Business week in review
Sunday 08 July 2012
Diageo shareholders treated themselves to a stiff one on Wednesday after the drinks giant launched the Chinese white spirit brand, Shui Jing Fang, in the UK. Diageo's chief executive Paul Walsh said Britain is the first European market to stock the 52 per cent-proof drink, which will retail for £99 a bottle.
Meanwhile, Nick Wharton boss of Dunelm, the homewares retailer, toasted the recent wet weather, which has boosted its fourth quarter revenues by £8m, as shoppers flocked to its out-of-town stores instead of the park or beach. The retailer posted underlying sales up by 10.4 per cent over the period to 30 June.
Wet roads are also no problem for Volvo, the Swedish truck maker, which has agreed to sell its aero engine arm to the engineering group GKN for £633m. Nigel Stein, GKN's chief executive, said it was a "highly attractive acquisition", which was also a nod to a lower price tag than the City had expected.
...at a loss
Sir Andrew Witty, the chief executive of GlaxoSmithKline, may have been feeling a bit depressed on Monday after the UK's largest drugs maker paid a $3bn (£1.9bn) fine to settle a multi-year lawsuit.
It was revealed that GSK had bribed doctors into prescribing children with the dangerous antidepressant Paxil, which is branded Seroxat in the UK.
Drinks firm Britvic lost its fizz as chief executive Paul Moody was forced to withdraw its Robinson's Fruit Shoot and Fruit Shoot Hydro children's drink. A move that will hit this year's profit by up to £5m. Britain's biggest soft drinks maker is to recall the brands in the UK and France after it admitted a new "magic cap" designed to prevent spills was faulty.
Cash-strapped consumers, ignoring a different sort of spill, were partly blamed by Johnson Service Group's boss John Talbot for the closure 100 dry cleaning stores. He said people were saving cash by delaying taking their suits to be freshened up.
Liam Neeson's Downton dreams
Thriller is set in the secret world of British espionage
Bomber jacket worn by Mary Berry sells out within an hour
Much-loved cartoon character returns - without Sir David Jason
Actress to appear in second series of the hugely popular crime drama
- 1 Thailand beach murders: Thai PM suggests 'attractive' female tourists cannot expect to be safe wearing bikinis
- 2 Scottish independence: Five reasons Salmond is secretly hoping for a 'No' vote
- 3 Isis plan to 'behead random member of the public' in Sydney thwarted by Australian police
- 4 Scottish independence: Andy Murray backs Yes campaign in eleventh hour decision
- 5 Have you heard about the film Singapore has banned its people from watching? Well, you have now
Thailand beach murders: Thai PM suggests 'attractive' female tourists cannot expect to be safe wearing bikinis
Scottish independence referendum live: Latest news as Scotland decides Yes or No
Scottish independence: Final opinion polls show undecided voters could swing result either way
Scottish independence: Almost half of No voters have felt 'personally threatened' by the Yes campaign
Isis plan to 'behead random member of the public' in Sydney thwarted by Australian police
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence referendum: A nation divided against itself
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
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