QinetiQ finance chief departs, Dr Martens chief executive to step down
By Josh White
Date: Tuesday 16 Apr 2024
(Sharecast News) - London open
The FTSE 100 is expected to open 98 points lower on Tuesday, having closed down 0.38% on Monday at 7,965.53.
Stocks to watch
QinetiQ Group announced Carol Borg's departure as group chief financial officer on Tuesday, effective immediately, with Martin Cooper appointed as her successor, expected to join by October. The FTSE 250 company said during the transition, Heather Cashin, the current group financial controller, would serve as interim froup CFO, with support from former group CFO David Smith. Additionally, it said Iain Stevenson had been appointed as chief operating officer, joining from AWE in July, with Will Blamey promoted to chief executive of UK defence, effective immediately, both reporting to group CEO Steve Wadey.
UK bootmaker Dr Martens said chief executive Kenny Wilson has decided to step down as the company issued another profit warning for the current financial year amid continuing woes in the US, its biggest market. Wilson will be replaced by brand officer Ije Nwokorie before the end of the current financial year, Dr Martens said in a statement. "There is a wide range of potential outcomes for full-year 2025 given that we have only recently started the year. However, we have assumed that revenue declines by single-digit percentage year-on-year and ... we could see a worst-case scenario of profit-before-tax of around one-third of the 2024 level," it added.
Newspaper round-up
Tesla is to cut more than 14,000 jobs as Elon Musk's groundbreaking electric car company feels the heat of a global price war with Chinese rivals at the same time as stalled demand for zero-emission vehicles. In an email to staff amid reports that workers in California and Texas have begun receiving redundancy notices, Musk stated: "As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity." - The Times
Donald Trump appeared to fall asleep in court on the first day of his hush money case as he became the first US president to stand criminal trial. Mr Trump seemingly dozed off on Monday morning in the New York courtroom as his lawyers clashed with prosecutors over what evidence would be admissible. The former president has been charged with falsifying business records ahead of the 2016 election to cover up a $130,000 (£104,000) payment made to Stormy Daniels, an adult film star. - Telegraph
An internal service for Boeing employees to raise safety and quality concerns has "exploded" this year, an executive claimed, after a whistleblower said he endured retaliation for speaking up. The planemaker has come under intense scrutiny since a terrifying cabin panel blowout in January prompted fresh questions about the production of its bestselling commercial jet, the 737 Max. - Guardian
Thames Water has less than two months to persuade the regulator that it has a feasible plan for its survival. The troubled water company must present its plans to Ofwat before the regulator's publication on June 12 of its draft determinations that set out what households will pay in water bills through to 2030. The date effectively is D-Day for whether Thames Water, the financially stricken supplier and sewerage operator, becomes an investable proposition and is able to attract new equity investors to save the heavily indebted company. - The Times
Apple has lost its spot as the world's biggest mobile phone seller after a steep sales drop as South Korean rival Samsung retook the lead in the global market share. Samsung had been the biggest seller of mobile phones for 12 years until the end of 2023, when sales of Apple's iPhone models overtook it. - Guardian
US close
Wall Street stocks closed sharply lower on Monday as investors looked past some solid retail sales numbers amid ongoing tensions in the Middle East.
At the close, the Dow Jones Industrial Average was down 0.65% at 37,735.11, while the S&P 500 lost 1.20% to 5,061.82 and the Nasdaq Composite saw out the session 1.79% weaker at 15,885.02.
The Dow closed 248.13 points lower on Monday, extending losses recorded on Friday as investors digested earnings from a number of big-name US banks.
Focus on Monday was firmly centred on Iran's launch of drones and missiles on Israel over the weekend, the first direct attack on Israel from Iranian territory, and while the bulk of the threats were intercepted, traders remained concerned regarding potential retaliation from Israeli president, Isaac Herzog, who branded the strike a "declaration of war".
On the macro front, retail sales were up 0.6% month-on-month in February, according to the Census Bureau, following an upwardly revised 1.1% fall in January but below market forecasts for a 0.8% increase and suggesting a potential slowdown in consumer spending.
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