Revenues rising for spread better IG Group as retail investors return January 14, 2014 SIGNS of economic recovery have renewed confidence among retail investors who have begun trading more, British financial spread betting firm IG Group said yesterday, as it reported an eight per cent rise in first half profit. IG chief executive Tim Howkins said market conditions in the six months to 30 November were much like the [...]
Former HSBC exec named as BT Openreach’s next chief executive January 13, 2014 BT ANNOUNCED yesterday that Joe Garner will take up the role of chief executive of its infrastructure business Openreach in February, replacing Liv Garfield, who is leaving to become chief executive of Severn Trent. Garner previously worked at Procter & Gamble and as UK chief at HSBC, where he helped lead the bank through the [...]
Amec sets out £1.9bn offer for Foster Wheeler January 13, 2014 ENGINEERING firm Amec has provisionally agreed to buy US rival Foster Wheeler for $3.2bn (£1.9bn), both parties said yesterday. Samir Brikho, chief executive of the FTSE 100-listed company, described the acquisition as “transformational” for Amec, enhancing its position in the downstream energy sector and in developing markets such as Latin America. Threadneedle Investments, a top [...]
Ashley swoops on Debenhams January 13, 2014 MIKE ASHLEY’S Sports Direct is set to meet with the board of Debenhams after the sportswear giant made a surprise swoop on the struggling retailer and snapped up a 4.6 per cent stake. Neither of the companies commented on when the meeting was likely to take place, but both sides said they were open to [...]
Royal Mail reshuffles the pack after operations chief departs January 13, 2014 ROYAL MAIL yesterday ended a chapter of its transition to a listed company, after the director credited with overhauling its key delivery operations announced his resignation from the company. Mark Higson, managing director for operations and modernisation, will leave the business in July after six years at the postal services firm. His replacement, director of [...]
Sales soar over festive season at Greene King January 13, 2014 BREWER and pub group Greene King yesterday reported a 3.8 per cent jump in its like-for-like sales during the first 36 weeks of its financial year, boosted by bumper food sales on Christmas Day. The results were helped by the two trading weeks covering Christmas and the New Year, during which Greene King reported sales [...]
UBM chief to leave for McGraw-Hill in March January 13, 2014 UBM CHIEF executive David Levin will complete his departure from the events and information group on 1 March when he takes over as chief executive of McGraw-Hill Education in New York. Following his departure, UBM chairman Dame Helen Alexander will become executive chairman until a new chief executive is chosen. “We are making very good [...]
M&S boss Marc Bolland defends Xmas discounts January 9, 2014 MARKS & SPENCER chief executive Marc Bolland yesterday denied that the retailer had sparked this Christmas’s frenzied discounting as the chain’s clothing sales fell for a 10th consecutive quarter. The high street bellwether said like-for-like general merchandise sales, which include homeware and clothing, dropped by 2.1 per cent in the 13 weeks to 28 December. [...]
Festive boost for Ted Baker January 9, 2014 BRITISH designer clothing brand Ted Baker said it will meet annual profit forecasts after posting an 18.3 per cent rise in eight-week festive sales, helped in part by a 10.9 per cent increase in new space. Unlike many under-pressure retailers during the festive period, Ted Baker said it had not undertaken any significant promotional activity [...]
Hays sees signs of broad uptick in British hiring January 9, 2014 HAYS has become the latest recruitment company to declare a thaw in the UK jobs market, with net fees in the last quarter of 2013 up 10 per cent. Hiring has surged in UK construction and there are pockets of jobs growth in financial services, finance boss Paul Venables said. “In the City of London [...]