The Business Matrix: Wednesday 9 April 2014

Falklands paints a brighter picture

Falkland Islands Holdings forecast a rise in annual profits, thanks to its Momart fine-art handling business, which moved artifacts and even a 37-metre Viking warship to the British Museum’s current exhibition. Profits from its businesses on the South Atlantic islands are set to fall, in part because of a lack of offshore oil drilling.

Samsung ‘selfie’ fails to lift sales

Samsung is set to book a second fall in quarterly profits, as the world’s-largest mobile phone maker comes under pressure from discount Asian rivals. Despite a recent high-profile marketing push featuring a “selfie” of the front row of the Oscars, it expects profits to be about 8.4 trillion won (£4.8bn) – 4 per cent down on a year ago.

Hornby trains hit currency buffers

Hornby has added currency problems to the list of woes that will see the model train maker post a worse than expected annual loss of £1.2m. The Scalextric and Airfix business warned of a £1m loss in January thanks to supply problems. Its shares fell 1.25p to 79p on news of the extra £200,000 foreign exchange loss.

£600m paid over mis-selling claims

Britain’s banks are on track to meet an end of May deadline to settle the regulator’s target for dealing with claims of mis-selling to small businesses. The Financial Conduct Authority’s monthly update showed banks have paid out almost £600m to more than 4,500 customers. Offers have to been sent to a further 6000 customers.

Rise papers over McColl’s cracks

The newsagent McColl’s delivered a 3 per cent rise in quarterly sales in its maiden trading update yesterday. But the upbeat news failed to lift the shares past their February debut. They closed yesterday at 175p, more than 8 per cent below the 191p they listed at two months ago.

Online spend up 15% to £6.3bn

Spending on advertising on mobile phones nearly doubled last year to hit £1bn, according to the Internet Advertising Bureau. Online advertising in the UK was up 15 per cent to £6.3bn as companies fought to reach consumers spending more time on tablets and smartphones.

Companies urged to ‘come home’

Russian companies listed on foreign stock exchanges should consider re-listing in Moscow, First Deputy Prime Minister Igor Shuvalov said yesterday. His remarks are the latest in a campaign backed by President Putin to encourage companies to use local capital markets.

£253m rights issue is a piece of cake

Mr Kipling and Oxo firm Premier Foods said directors and senior staff had taken up their full entitlement to acquire shares under the company’s £253m rights issue. Together with the result of a shares placing on 24 March, this amounts to a £2m investment.

Takeda ordered to pay $6bn fine

A US jury in Louisiana has ordered Takeda Pharmaceutical, Japan’s largest drugs company, to pay $6bn in damages over claims it hid cancer risks associated with its Actos diabetes product. Takeda said it would appeal.

Bank holds firm in hope of a rebound

The Bank of Japan opted to keep its quantitative easing programme steady despite last week’s rise in sales tax. The bank said that although the sales tax would dampen growth in the second quarter, it expects a rebound in the third.