Stelios rants as Michels exits easyJet May 23, 2011 SIR DAVID Michels, the former Hilton chief executive who once hoped to chair Marks & Spencer, said he would step down from the board of easyJet yesterday in his second such announcement in a month. Michels, easyJet’s deputy chairman, will leave the airline at the end of this year, when he completes his second three-year [...]
Fresh Eurozone debt fears see FTSE plunge to two-month low May 23, 2011 RENEWED concerns about the Eurozone debt crisis triggered a steep sell-off of Britain’s top shares yesterday, led by commodity stocks, with some analysts and investors seeing little on the horizon to tempt investors back into the market. The FTSE 100 index ended at its lowest closing level since 23 March, off 112.60 points, or 1.9 [...]
M&S set to outline plans for growth alongside profit rise May 22, 2011 HIGH STREET stalwart Marks & Spencer is expected to post a 12 per cent rise in full-year profit tomorrow, as the retailer outlines plans for growth overseas and online. M&S is likely to post a £710m pre-tax profit, according to consensus estimates, which is set to lead to a rise in its dividend to 16.5p, [...]
THE WEEK AHEAD in association with GFT May 22, 2011 COMPANY NEWS ● British Land announces its results today. Recent good news includes the fact it has pre-let around a third of its Cheesegrater skyscraper to Aon. ● On Tuesday, Marks & Spencer will deliver its results. In 1941, the Westminster based retailer raised £5,000 to pay for a Spitfire fighter called “The Marksman”. Shareholders [...]
Booker cashes in as shoppers look for cheap deals in grim consumer climate May 19, 2011 BRITAIN’S biggest cash and carry wholesaler Booker yesterday said it was benefiting from consumers’ “search for value” as it beat forecasts with a 25 per cent jump in annual profit. The firm, which runs around 172 branches supplying convenience stores, restaurants, pubs, schools and prisons, made a pre-tax profit of £71.4m. Chief executive Charles Wilson, [...]
LSE cries foul at rival bid for Canada’s TMX May 15, 2011 THE BID threatening to derail the London Stock Exchange’s agreed merger with Canadian peer TMX Group should raise significant regulatory concerns, the chief of the London bourse has claimed. A consortium of Canadian banks and pension funds, known together as the Maple group, tabled a counterbid to the LSE’s offer at the weekend. But speaking [...]
BEST OF THE BROKERS May 11, 2011 RECKITT BENCKISER Goldman Sachs rates the consumer goods producer “buy” but has taken the firm off its “conviction buy” list, and has cut its 12-month target price by 160p to £41.70. The broker thinks the firm contains an increased execution risk following a change in management, though recent quarterly results were encouraging. Goldman is still [...]
Sir David Michels to quit M&S May 5, 2011 Marks & Spencer is undergoing a boardroom reshuffle, with deputy chairman Sir David Michels and non-executive director Lady Patten both stepping down. Michels, who has served five years on the board, will leave after his term ends in February while Patten, who has been with M&S since 2006, will go after the firm’s annual meeting [...]
The man to take the place of St James’s founder May 5, 2011 CHARLES Gregson (pictured), the chairman of money broker ICAP, is to succeed St James’s Place founder Mike Wilson when he steps down later this year. City grandee Wilson will relinquish his post as chairman almost 20 years after he founded the fund manager alongside Lord Rothschild and Sir Mark Weinberg. He will become a “life [...]
Commodities drag on FTSE but high street names rally May 4, 2011 COMMODITY stocks pulled Britain’s top share index lower yesterday, ending the FTSE 100’s recent rally as disappointing US manufacturing data spoiled investors’ appetite for risk. The FTSE 100 closed down 98.81 points, or 1.6 per cent, at 5,984.07, with the FTSE volatility index up 11.4 per cent, hitting a near five-week high. The FTSE 100 [...]