Morrisons to launch cost cutting drive October 21, 2005 Sir Ken Morrison revealed yesterday that he had no plans to quit the retail business his father founded and planned to lead the enlarged supermarket into the post-Safeway era. “My present intention is to stay around for another two to three years,” he said The conversion of former Safeway stores into Morrisons outlets will be [...]
Boro seal first win October 21, 2005 Middlesbrough made a competent, if somewhat nervy, start to the group stage with a win away at Grasshoppers. Jimmy Floyd Hasselbaink was the only goal scorer in Zurich to give Steve McClaren’s side the start they were hoping for in UEFA Cup Group D. McClaren decided to play two up front — partnering the Dutchman [...]
Ford in the red with £213m losses October 21, 2005 Ford fell into the red as losses in its key North American division increased and sales of high-margin sport utility vehicles dropped. The world’s third largest automaker, which is facing a deepening financial crisis, reported its third quarter results yesterday. It announced a $377m (£213m) pre-tax loss compared to a $718m (£406m) profit the previous [...]
Leather had it so good October 21, 2005 The sexiest of all fabrics, leather has been part of the fashion scene for nearly 100 years. Now British designers are getting in on the act. When it comes to leather fashion goods most people assume the Italians lead the way. After all, they do have a certain panache when it comes to design, quality [...]
Google astounds market with £215m profit October 21, 2005 Global giant Google has exceeded Wall Street expectations by announcing a sevenfold leap in third quarter profits. The search engine reported net income of $381.2m (£214.9m), more than six times higher than the previous year. Profit before tax soared to $550m compared to $15m at the same period in 2004, on a 96 per cent [...]
Green: ‘I am worth £1bn pay’ October 21, 2005 Philip Green defended his stunning £1.2bn dividend payment from Arcadia Group telling City A.M: “Venture capitalists would take much more.” In a day dominated by retail news, Green earned the biggest headlines. Arcadia — which owns Top Shop, Dorothy Perkins, Wallis, Etam and Miss Selfridge — reported a 6.8 per cent rise in sales to [...]
On top of the world October 21, 2005 Retail may be struggling, but Philip Green has just taken a £1bn dividend. Is he embarrassed? Not much. Displaying the timing for which he has become famous, retail entrepreneur Philip Green paid himself a whopping £1.2bn dividend from his retail chain Arcadia. At a time when retailers nationwide are struggling, Arcadia announced a 10.1 per [...]
Rosemont suffers in Katrina’s wake October 20, 2005 The fate of Goshawk’s subsidiary Rosemont Re was left hanging in the balance yesterday when its credit rating was cut. Ratings agency AM Best downgraded the insurer from A excellent to B fair, severely impairing the company’s ability to write new business. Rosemont Re has been severely hit by hurricane claims and shares in Goshawk [...]
Actif tones down its branding October 20, 2005 Actif, which distributes Elle clothing in Britain, has been forced into a French Connection-style rethink of its aggressive branding. Just as French Connection has toned down its use of the risque FCUK logo on its products, Actif chief executive Mark Evans said yesterday that it was going down the same route as shoppers were beginning [...]
Skandia hits back at Old Mutual overture October 20, 2005 The £3.13bn takeover battle for Skandia, the Swedish insurer, escalated yesterday as the company set out its key argument why it should remain independent. It listed 16 reasons why a hostile offer from Old Mutual of South Africa was “unacceptable”. Old Mutual said it remained committed to acquiring its target and that it was convinced [...]
