Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

The Business Matrix: Friday 3 June 2011

Friday 03 June 2011 00:00 BST
Comments

Barbecue weather boost for B&Q

B&Q has revealed a 10 per cent boost to quarterly profits after April’s warm weather and run of bank holidays inspired customers to focus on garden projects. Kingfisher, which owns the DIY giant, said the boost meant sales of garden furniture and outdoor paints were especially good, though this had a knock-on impact on sales of indoor goods.

EU backtracks on Twinings grant

The European Union has backtracked on plans to give Twinings a £10.5m regeneration grant to open a plant in Poland after critics complained that the tea company was looking to relocate work there from the UK rather than make a new investment. Twinings, owned by AB Foods, confirmed it had been told it has not met the criteria for the grant.

Johnson Matthey profits increase

Johnson Matthey’s annual profits rose 14 per cent to £261m as global car production recovered and it benefited from higher prices of platinum, gold and silver. However, the Hertfordshire-based group, which refines precious metals and makes vehicle exhaust filters, is being hit by the rising cost of cerium oxide, a rare earth element used in its filters.

Lenovo expands into Europe

The Chinese computer manufacturer Lenovo is set to increase its share of the European market after agreeing to take over the German electronics retailer Medion in a $900m (£550m) deal. The move is seen as a way for Lenovo to build a presence in a mature market, and marks its biggest acquisition since buying IBM’s PC business six years ago.

China to be biggest banking market

China is on course to be the world’s biggest banking market within 15 years in a shake-up accelerated by the financial crisis, according to PricewaterhouseCoopers. It would overtake the US 20 years earlier than was predicted before the credit crisis battered banks in developed markets.

Construction sector sees surge

The construction sector grew faster than expected in May and added jobs for the first time in nearly a year. The Markit/Cips PMI construction index rose to 54 from 53.3in April. Economists said the figures suggested the sector grew in the second quarter and fared better than expected at the start of the year.

Dyson to replace 3UK boss Russell

Kevin Russell, the chief executive of mobile operator 3UK, is to leave the group this summer after four and a half years to return with his family to Australia. He will be replaced by the company’s chief financial officer David Dyson, who has worked closely with Mr Russell in his various roles for nine years.

Clarke steps down as WS Atkins CEO

Keith Clarke, the chief executive of WS Atkins, is to stand down after an eight-year stint that included the engineer’s ill-fated participation in the London Underground Metronet consortium. He will be succeeded by Uwe Krueger, who has worked in North America, Europe, the Middle East and Asia Pacific.

McCreevy joins WorldSpreads

Charlie McCreevy, the former Irish finance minister who last year retired as European Union commissioner for internal markets, has joined the board of the Aim-listed Irish spread-betting firm WorldSpreads. He holds other non-executive director posts at the airline, Ryanair, and UK retailer, Sports Direct.

NatEx recruits non-executives

National Express has fulfilled its promise to shareholders to add three non-executive directors to broaden its board. It has appointed Elliott Sander, who ran New York’s Metropolitan Transport Authority, Joaquin Ayuso, the vice-chairman of Spain’s Ferrovial, and Chris Muntwayler, former UK head of DHL.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in