Break-up a bitter pill for Witty not GlaxoSmithKline, Sainsbury’s boss Mike Coupe’s dealmaking and Smith & Williamson’s owners consider a sale March 18, 2016 If Sir Andrew Witty is casting around for an epithet to sum up his tenure at GlaxoSmithKline, it would probably be: breaking up is hard to do. Yesterday’s announcement that he will retire in 2017 was the City’s worst-kept secret, but it affords GSK the opportunity to contemplate the sort of radical change that tends [...]
Arbuthnot Banking Group share price rises by more than four per cent after posting 52 per cent jump in profits as subsidiary Secure Trust Bank re-affirms interest in Williams & Glyn March 17, 2016 Shares in Arbuthnot Banking Group rose by more than four per cent this morning after the bank reported a 52 per cent rise in annual pretax profits, with performance boosted by growth in its private and retail banking businesses. Arbuthnot said pretax profit rose to £34.2m for the year ended 31 December, up from £22.5m the year [...]
Battersea Power Station unveils the first “local, artisanal” tenants at its Circus West retail development March 17, 2016 Battersea Power Station has unveiled the first of the tenants for its Circus West retail development – and there's a decidedly olde worlde feel about them. The team behind the giant development, which will eventually include thousands of homes, shops and offices – as well as leisure space and parkland – said each of the [...]
Ted Baker raises dividend 18.6 per cent as profits jump 20 per cent March 17, 2016 The figures: Group revenue rose 17.7 per cent to £456.2m in the 52 weeks ended 30 January, up from £387.6m a year earlier. Pre-tax profit jumped 20.3 per cent to £58.7m during this period, up from £48.8m in the year to January 2015. This was helped by e-commerce sales which swelled 45.8 per cent to £53.5m, up from £36.7m. The board hiked Ted Baker's [...]
Welsh e-cigarette ban is defeated after Labour politician makes ‘cheap date’ jibe at Plaid Cymru March 16, 2016 Welsh Labour plans to ban e-cigarettes in public places where children and young people are present were defeated today. The decision came as a surprise given that Plaid Cymru had originally given its Assembly members a free vote on the issue. However, the party instructed its members to vote against the e-cigarette ban after Labour member and [...]
Share price in Guess? down in after-hours trading as clothing company reports a fall in both revenues and earnings for year ended January 2016 March 16, 2016 Share price in Guess? dropped sharply in after-hours trading after the fashion company reported a decline in revenues for its results for the full year ended January 2016. The clothing company announced global revenues for its full-year of $2.2bn (£1.5bn), down 8.8 per cent from $2.4bn the year before, while net earnings dropped to $81.9m, down 13.4 [...]
E-cigarettes could face ban in public places where children are present in Welsh Assembly vote today March 16, 2016 A landmark vote in Wales today could lead to e-cigarettes being banned in public places where children and young people are present by early 2017. The Public Health (Wales) Bill will restrict all nicotine-inhaling devices being used in areas such as schools, places where food is served, all shops except specialist tobacconists, hospital, libraries zoos [...]
US marijuana industry could be worth $44bn by 2020 if legalisation and business trends continue March 15, 2016 The US marijuana industry could be adding as much as $44bn (£35bn) to the country's economy by 2020, according to a new study from Marijuana Business Daily. Figures in the 2016 Marijuana Business Factbook show that the cannabis industry's value could more than triple from 2016 projections of $14-$17bn, if current business and legalisation trends [...]
US retail sales fall 0.1 per cent in February as cash spent on gasoline plummets March 15, 2016 US retail sales dropped in February, but were likely held down by lower prices. Spending at retailers fell 0.1 per cent from in February to $447.3bn (£315.7bn), according to the Commerce Department. On the same month last year sales were up 3.1 per cent. The figure is not adjusted for inflation. Sales at gasoline stations [...]
Duke Street Capital’s perfume seller celebrates bumper sales of knock-off Chanel fragrance March 15, 2016 Hats off to the well-heeled asset managers at Duke Street Capital. The firm's discount retailer Original Factory Shop is shunning originality and raking it in on knock-off designer goods. Original Factory achieves an annual turnover of around £200m for the private equity firm, and no wonder – a £5 bottle of perfume the firm says smells just [...]