Returns fell sharply at Carlyle Group and KKR & Co in the last quarter as the American private equity giants cashed out fewer investments amid a sustained slump in global dealmaking. Distributable earnings, a key measure of profitability, more than halved at Carlyle, from $903 million to $433 million, in the three months to December 31. The investment group — preparing to welcome a new chief executive next week — finished last year with assets under management of $373 billion, up 24 per cent...

Boots has hailed a “very strong” Christmas trading season after sales at the chain grew by 15 per cent in December. Britain’s biggest high street chemist said categories including gifting, beauty and fragrance performed “extremely well” in the last month of the year. Demand for over-the-counter cold and immunity products also rose. Footfall in Boots shops recovered during the company’s first quarter, with in-store transactions up 8 per cent during the three months to November, as city centres...