Stansted’s new owners look for traffic growth January 20, 2013 STANSTED’S new owners are aiming to finalise their purchase by the end of February, before trying to reverse the London airport’s falling passenger numbers. Manchester Airports Group and Australia-based Industry Funds Management have pledged that it will be “business as usual” at Stansted while the pair’s £1.5bn acquisition is completed. The firms have said the [...]
Entertainment pros who thought outside the box January 20, 2013 WHEN Michael Comish and Adrian Letts first met, they prefaced everything they said with “just so you know I’m not stealing your idea, here’s what I think”. They needn’t have worried. What emerged was a concept that seems so obvious now it may leave you pondering that frustrating question: “Why didn’t I think of that?” [...]
Why sterling’s decline could push up inflation once again January 17, 2013 THERE was a time when a weaker pound used to boost exports. These days, it doesn’t appear to make a noticeable difference, in the short term at least. Last year’s brilliant growth in car exports – the UK sold more cars abroad than ever before in its history, one of the most cheerful news stories [...]
Internet is the new meteorite that extinguished the dinosaurs January 16, 2013 IN the grand scheme of things, the news that JP Morgan’s profits hit a record high, while Goldman Sachs massively smashed expectations, was the most significant business story of the week. Wall Street is back; the US financial system is in much better shape than Britain’s. At the same time, the fact that Jamie Dimon, [...]
Vickers claims tough ring fence will boost City competitiveness January 16, 2013 RING-FENCING retail banking operations to separate them from investment banking are the best way to reform the sector and will in fact increase London’s competitiveness in the long run, the author of the plans insisted yesterday. Sir John Vickers even argued that MPs’ and peers’ proposals to electrify the ring fence with the threat of [...]
Online shopping is masking the birth of hybrid retailers January 15, 2013 THE fall of yet another iconic British retailer, HMV, does little to assuage fears that the high street in its current form is in terminal decline. The statistics are bleak. According to a survey by PwC and the Local Data Company, 32 stores closed each day in July and August 2012. Over one gloomy five [...]
Property firm Hammerson hires Sainsbury’s head as chairman January 14, 2013 DAVID Tyler, the chairman of Sainsbury’s, is to take on another FTSE 100 role, after it was announced yesterday he will replace John Nelson as chairman of property giant Hammerson. Tyler, who has also been a non-executive director at luxury group Burberry for more than a decade, will join the board with immediate effect on [...]
FTSE falls from four-year high as analysts warn on energy shares January 14, 2013 BRITAIN’S leading shares fell yesterday after touching a 4-1/2 year high early in the session, with technical analysts noting the index could be set for a minor correction. Energy stocks, among Friday’s biggest gainers, were the main drag on blue-chip sentiment as Nomura warned that the sector was inexpensive for a reason and attractive price-to-earnings [...]
US expansion boosts growth at LK Bennett January 13, 2013 LK BENNETT, the upmarket womenswear brand, reported a 15 jump in full year turnover yesterday driven by its expansion into the US market and soaring online sales. The retailer, which unveiled Bond girl Rosamund Pike as the new face of its brand last week, said turnover increased by 15 per cent to £94.1m in the [...]
Net-A-Porter posts a £27m loss despite jump in full-year sales January 13, 2013 NET-A-Porter, the luxury online retailer, swung to a loss last year after investing heavily in its expansion, despite seeing sales soar by 55 per cent. The group, which is owned by Swiss luxury conglomerate Richemont, made a £27m loss in the year to 31 March 2012 compared with a 5.2m profit the previous year. According [...]