Osborne moves aides into top ministerial jobs October 7, 2013 GEORGE Osborne last night emerged as the main winner of a government reshuffle that barely touched cabinet positions but shuffled dozens of second-tier jobs. Allies of the chancellor were yesterday placed in key roles across ministries with an economic role – and also within the whips office – tightening Osborne’s control on the government’s agenda. Sajid Javid, [...]
Wolseley steps up hunt for deals as it returns £300m to investors October 1, 2013 PLUMBERS’ merchant Wolseley confirmed plans yesterday to return £300m to shareholders after posting a strong rise in profits. Chief financial officer John Martin said that a lack of attractive acquisition opportunities last year meant that it will return £300m to investors in a special dividend. He said it will continue to seek out bolt-on acquisitions [...]
Inside Track: More than one elephant in the Royal Mail sorting room September 25, 2013 IT’S NOT hard to identify the biggest of the elephantine threats to Royal Mail’s imminent stock market listing, which heralds the most contentious privatisation since the 1980s. With unions poised to ballot members over the prospect of industrial action within weeks, the prospect of a multi-day walkout at the precise time that the company’s shares [...]
Carnival sinks on profit drop September 24, 2013 CRUISE operator Carnival yesterday warned it could report an adjusted loss for the current quarter, after posting a 30 per cent fall in third-quarter profit due to a series of mishaps on its ships that left passengers stranded at sea for days. Net ticket yields fell 4.6 per cent in the third quarter while yields [...]
Dividends will be key for Royal Mail September 24, 2013 Private investors can choose from a wide variety of stockbrokers if they fancy investing in Royal Mail shares IN THE biggest privatisation since the 1980s, the government plans to sell a majority stake in Royal Mail. Analysts are divided over the attractiveness of the stock – with key details such as share price yet to [...]
What the other papers say this morning – 24 September 2013 September 23, 2013 FINANCIAL TIMES Bribery claims hit Glaxo sales in China Sales of GlaxoSmithKline’s medicines in China are thought to have dropped 30 per cent since officials accused the UK firm of corruption, according to Citi analysts’ provisional estimates. Axa eyes Diana ingredient maker sale Axa Private Equity is in talks with JP Morgan to finalise a [...]
Why Germany’s boring elections should still spook David Cameron September 19, 2013 FOR A vote touted as decisive to the future of the Eurozone, the German election campaign – which reaches its climax on Sunday – has been lacklustre. With barely any talk of Europe, it’s been defined by domestic issues – from data protection, to rent control and taxation. We Germans love a good debate on [...]
Siemens rejigs top team after chief’s ousting September 18, 2013 SIEMENS named company insider Ralf Thomas as its new chief financial officer yesterday, replacing Joe Kaeser who was promoted to the chief executive’s post last month following the departure of Peter Loescher in a bitter boardroom battle. Kaeser and his new chief financial officer now face the challenge of whipping into shape the lumbering German [...]
Chinese boost not big enough to hit Prada target September 17, 2013 ITALIAN luxury fashion house Prada posted a 7.6 per cent rise in first-half profits yesterday, lifted by solid growth in its key greater China market but the result was lower than what analysts had expected. The maker of luxury leatherware and Miu Miu-brand dresses said its net profit for the six months ended July was [...]
Brand Index: Account switching means banks must fight to stay current September 17, 2013 THIS WEEK, new rules took effect that will allow the UK’s 46m current account holders to switch banks in seven days. According to 2011 research from the Banking Commission, the average customer stayed with the same bank for 26 years, but with switching now easier than ever before, we could be entering a new era [...]