Business Markets

NEW YORK, May 22 (UPI) — Private luxury group Labelux said Sunday it will buy fashion house Jimmy Choo from TowerBrook Capital Partners and other shareholders.

TowerBrook, deciding against earlier plans to take Jimmy Choo public, will sell the high-end shoe, handbag and accessory maker to a “strategic buyer that valued the company at about $800 million,” sources wishing to remain anonymous told The New York Times.

“Jimmy Choo has expanded from 60 stores to an international footprint of 120 sites and substantial potential awaits the Jimmy Choo brand, particularly in Asia, where Labelux has a proven track record,” Ramez Sousou, co-chief executive of TowerBrook, which bought the company in 2007, told the Times.

Jimmy Choo’s founder and chief creative officer, Tamara Mellon, will stay with the company, the newspaper said.

The deal is expected to be finalized in June.

Fortescue Metals Group has announced a maiden iron ore reserve estimate of 716 million tonnes (Mt) for the first stage of its Solomon Hub in Western Australia.

The reserve includes Brockman fines of 314Mt and CID fines of 402Mt in a style for which well established markets exist in Asia.

“The reserve was estimated from a measured and indicated resource of 858Mt and a subsequent in-pit inventory of 795Mt which in turn converted at 90 per cent to the estimate figure,” Perth-based Fortescue said in a statement.

Fortescue chief operating officer Nev Power said the reserve underwrote the development at Solomon to support a 60Mt per annum mine plan.

“As further drilling is undertaken and considering the low strip ratio and operating costs, the company expects this Reserve number to double over time,” Mr Power said.

An independent mine study identified the Solomon Hub as a low cost operation with a cash cost of $A20 to $A25 a tonne.

Fortescue shares declined four cents to $6.45 by 1223 AEST. Read full post…

Sales managers are devoting too much time to late stage sales meetings and ‘firefighting’ to save deals at the expense of vital early stage opportunities, according to a new survey of 1409 sales managers, marketing executives and general managers.

The survey by Huthwaite Asia Pacific revealed only 26% of sales managers’ time is dedicated to early stage opportunities, which provide the greatest chance to influence the course of a sale.
Huthwaite Managing Partner, Adam Thorp said the survey showed these all-important early meetings were often being overlooked in favour of late-stage meetings to close deals (18%) and ‘firefighting’ to save deals (10.2%).

Initial meetings with potential buyers offer sales teams the best opportunity to create value and influence sales, but for many companies the language of management is too strongly focused on closing deals,” said Thorp.

Sales teams are asked questions such as: When is the deal going to close? When are we

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Despite dank economic news and gas prices that make just about everyone cringe, Americans are taking steps to plan their summer vacations according to a new survey. Ally Bank says roughly one out of four people say they’re going to spend the most money on summer travel. “With so many Americans hitting the road this summer, easy access to vacation money is important,” said Deposits and Product Innovation Executive Diane Morais in a news release. “When traveling it’s helpful to have your funds at your fingertips and not have to pay fees to access it. At Ally Bank, we reimburse ATM fees nationwide, customers can access their account and perform all transactions online or by phone and reach live customer service 24/7.”

The survey also found that 22 percent of people will enjoy a “staycation” rather than going far from home. And just because Americans are planning to getaway, they’re not breaking the bank. The survey found

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NEW YORK, May 17 (UPI) — Crude oil prices moved close to $98 per barrel Tuesday in New York as oil prices rebounded modestly from nearly two weeks of declines.

The New York Federal Reserve said Monday its headline index measuring Empire State manufacturing showed slower growth in May than in April. On Tuesday, the Department of Commerce said the number of building permits issued and home construction starts in April both fell, dropping 4 percent and 10.6 percent, respectively, compared with March.

Crude oil, however, found support from a weaker dollar. The dollar index, a prorated measure of the dollar against six major currencies, dropped 0.19 percent Tuesday.

On the New York Mercantile Exchange, June delivery West Texas Intermediate crude oil added 95 cents to reach $97.86 per barrel. Home heating oil prices gained 3.65 cents to $2.8816 per gallon.

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A new study released by ExactTarget and CoTweet found the top reason for ‘un-liking’ a brand on Facebook was too many posts with 44 per cent of U.S consumers agreeing to ‘un-like’ a page if the company posted too frequently.

The study also found 38 per cent of consumers would ‘un-like’ a brand if the content was becoming repetitive or boring over time and 26 per cent said they only ‘liked’ a company to take advantage of a one-time offer.

The Social Break-Up is a body of work based on the responses of more than 1,500 consumers, which identifies how people are changing their online behaviours. It is the first of its kind — a study that sets aside theories, assumptions, and widely-held beliefs to find out how consumers want to interact with brands through Facebook and other social media.

63 per cent of respondents are likely to continue purchasing from a company even after ending their Facebook relationship. A further 51 per

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Wondering who to follow in the big wide world of Twitter? There are plenty of great Twitterers out there tweeting about money, debt, and finance– the topics we know you love. So every other Tuesday we’ll be  highlighting a Twitterer to follow. This week we’re turning the spotlight on .

This account is the financial arm of USAToday.com. It’s a constant flow of links to their articles about finances, business and money. You’ll find stories on companies’ profits, Facebook privacy, and the impact of high gas prices. In case you didn’t know, USA Today competes with The Wall Street Journal for having the highest circulation of any newspaper in the US. Although in recent years they have built up their focus on digital platforms.

With more than 200,000 followers to date, it’s easy to see that people are interested in the articles and news that @USATODAYmoney is putting out. Just don’t expect any chit chat– this account is all business. You won’t find them

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