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Showing posts with the label The Telegraph Citybriefing.

The Telegraph Citybriefing - June 24, 2014

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    City briefing   LOUISE ARMITSTEAD CHIEF BUSINESS CORRESPONDENT Follow Louise on Twitter TOP OF THE AGENDA After half a century selling carpets,  Lord Harris of Peckham  would have hoped for a magical flying finish. Instead his last set of results in charge of Carpetright  are decidedly threadbare: pre-tax losses have jumped 38pc from £5.1m last year to £7.2m. On underlying basis, it's worse: pre-tax profits have slipped 52.6pc from 9.7pc to 4.6pc. Lord Harris has remained up-beat, pointing to positive cash generation. He has blamed "challenging" market conditions, particularly in Europe and especially in the Netherlands. He has said trading will remain tough but his "steps to develop the business" will "underpin an improvement in group performance in the new financial year."  Wilf Walsh takes over as chief executive on  July 21 . Chemring  has ejected its second chief executive in two years.  Mark Papworth  has stepp

The Telegraph Citybriefing -June 23, 2014-.

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  City briefing   LOUISE ARMITSTEAD CHIEF BUSINESS CORRESPONDENT Follow Louise on Twitter TOP OF THE AGENDA How do you boost the economy in the North? That's the question  George Osborne  wants to tackle today - and part of his answer is more  high speed rail . In a speech in Manchester, the Chancellor will set out proposals to a third high speed rail link to create a "northern powerhouse" that can "take on the world." Britain's northern cities are "collectively not strong enough" to challenge London but with better communications, they could be far more powerful. Mr Osborne has told Radio 4 this morning that northern cities each need to have strong mayor to champion their causes, as in London. He says we need a "more geographically balanced UK." Although the speech will "start a conversation", Mr Osborne has insisted "work is already underway" since Sir David Higgins, boss of HS2, is

The Telegraph Citybriefing - June 12, 2014-,

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  City briefing   LOUISE ARMITSTEAD CHIEF BUSINESS CORRESPONDENT Follow Louise on Twitter TOP OF THE AGENDA A shabby set of results from  Mulberry  whose annus horribilis has been laced with a 46pc plunge in annual profits. The luxury handbag maker, which this year has issued two profit warnings and lost both its chief executive and its creative director, has reported £14m of pre-tax profits, down from £26m last year. Total retail sales were flat - £163.5m, from £165.1m last year. But worse still is the update for recent trading: like-for-like sales fell an eye-watering 15pc during the 10 weeks to June 7. The company has blamed the costs of opening new stores over the past two years, but the bigger problem has been mis-pricing. Julie Palmer, retail analyst at BTG,  told Radio 5 this morning that Mulberry's mistake was to "double prices across two seasons." She argued that customers would pay £500 for a handbag but not £1000. Today Mulberry ha

The Telegraph Citybriefing -May 12, 2014-.

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Monday, May 12, 2014     City briefing   LOUISE ARMITSTEAD CHIEF BUSINESS CORRESPONDENT Follow Louise on Twitter TOP OF THE AGENDA Another day, another deal, this time it's Murdoch on Murdoch.  BSkyB, which is 39pc owned by  Rupert Murdoch,  has confirmed it is early stage talks about buying stakes in Sky Deutschland and Sky Italia which are held by the media mogul's US-based  21st  Century Fox.  The €10bn deal would combine the Murdoch empire's UK, German and Italian assets and potentially turn BSkyB into a European satellite-TV giant. The combination has been a long-held ambition. Last year,  James Murdoch , the former chief executive of BSkyB said the separation of the three units was "not optimal" and was something they needed to "resolve." However, efforts by the Murdoch's to consolidate assets have been controversial: in 2010 and 2011, Rupert and James tried to take full control of BSkyB but backed down in the fa