Burberry shares lift the FTSE as luxury sales beat forecasts January 15, 2014 BURBERRY was the second highest riser on the FTSE yesterday after the luxury retailer revealed better-than-expected sales, driven by Asia Pacific and demand ahead of Chinese New Year. Shares closed 4.7 per cent higher as the 158 year-old firm posted a 14 per cent rise in sales to £528m and a 12 per cent increase [...]
Ex Co-op chief executive steps down from Thomas Cook board January 15, 2014 FORMER Co-op Group chief executive Peter Marks has announced his resignation from the board of Thomas Cook, according to the tourism firm. Marks will finish his time at the company after the group’s AGM in February, and be replaced by Emre Berkin, currently a non-executive director of Thomas Cook. “I would like to thank Peter [...]
Tullow climbs on new Kenyan oil discoveries January 15, 2014 FTSE 100-quoted Tullow Oil’s share price edged up yesterday, after mixed updates unveiled new discoveries in Kenya alongside mammoth exploration write-offs that startled analysts. The oil explorer said it made “significant oil discoveries” at the Amosing and Ewoi wells in Kenya and updated its estimate of discovered resources in the basin to over 600m barrels [...]
AstraZeneca’s shares lifted by pipeline hopes January 14, 2014 ASTRAZENECA expects new drugs and a recent diabetes deal to offset a wave of patent expiries and return it to growth faster than analysts predict, with 2017 revenue likely to be broadly in line with the 2013 level. The company’s forecast implies a potential $3bn upgrade to the consensus estimate from analysts and marks an [...]
Housing recovery helps Barratt sales rise more than two thirds January 14, 2014 BARRATT Developments said total home sales grew 71 per cent in the first half of its financial year thanks to government measures and a recovery in the housing market across all regions. Britain’s largest housebuilder by volume said yesterday that total forward sales, excluding joint ventures, jumped to £1.27bn in the six months to 31 [...]
Ashmore rocked by jitters over emerging debt January 14, 2014 EMERGING market specialist Ashmore Group crashed on the stock market yesterday after it revealed an exodus of cash from funds and a cut to management charges which will reduce revenues by $25m (£16m). Shares in the company fell more than 12 per cent after it revealed that investors pulled $3.5bn from its funds in the [...]
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 [...]