Healthy choices work for Greggs
A relaunched range of sandwiches with healthier options boosted sales at the baker Greggs in the latest quarter and it now expects profits for the year to be ahead of forecasts. Its shares jumped 12 per cent to 602p as brokers upgraded their profits forecasts for the year by 10 to 12 per cent to around £54m.
OECD slashes growth forecasts
The Organisation for Economic Co-operation and Development (OECD) has cut its growth forecast for the eurozone to just 0.8 per cent this year, from the 1.2 per cent it expected in May. It said Italy would contract 0.4 per cent rather than grow by 0.5 per cent, and more than halved its French growth forecast to 0.4 per cent.
Oil slumps on demand fears
Oil prices have slumped to two-year lows on fears of slowing demand from China and rising expectations of a rise in US interest rates. Brent crude fell as much as 40 cents to $96.70 a barrel, its lowest since July 2012. China said its industrial production grew at 6.9 per cent in August, the weakest in nearly six years.
Snooker chain Rileys goes under
Thousands of wannabe Paul Newmans may have to find a new venue to practice their cueing skills after Rileys Sports Bars collapsed into administration on the same day as Phones 4u. The 60-strong chain of pool and snooker halls has appointed Deloitte as joint administrator, according to a message posted on its website.
MySale falls on Arcadia links
A flash sales site backed by Sir Philip Green has revealed plans to step up links with the fashion tycoon’s Arcadia empire and Mike Ashley’s Sports Direct. MySale also posted annual sales up 23 per cent at A$224m (£124m), but its shares ended at 221p, below the 226p price it listed at in June.
Espirito Santo job for Lloyds exec
One of Lloyds chief executive Antonio Horta-Osorio’s top lieutenants will go back to Portugal to run the “good bank” part of the collapsed Banco Espirito Santo. Eduardo Stock da Cunha will leave his London post with Lloyds to run the so-called Novo Banco.
Orange looks to Spanish market
Orange could announce the purchase of the Spanish fixed-line telecoms operator Jazztel as soon as this morning. The deal would help the French mobile operator to boost its business in the Iberian peninsula by letting it sell discounted bundles of fixed and mobile services.
Merger means Tui becomes one
Tui has announced the long-awaited merger of its German and British businesses with a deal that will see shareholders in the London-listed Tui Travel end up with 46 per cent of the merged business. Its boss Peter Long will be joint CEO with Tui AG’s Friderich Joussen.
Cloud takeover talks evaporate
Host Europe has terminated £320m takeover talks with the cloud computing specialist Iomart. Host, which is controlled by the private equity firm Cinven, made the announcement after the market closed last night.
Ackman fund in Euronext move
Pershing Square Holdings, a fund managed by the US activist investor Bill Ackman, is looking to raise $2bn (£1.23bn) from a listing on the Euronext Amsterdam stock exchange. The firm expects the fund to have a market value of $5bn.Reuse content