95% slump in Kering profits
The French fashion group Kering posted a 95 per cent slump in net profits to €50m (£41m) for 2013 and revealed slowing growth at its flagship label Gucci (pictured). Sales at the group, headed by Francois-Henri Pinault, edged up 0.1 per cent to €9.75bn.
Shell unloads its Australia refinery
Shell is selling its Australian refinery and petrol station business to the Swiss oil trading giant Vitol for £1.6bn. The sale, which will also see the Abu Dhabi Investment Council taking a stake, does not affect Shell’s Australian oil and gas exploration business.
L&G strengthens its US foothold
Legal & General has agreed to buy Global Index Advisors for up to $50m (£30m) in a move that will strengthen its foothold in the $6trn US pensions market. The deal is the group’s first in the US. L&G’s fund business currently controls £443bn around the globe.
Dwell cushions the blow with DFS
Dwell has teamed up with DFS to start selling its cushions and accessories through the sofa chain’s stores. The deal will see DFS offer financial support to Dwell, which went bust last year leaving some customers thousands of pounds out of pocket. It was ultimately rescued.