The Business Matrix: Wednesday 9 July 2014

Samsung profits hit by competition

The South Korean electronics giant Samsung said it faced a 25 per cent drop in second-quarter profits after it was hit by competition from Chinese and other overseas rivals, as well as the strong Korean currency. It said it now expects to make an operating profit of 7.2 trillion (£4.2bn) won in the three months ending June.

Millions invested in Swiss start-up

Mike Lynch, the former chief executive and founder of technology firm Autonomy, has invested millions in a Swiss start-up that helps doctors work out “where to fire the right bullet” by studying patients’ DNA. Sophia Genetics analyses people’s DNA to get a better idea of what is wrong and how to treat them.

Royal Mail chief’s pay falls £600K

Royal Mail confirmed that its chief executive, Moya Greene, received no pay rise last year despite the success of its privatisation and share price. In fact, her total package fell by around £600,000 to £1.35m after she handed back the controversial £250,000 she received for relocating from Canada to the UK.

DiSanzo quits at Philips

The chief executive of Philips Healthcare has quit after disappointing sales in the second quarter. Deborah DiSanzo will not be replaced at the division, which accounts for 40 per cent of the Dutch electronics group’s sales. Healthcare business groups are to report directly to chief executive Frans Van Houten.

Bovis head happy about long term

The boss of Bovis said the “boom and bust” nature of the housing market was a thing of the past and that the Bank’s cooling measures had improved the industry’s long-term growth prospects yesterday as the housebuilder reported a 54 per cent rise in first-half completions to a record 1,487.

Prices falling at record rate

Supermarket till wars and discounts on clothes and electrical goods led shop prices to fall at their steepest rate for at least eight years last month. Shop price deflation hit 1.8 per cent in June from a year ago after a rate of 1.4 per cent in May, according to the British Retail Consortium/Nielsen index.

Air France-KLM slashes forecast

Air France-KLM sent a shiver through the airline sector yesterday when it slashed full-year profit forecasts due to overcapacity on its US routes. Air France-KLM, which flew 77.3 million passengers last year, cut its 2014 earnings target by 12 per cent to about £1.7bn.

Funding for Drax eco-measures

Power station group Drax has won €300m in EU funding to develop technology to bury carbon emissions from a new coal-fired power plant. Drax’s White Rose project will receive the cash under an EU scheme to fund renewable energy to help cut greenhouse gas emissions.

Calls for ONS to lift standards

Ex-Bank of England policymaker Kate Barker and statistician Art Ridgeway’s review of the Office for National Statistics called for its standards to improve. They have asked the ONS to learn from its past mistakes.

Banknote with nude offends MP

Roman Khudyakov, a member of Russian parliament for the nationalist LDPR party, has called for Russia’s 100-rouble banknote, worth less than $3, to be changed because it includes a naked image of a statue of Apollo atop the Bolshoi Theatre.