The Business Matrix: Wednesday 26 March 2014

Google Glass in Ray-Ban deal

Google is continuing its quest to make its Glass headwear the latest must-have accessory, signing up the company behind Ray-Ban and Oakley sunglasses to make frames for the gadget. Italian eyewear maker Luxottica has agreed to design and distribute new versions of the web-connected glasses, with frames set to debut in 2015.

Goldman banker loses appeal

A US federal appeals court upheld the conviction of ex-Goldman Sachs director Rajat Gupta over insider trading on Wall Street. The court rejected Mr Gupta’s claim that wiretap evidence should not have been admitted to show that he leaked news about Goldman’s finances to Galleon Group hedge fund founder Raj Rajaratnam.

Clydesdale to axe branches

Clydesdale and Yorkshire Banks are to close 28 “unsustainable” branches as parent National Australia Bank struggles to cut costs in its UK business. The banks would not say immediately which branches will close or how many jobs are set to be axed. Unite trade union condemned the move and will fight compulsory redundancies.

House sales fell in February

The wettest February since 1990 put a damper on the UK’s runaway housing market, although the number of loans for house purchase was still 53 per cent higher than a year earlier, the British Bankers’ Association said. Lending figures showed 47,550 mortgage approvalsa fall of 4 per cent on the previous month’s 49,341.

888 Holdings on winning bet

Online poker and casino firm 888 Holdings pleased the Square Mile as it looks to speed up its push back into US markets and rewarded investors with a special dividend. Operators were booted out of many US states in 2006 but there has been a thawing of the regulatory landscape.

Dragon Tattoo publisher sale

Quercus, the troubled book publisher behind Stieg Larsson’s Millennium Trilogy, is set to fall into the hands of French giant Hachette, which has made a £12.6m agreed cash offer. Hachette subsidiary Hodder & Stoughton has backing of 65.7 per cent of Quercus shareholders.

Shopping slows before Easter

Shoppers reined in spending during early March but retailers expect a recovery next month, according to the CBI’s latest distributive trades survey. Year-on-year sales grew for the fourth month in a row but slowed due to the later timing of Mothers’ Day and Easter.

Albemarle calls in administrators

Pawnbroker Albemarle & Bond has finally given up the fight for survival as it decided to appoint administrators PwC. The struggling company said lenders Barclays and Lloyds – owed more than £50m – have pulled the plug on rescue hopes. Shares have been suspended.

Payday for RSA rights issue

City advisers will pick up £25m for backing Stephen Hester’s £773m capital-bolstering rights issue for insurance giant RSA. The bulk of fees will go to Bank of America Merrill Lynch and JP Morgan Cazenove who have underwritten the share issue.

Irn Bru profits are fizzing

Investors in Irn Bru maker AG Barr drank to a sparkling set of full year results with pre-tax profit up 9.6 per cent at £38.1m – ahead of City forecasts. The increase in sales and profit was in spite of the groups’ failed £1bn bid to buy rival Britvic.