Zara owner Inditex’s quarterly profits hit by falling currencies June 11, 2014 ZARA and Massimo Dutti owner Inditex posted its biggest fall in quarterly profits in half a decade yesterday after a strong euro dragged down sales. Net profits fell to €406m in the first quarter compared with €438m the same time last year. Falling currencies in some of its markets, such as Japan and Russia, knocked [...]
Rolls-Royce and airline share price falls put FTSE in a spin June 11, 2014 Trouble in the skies and a reduction in the World Bank’s global forecast and a couple of companies going ex-dividend yesterday brought the FTSE down. The FTSE 100 closed down 34.68 points at 6,838.87, a fall of 0.50 per cent. The cancellation of Emirates Airlines’ major order for 70 new Airbus A350s hit shares of [...]
Puncture fails to hamper Froome June 11, 2014 BRITISH cyclist Chris Froome overcame a puncture to tighten his grip on the Criterium du Dauphine yesterday and close in on a successful title defence. The Team Sky rider finished in the peloton on the fourth of eight stages but maintained his 12-second lead over main rival Alberto Contador in the general classification. Froome, who [...]
Neighbours pose main threat to a home win June 10, 2014 ALL four previous World Cups in South America have been won by teams from the host continent, which goes some way to explaining why Brazil and Argentina are red-hot favourites. Spearheading the European challenge will be ever-improving Germany, while holders Spain, bidding to win an unprecedented fourth international tournament in a row, will also hope [...]
What the other papers say this morning – 10 June 2014 June 9, 2014 FINANCIAL TIMES Chico’s explores private equity sale Chico’s, the US womenswear chain, is exploring a sale to private equity and has discussed a deal with potential suitors that could lead to one of the largest take-private transactions so far this year. The final asking price could not be ascertained but one industry source said Chico’s [...]
Why Britain’s battle against Jean-Claude Juncker may not be worth it June 9, 2014 WHEN Prime Ministers pick EU battles, they have to choose carefully. Like it or not, the UK’s historically unenthusiastic approach to EU integration – an understandable one at that – leaves it open to accusations of holding the rest of Europe over a barrel whenever the government appears to drag its feet. In the current [...]
What the other papers say this morning – 09 June 2014 June 9, 2014 FINANCIAL TIMES Swedes hit Juncker’s EU hopes Jean-Claude Juncker’s ambitions to be the next European Commission president have been dealt a further blow after Sweden’s prime minister Fredrik Reinfeldt raised questions about the credibility of the process for filling the top job in Brussels. Russian companies to trade renminbi Russian companies are preparing to switch [...]
Russia-China gas deal aids Japan June 9, 2014 A $400bn (£238bn) gas deal between China and Russia completed last month could help bring down prices for Asia gas buyers including Japan the world’s biggest buyer of liquefied natural gas. Researchers at the Japan Oil, Gas and Metals National Corporation said in a recent note that the deal – which will see gas transported [...]
Bulgaria stand-off over Russian pipe June 9, 2014 Bulgaria will not resume work on the Russian-led South Stream gas pipeline project until it receives the all clear from the European Commission, Prime Minister Plamen Oresharski said yesterday. In a move that could inflame tensions between Russia and the European Union, the bloc’s executive arm last week asked the Balkan country to suspend work [...]
Sberbank aims for 20pc dividend June 6, 2014 Russia’s biggest lender Sberbank plans to keep its dividends at no less than 20 per cent of net profit for the next five years after forecasting 2014 profit on par with last year’s earnings despite a worsening economy and the Ukraine crisis. The economic decline prompted Sberbank to increase bad loan provisions in the first [...]