Any Other Business – 27/2 February 27, 2014 JOHN Roberts, chief exec of AO.com likes a good party. The Christmas dos at his white goods empire are notoriously lavish (free champagne, cocktails, beer and Jäger we hear). Roberts claims he’s always thrown a good festive disco, even when the company was much smaller. Well, with that information to hand we should all be [...]
Freezer King bags £542m as AO.com soars February 26, 2014 AO WORLD founder John Roberts is sitting on cash and shares worth around £542m after the online white goods empire he founded 14 years ago made a grand entrance onto the London Stock Exchange yesterday, with shares leaping 32 per cent. Roberts has reduced his 40 per cent stake to 28.6 per cent, the company [...]
Gatwick to improve flood plans February 26, 2014 Gatwick Airport has set aside £30m to bolster its weather defences after a report criticised the way it handled flooding and high winds on Christmas Eve. Non-executive director David McMillan found that “a very significant number of passengers endured poor levels of service and information” when dozens of festive flights were cancelled during the storms. [...]
What you need to know before the open February 26, 2014 Markets are set to open mixed this morning ahead of UK GDP data, and with China fears pulling down metal prices. US markets finished a touch lower yesterday, but have weathered well the string of unimpressive data the country’s seen. Over in Asia, the Nikkei came down from a 4-week high, tainted by US data, [...]
What the other papers say this morning – 26 February 2014 February 25, 2014 FINANCIAL TIMES Osborne under pressure to cut taxes George Osborne, chancellor, is under pressure from Tory MPs to use next month’s Budget to announce pre-election tax cuts to offset the prospect of a politically damaging rise in interest rates before polling day. One Tory MP said the idea of the Bank of England raising base [...]
What you need to know before the US open February 25, 2014 Housing and retail are in focus today, with figures just in. House prices are still rising, but the pace has moderated a bit. The house price index for December increased 0.8 per cent – a revised figure showed they fell 0.1 per cent in November. The S&P/Case-Shiller indices rose 13.4 per cent in the month. [...]
What the other papers say this morning – 25 February 2014 February 24, 2014 FINANCIAL TIMES Markit and Virtu race for IPOs Two unique financial technology companies are preparing multibillion dollar initial public offerings, with both Markit and Virtu Financial seeking New York listings in the coming months. Markit, the UK-based data provider, is aiming to raise at least $500m and seek a valuation of more than $5bn as [...]
Stellar Primark growth offsets falling sugar sales at AB Foods February 24, 2014 ASSOCIATED British Foods (ABF) said yesterday that first half profits will be in line with forecasts after a standout performance at its clothing chain Primark helped offset falling profits at its sugar business. Sales at Primark, which launched its first two stores in France in the period, were up 13 per cent, driven by new [...]
7 UK retail bosses that have quit unexpectedly February 24, 2014 Mothercare’s future on the UK high street looked promising when Simon Calver, the former head of online movie rental service Lovefilm, was appointed by chairman Alan Parker two years ago to lead its turnaround efforts. The board banked on his online experience to overhaul its estate and turn the chain into a multi-channel retailer. But [...]
Mothercare CEO Calver resigns February 24, 2014 Mothercare has announced this morning that its chief executive Simon Calver has handed in his notice. Calver’s resigned “with immediate effect”, the company said, and will leave at the end of March. The baby goods retailer, with issued a profit warning in January, following heavy Christmas discounting, has yet to appoint a successor. Calver will [...]