Spain’s King, Juan Carlos, to Abdicate
Monarch, Juan Carlos, who instituted democracy has abdicated due to personal reasons. King Juan Carlos of Spain is to abdicate in favour of his son, Crown Prince Felipe.
Google Creates ‘Right to be Forgotten’ Form After EU Ruling
Google has launched a service which entitles Europeans to request personal data to be removed from online search results, following a landmark European Union court ruling which gives people the ‘right to be forgotten’.
Nestle Makes $1.4B Valeant Deal
Nestle bought the rights to several treatments designed for anti-aging from Canadian firm, Valeant Pharmaceutical International, for $1.4 billion in cash.
Skype Translator and GoogleCar Break the Mould
The new driverless GoogleCar has been designed with no steering wheel and no brakes, while the Skype Translator makes international connections more accessible.
Motley Fool | Brewers Face Hard Choices in Hard Cider
The hard cider market nearly doubled last year because Boston Beer (NYSE: SAM) so completely dominates the industry with its Angry Orchard brand that it largely alone moves the needle.
C&C Shares Jump as Firm Eyes up Craft Beer Market
Shares in C&C jumped the most in more than five years yesterday as the drinks company boosted its dividend and said the Irish market was now “on the right trajectory”.
London Named Best Overall City, Says New Report
On Monday, London was named as the best city for “economic clout” by a new industry survey. This means the U.K. capital steals New York’s top spot.
Dixons Retail to Divest Electroworld Business in Central Europe
UK’s Dixons Retail has agreed to divest its loss-making Electroworld business in central Europe to local rival NAY, ahead of its £3.7bn merger with telecommunication retailer Carphone Warehouse.
Unilever to Sell Sauce Brands to Mizkan for $2.15 Billion
Unilever (UNA) has said goodbye to its Ragu and Bertolli pasta sauce business, agreeing to unload it to Japanese food manufacturer Mizkan Group for about $2.15 billion.
C&C Profits From 30% Revenue Rise
Drinks group C&C has reported its fifth consecutive year of earnings growth, and is targeting a mid-single digit operating profit increase in its current financial year. The Dublin-based group — whose chief revenue streams are the Irish cider market and the Scottish lager market, via its Bulmers/Magners and Tennent’s brands, yesterday reported net revenue growth of 30%, to €620.2m for the 12 months to the end of February. Pre-tax profit grew by 6% to €116.2m, while pre-exceptional operating profit (integration costs led to an exceptional charge of nearly €21m) grew by 10.6% to €126.7m. Adjusted diluted earnings per share grew by just under 6% to 29.5c. Growth was mainly driven by the aforementioned Scottish and Irish divisions. In Ireland, C&C’s long alcoholic drinks volumes were up 1.1% and outperformed a flat market. Irish divisional operating profit rose by 9.4% to €43m, with net revenue up by 2.2% at €94.2m. Cider net revenue, alone, was up by nearly 2% in Ireland. While the Magners brand saw a 10% volume decline, C&C said its cider performance in Britain stabilised in the second half of the year. Net revenue in the UK Cider division fell by 15% to €112.8m, with operating profit down by nearly 30% to €20.7m, but Magners performed well and grew its market share in Scotland. Profits, at the group’s international export business, were up by nearly 70%; while management expressed confidence in its cider prospects in the US, despite under-performing the market in the past year.
