Business week in review
Sunday 05 August 2012
Hugo Boss, the private-equity-owned retail group, still has plenty of fashion kudos in Europe, despite the region's economic woes. Claus-Dietrich Lahrs, its well-dressed chief executive, boasted a 17 per cent jump in European sales in its second quarter. While group profits leapt by nearly a quarter, slowing growth in Asia took the shine off its performance.
The millionaire Tchenguiz brothers were also upbeat this week after a court ruling paved the way for them to pursue more than £100m of compensation claims. The High Court launched a blistering attack on the Serious Fraud Office's investigation, detailing a series of errors.
The road ahead also appears to be clear for the digger business JCB, which is benefiting from the building boom in China and India. JCB, whose chief executive is Alan Blake, said sales of diggers for road and house building in Brazil, Russia, India and China had accelerated to more than 35,000 in the first six months of 2012.
...at a loss
Investors at Mouchel, the motorway maintenance firm, seem to have all but run out of road. Creditors to the group, whose chief executive is Grant Rumbles, have agreed to write off £87m of its debt in return for control of the company. While the debt-for-equity swap will see creditors take a majority of Mouchel shares, existing investors will get just 1p a share, or a total of £1.14m.
Last week was far less painful for Ryanair's shareholders but the no-frills airline saw its pre-tax quarterly profits tumble by more than a quarter to €112.5m (£88.5m). Ryanair, run by Michael O'Leary was hit by the eurozone crisis and rocketing fuel bills, as well as fierce competition from easyJet.
Turbulence at the float of Facebook, the social media site founded by Mark Zuckerberg, was blamed by UBS for a quarterly loss of Sfr130m (£85m). The Swiss bank said the delay when Nasdaq processed its purchase of shares on the first day left it with more shares than clients ordered.
Ian McKellen and Patrick Stewart bromance continues: X-Men star gushes about 'pussy cat' BFF Patrick Stewart
David Cameron stung by jellyfish: PM hurt after ignoring advice of locals while on holiday
South Korea ferry: Vice principal rescued from sinking ship found hanged
Catherine Deneuve and Sophie Marceau in war of words over President Francois Hollande's affair with Julie Gayet
Inside North Korea with the man who won the marathon
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 1 KFC 'sorry' after lesbian couple are kicked out of Bath restaurant for 'heavy petting'
- 2 West Ham confirm 20-year-old striker Dylan Tombides has died after battle with cancer
- 3 24 people applied for the 'world's toughest job', here are their interviews
- 4 Video of British Muslims dancing to Pharrell Williams's hit Happy attacked as 'sinful'
- 5 PFA Player of the Year: Luis Suarez, Daniel Sturridge and Steven Gerrard all nominated as Liverpool dominate award shortlist
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