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The Business Matrix: Saturday 15 June 2013
McCartney signs P&G perfume deal
Stella McCartney has switched the licence to make her perfume from the French beauty group L'Oréal to Procter & Gamble, owner of the Head & Shoulders and Gillette brands. The British designer's fashion and accessories business made a record £3m profit last year. She took a similar amount in salary and dividends.
Morrisons' pay deal sparks revolt
Morrisons suffered a minor rebellion from shareholders over executive pay at its annual general meeting. Some 12.8 per cent of investors voted against the supermarket chain's remuneration report, while a further 2.4 per cent abstained. The revolt follows an 8 per cent fall in annual profits to £879m.
HMV poised for Oxford St return
HMV is poised to return to its original flagship store in Oxford Street, central London, just two months after being rescued from administration. The restructuring specialist Hilco, the entertainment retailer's owner, is in negotiations to move into the 20,000 sq ft store at 363 Oxford Street, now occupied by Foot Locker.
Allianz expects €500m flood bill
Allianz, the German insurance company which employs more than 4,000 people in the UK, said yesterday that it expects the floods across central Europe to cost it about €350m (£298m). The company is likely to pay out more than €500m to its policyholders, although about €150m of this will be passed on to reinsurers.
Fastjet cleared for African routes
The budget airline Fastjet, which is backed by easyJet's founder Sir Stelios Haji-Ioannou, has been granted permission to launch international flights from Tanzania to South Africa, Zambia and Rwanda, marking a major step towards establishing the first low-cost pan-African airline network.
Weekly sales fall 5.2% at John Lewis
John Lewis's sales fell by 5.2 per cent in the week to last Saturday as it came up against tough comparisons with last year's extended Diamond Jubilee bank holiday and half term. The chain's sales figure was 12 per cent higher than two years ago, when the fall of the calendar was more similar.
Builders stabilise despite sharp fall
The construction sector appears to be stabilising, despite a sharp contraction in activity in April. The Office for National Statistics said output in April was down 6.5 per cent on last month, and 1 per cent lower than a year ago, the smallest annual fall since the end of 2011.
Walker Crips rosy despite £1m loss
The City stockbroker Walker Crips made an operating loss of £1m last year but said yesterday it had consistently run at a profit over the past few months. The business was transformed last year when it sold Walker Crips Asset Management, making a profit of £11.7m, most of which it returned to shareholders through a one-off dividend. It has also sold its corporate finance business Keith Bayley Rogers.
Post Office staff to strike on two days
Post Office staff are set to strike on two days later this month over closures, job security and pay after talks between executives and the CWU broke down. The union said staff would walk out for half a day on 20 June and all day on 29 June.
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Dad attempts revenge on teenage daughter, plan backfires spectacularly
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights