Arbuthnot set to gain clients in pension reform March 20, 2014 ARBUTHNOT Banking Group increased customer numbers across its retail finance operations in 2013, the group revealed yesterday as it published its annual results. And the bank expects more clients to use its financial planning services in wake of the shake-up of pension rules in this week’s budget. The lending group – made up predominantly of [...]
Majestic shares dumped after profit warning March 20, 2014 INVESTORS uncorked their shares in Majestic Wine yesterday after the specialist wine retailer warned that a dry spell in February sales had flattened full-year profits. Chief executive Steve Lewis said that trading conditions since the more buoyant Christmas period have been “challenging” and that with just two weeks to go until its year-end, it now [...]
Ted Baker reaps rewards from growing its overseas footprint March 20, 2014 TED BAKER’S expansion across Europe, the US and Asia has helped boost full-year profits at the quirky British fashion retailer. The group, which has 362 stores and concessions across five continents, said profits before tax and exceptional costs jumped by 26.7 per cent to £40m in the year to 25 January. Revenues were up 26.5 [...]
City Moves for 21 March 2014 | Who’s switching jobs March 20, 2014 Baker & McKenzie The law firm has announced the appointment of Steven Francis as a partner in its financial services group. He specialises in Financial Conduct Authority (FCA) enforcement work, non-contentious FCA compliance advice, financial crime, and corporate compliance issues. Francis was most recently at RPC, where he was a partner and head of its financial services and [...]
London Report: Failed vaccine test for Glaxo pricks the FTSE March 20, 2014 BRITAIN’S top equity index fell yesterday, hit by a drop in drugs giant GlaxoSmithKline and a hint from the Federal Reserve that US interest rates may rise sooner than previously expected. The blue-chip FTSE 100 index, which rose 14.4 per cent in 2013 and came close to a 13-year high in January, closed down 30.69 [...]
Mulberry chief Guillon quits March 20, 2014 Bruno Guillon, the chief executive of fashion house Mulberry, has resigned “with immediate effect”. The store, which issued a profit warning in January, seeing shares plummet 25 per cent, will now be looking for a new leader. Godfrey Davis, who is a current non-executive chairman and has previously been chief executive, will hold the reins [...]
What you need to know before the open March 20, 2014 Following a broadly favourable Budget yesterday, then something of a curveball from Janet Yellen – her suggestions about the course of interest rates unsettling markets, European bourses are expected lower today, tracking Asian and US counterparts. Markets sold off sharply on talk that the Fed could raise rates by the spring of next year, and [...]
Next overtakes M&S as CEO delivers economic warning March 20, 2014 High street fashion store next had, in its own words, a great year last year. In a landmark moment, it's overtaken Marks and Spencer as the biggest clothes retailer by profits in the UK. It's upped its sales growth forecast significantly – from between one and four per cent to between four and eight per cent. [...]
Inditex to open more shops as profits edge up March 19, 2014 ZARA-owner Inditex is to ramp up spending on new stores this year after currency movements outside of Europe and refurbishment costs dented full-year profits. The Spanish clothing giant, which also owns the Massimo Dutti and Pull and Bear chains, said yesterday that net income for the year to the end of January rose by just [...]
Why copper’s getting crushed (again) March 19, 2014 China’s the world’s number one commodity buyer. So it’s not overly surprising that the slowdown in its economy has been blamed for the decline in the price of copper, which – dubbed Dr Copper – usually serves as something of a barometer for the health of the global economy, is falling. Today, it’s down 2.24 [...]