foods January 17, 2013 Premier Foods said yesterday it delivered a “solid” fourth quarter and that trading for 2012 was in line with expectations, as the momentum behind its so-called power brands continued to build. Analysts expect the maker of Hovis bread and Mr Kipling cakes to post earnings before interest and tax of £117m to £120m.
Amazon fights US tax claim January 17, 2013 Online retailer Amazon is fighting the US Internal Revenue Service (IRS) over a $234m (£146m) international tax bill, a dispute similar to others in which the agency has struggled to collect corporate taxes. The IRS claims that a sum transferred from Amazon’s European subsidiaries to its US parent company is taxable.
SDL warns of lower profits January 17, 2013 Translation software firm SDL said profits would be lower than expected for the second time in three months yesterday, even as turnover improves. The firm, which forced out chief executive John Hunter last year, said profits would be between £35m and £36m, slightly below forecasts. Shares in the company fell 2.6 per cent.
Mothercare knocked by poor performance in home market January 17, 2013 MOTHERCARE, the baby and maternity products retailer, suffered a decline in sales in its third quarter, as recent improvements to its UK arm failed to pull in the Christmas sales. The group, which has over 1,300 stores worldwide including 269 in the UK, said UK like-for-like sales fell 5.9 per cent in 13 weeks to [...]
