The Business Matrix: Thursday 16 April 2015

Chinese growth at a six-year low

China suffered its slowest growth for six years at the start of the year, according to official data. The world’s second-biggest economy grew at an annual pace of 7 per cent between January and March. China’s leaders are trying to shift growth drivers towards domestic consumption instead of trade and investment.

Greece’s credit rating is ‘junk’

Standard & Poor’s pushed Greece’s credit ratings deeper into “junk” territory yesterday, marking them “CCC+/C”. The agency also said its outlook on Greece was now negative. “Without deep economic reform or further relief, we expect Greece’s debt and other financial commitments to be unsustainable,” S&P said.

Walkers has faith in paper money

The luxury wallpapers and furnishings group Walker Greenbank celebrated a 15 per cent rise in profits in 2014 with a 25 per cent dividend rise. The firm which owns the Sanderson, Morris & Co, Zoffany and Harlequin brands saw sales rise 6 per cent to £83m as profits hit £6.3m. It said the financial year has “started well”.

L&G chief earned £4.2m last year

The insurer Legal & General’s chief executive, Nigel Wilson, was paid £4.2m last year as its profits rose. Mr Wilson’s pay included more than £2m of long-term incentives as well as a £808,000 salary. The finance director, Mark Gregory, got £2.9m while Mark Zinkula, head of its fund management business, received £3.3m.

Bank of America is back in black

Bank of America returned to the black, posting better-than-expected quarterly earnings of $2.98bn (£2.01bn), despite a fall in profits and revenues at global wealth and investment management division. The unit, which includes Merrill Lynch, saw commission income fall and expenses rise.

Losses on cards at Daniel Stewart

Daniel Stewart, the broking firm in which Quindell founder Rob Terry took a 7.4 per cent stake last week, said it would report another loss this year after increasing its amount of regulatory capital. The firm said its five-month share suspension, as it boosted its capital, had cost it £150,000.

Charles Stanley in £16m placing

Charles Stanley is raising £15.8m from selling new shares to attain “headroom of at least 25 per cent over the FCA regulatory capital requirement.” The firm also said it is selling its corporate broking and employment benefits businesses.

Dixons Carphone hangs up on House

Dixons Carphone has struck a deal to dispose of the Phone House, a leading mobile virtual network operator in Germany. Dixons will receive 3 per cent in shares of Drillisch, with potential further deferred payments from future excess cash flows.

Repair firm hits home run in US

The emergency and repair services firm Homeserve said its US business has reached the landmarks of two million customers and three million policies. The company, which has 2.1 million UK customers, has been in the US since 2003.

Speedy Hire gets ahead of itself

Speedy Hire expects its annual profits to come in just above forecasts after building eight UK multi-service centres and 38 superstores ahead of schedule. The tool rental has closed or sold loss-making units in the Middle East.