The Business Matrix: Saturday 6 October 2012

 

Samsung shrugs off court defeat

Booming sales of Galaxy smartphones put Samsung on course for another record quarter as the South Korean giant shrugged off its recent legal defeat to rival Apple. The electronics giant revealed it is set to shatter forecasts with profits of 8.1 trillion won (£4.5 bn) for the July-September period – almost double the same period last year.

Wall Street chief: Bankers overpaid

Morgan Stanley's chief executive, James Gorman, says pay should fall in line with bank profits and shareholder returns. There are now too many bankers chasing too little business, he says, a remark that suggests many more job cuts are likely. Mr Gorman was paid $10.5m (£6.5m) last year, but did take a 25 per cent pay cut.

Shoppers hungry for comfort

The chilly autumn weather has triggered a hunger for comfort food, with Waitrose saying its new Heston Blumenthal-branded fish pies, chilli con carne and macaroni cheese helped ready-meal sales to surge 20 per cent in the week to 29 September. Sales of bath and shower toiletries rose 32 per cent.

Morrisons gears up for expansion

Morrisons has named a managing director for its fledgling convenience stores operation, ahead of a major expansion in London and the South-east. Gordon Mowat, the supermarket's group strategy director, will step into the newly created role to lead Morrisons' plans to open 70 of its M-local smaller shops before the end of 2013.

Credit Suisse faces 'toxic' inquiry

Credit Suisse has become the second investment bank in four days to face a US crackdown over "toxic" mortgage-backed products sold before the credit crunch. The inquiry by the Department of Justice and the New York attorney general Eric Schneiderman follows a lawsuit against JP Morgan.

Wood upbeat despite loss

Energy services company Wood Group yesterday cheered investors with an upbeat statement, confirming that it continues to deliver good growth. Wood said all three of its divisions were performing well, but it confirmed that contract problems in Oman would lead to a loss of $15m (£9m) to $20m this year.

Chinese maker Huawei grows

Huawei, the Chinese telecoms equipment company, is growing fast in Britain with revenues surging 12 per cent to £315.2m last year. Accounts for the UK unit show a pre-tax profit of £7.9m against £6.6m a year earlier. Huawei'sells equipment to mobile and fixed-line operators.

Snack supplier Zetar gobbled up

The snack-maker Zetar, which is licensed to make products for brands including Marmite, Hello Kitty and Disney, is to be bought by Germany's Zertus in a deal worth £43m, or 297p a share, a premium of more than 25 per cent on Zetar's closing share price on Thursday.

Rare coin dealer Avarae loses shine

Avarae Global Coins, the UK's only listed rare-coin dealer, today said first-half sales tumbled by about two-thirds. The AIM-listed dealer added that revenues in the six months to September 30 would be "not less than £450,000".

General Motors 'to keep Opel'

US car giant General Motors has denied that it could get rid of Opel after reports that if its planned alliance with PSA Peugeot Citroen fails Fiat could step in. GM vice chairman Stephen Girsky said: "Opel is not for sale. GM fully stands behind Opel".