Nationwide to buy back securities
Nationwide, the UK’s biggest building society, has launched an offer to buy back up to £715m in bond-like instruments in an drive to shore up its capital base after a multibillion pound shortfall. Following demands by regulators to boost its capital ratio, Nationwide has put out a tender offer to investors who want to sell permanent interest bearing shares back to the mutual.
Daimler looks to China for growth
Daimler yesterday unveiled a €2bn (£1.7bn) investment programme aimed at accelerating the luxury carmaker’s growth in the world’s largest car market. “We fully understand the importance of the China market,” said China chief Hubertus Troska. “For Daimler’s worldwide strategy, to be number one [globally] we need to improve our position in China.” Daimler has been under investor pressure to improve its performance after sales and profits fell behind competitors BMW and Audi, not least because of troubles with its sales operation in China.
Nigerian oil production hit by theft
Nigeria is suffering the worst oil disruptions in four years, with output falling to levels last seen before the government’s amnesty programme ended the militancy in the Niger delta. Industrial scale theft, sabotage and technical problems have caused crude output to drop to less than 1.9m barrels a day, the lowest since mid-2009.
Accor brings in chief to speed sell offs
The French owner of the Novotel and Ibis hotel chains is set to speed up its asset disposals after appointing its fourth chief since 2006. Accor appointed Sebastien Bazin, from Colony Capital, one of its biggest shareholders, as chairman and chief executive after his nomination was rubberstamped by the board yesterday.
Tiffany & Co maintains sparkle
A range inspired by The Great Gatsby and the unstinting demand of Chinese consumers has maintained the sparkle at Tiffany & Co. The luxury jeweller saw a 16 per cent increase in net profit to $106.8m (£68.7m) in the second quarter.
The Daily Telegraph
Bank boss bought home with bailout
In the financial crisis the chairman of a US bank had no option but to ask the government for a bailout. The Treasury sent $1m (£643,000) to Mainstreet Bank in Missouri to help it stay afloat. But chairman Darryl Layne Woods took more than a third of that money and bought a luxury waterfront home in Florida.
French court overrules Merc sales ban
France’s top administrative court has overruled a contentious government decision to ban the sale of some top-end Mercedes models on the grounds that they posed a threat to the environment.
THE WALL STREET JOURNAL
Nissan expects self-drive cars by 2020
Nissan plans to offer cars with self-driving technology by 2020, a senior company executive said yesterday. “Nissan Motor Co. pledges that we will be ready to bring multiple affordable, energy efficient, fully autonomous-driving vehicles to the market by 2020,” Andy Palmer said during a presentation in Southern California.
Chicago exchange hit by data glitch
CBOE Holdings, operator of the largest US options exchange by trading volume, alerted traders to problems with some market-data services early yesterday, before all issues were fully resolved by about 1pm Eastern time.