H&M sales growth slows
Total December sales at the world’s second-largest clothing retailer, H&M, rose 10 per cent, in line with expectations, but down from the 21 per cent rise in November. The Swedish company added it will take into account only stores open for more than a year as web operations make calculations more complex.
Marks quits Thomas Cook
Peter Marks, former chief executive of the Co-operative Group, is quitting as a non-executive director of Thomas Cook. He joined the travel firm when it effectively took control of Co-op Travel in 2011 and will leave next month. Marks, who was also a director of the troubled Co-op Bank, was paid £70,000 by Thomas Cook last year.
BoA profits soar in final quarter
Bank of America beat Wall Street forecasts in the final quarter of 2013 with post-tax profits rocketing to $3.44bn (£2.09bn) from $732m. Much of the improvement came from the bank’s domestic consumer business and a significant reduction in the amount it set aside to cover bad debts.
Jupiter attracts strong inflows
Jupiter Fund Management’s assets passed the £30bn mark during the fourth quarter of 2013 as investors channelled millions into its funds. It beat expectations in the City by attracting net inflows of some £510m in thelast three months of the year, helped by fixed income and equity products performance.
Provident puts on brave face
Doorstep lender Provident Financial has insisted it will meet profit forecasts this year, despite weak trading in its consumer credit division. The company said growth in its Vanquis Bank unit would offset the impact of weak consumer confidence in other parts of the business.
Laura Ashley doubles money
Laura Ashley has sold its stake in Moss Bros after doubling its money in six years. It sold its 9.5 million shareholding for £8m after Moss Bros revealed decent trading over Christmas yesterday. The shares were bought at between 42p and 47p in 2008. Yesterday they rose 5.5p to 96p.
Struggle for Telecom Italia
Rebel investor Marco Fossati has asked Telecom Italia to give minority shareholders more board seats as he seeks to reduce the influence of Spain’s Telefonica over its rival. Telefonica controls Telecom Italia together with three Italian financial institutions.
Raaflaub steps down fom FINMA
The head of Switzerland’s financial regulator, Patrick Raaflaub, will step down at the end of this month as the watchdog helps Swiss banks to work with US officials in a crackdown on wealthy Americans evading taxes. Raaflaub’s five year stint at FINMA was controversial.
Strikes cost France’s Total
Total lost €500m (£415m) last year at its strike-hit refining business in France. Chief executive Christophe de Margerie revealed the figure at a hearing of the French Parliamentary Economic Affairs Committee yesterday.
Sanofi searches for antibiotics
French drugmaker Sanofi is teaming up with a German research centre to find new antibiotics in the natural world, highlighting a re-emerging interest in infectious diseases among certain pharmaceutical companies.