Business news in brief 19/03/2012

A roundup of the latest business new in brief

TGI Friday’s chief profits from rise

SELF-styled “fun and energy” restaurant chain TGI Friday’s saw its pre-tax profits climb almost 40 per cent to £11 million last year, while sales surged to £124m from £105.3m a year earlier.

Karen Forrester, who took over as chief executive of the British arm of the American chain in 2010, is expected to benefit with a sharp rise in pay and bonuses from £256,000 to £1.3m, according to the company accounts.

During her tenure she has overseen a revamp of the restaurants and retraining of staff. The group says it plans to open seven restaurants this year.

Stake sale sparks expansion plans

SUNUVa, the UK children’s swimwear brand, plans to expand online and overseas after its two entrepreneur founders sold a 20 per cent stake in the firm for £1 million.

Emily Cohen and Sabrina Naggar have sold the stake to a group of high net worth investors, putting a value on the company of £5m.

Cohen previously sold the Pout make-up company to Victoria’s Secret, the American lingerie chain. Sunuva was founded by the two women while on holiday in 2007. They say the new funds will bankroll the group’s expansion.

Chinese authors sue Apple over e–books

A GROUP of 22 Chinese authors have filed a claim against US technology group Apple, alleging its App Store sells unlicensed copies of their books, Chinese state media reported yesterday.

The Writers Rights Alliance petitioned Apple last year to stop electronic distribution of the writers’ books and have persuaded Baidu, China’s largest search engine, to stop publishing their material on its Baidu Library product.

They seek 50 million yuan (about £5m) compensation from Apple, saying it was selling pirated versions of 95 books.

Portugal likely to be ‘the next Greece’

Bond fund giant PIMCO’s chief executive said he expected Portugal to be the next eurozone country to falter, it was reported yesterday.

Asked if he expected Portugal to become the next Greece by the end of this year, Mohamed El-Erian said: “Yes, unfortunately that will be the case.”

El-Erian said he expected Portugal’s €78 billion (£64.8bn) first bail-out package will be insufficient, prompting it to ask the EU and IMF for more.

He added that year would show whether the eurozone will fall apart or become a smaller but stronger entity.