Renault and Nissan deepen alliance
Renault and Nissan will fully combine their manufacturing and research and development operations to save at least €4.3bn (£3.5bn) a year by 2016, in the most significant step toward full integration since the alliance was founded. The 15-year-old Franco-Japanese alliance, which has kept both carmakers from financial ruin, involves sharing purchasing and investment resources and has allowed them to compete with industry giants such as Toyota and General Motors.
Tod’s shares fall as sales off target
Shares in Italian luxury leather goods group Tod’s, owner of the Hogan and Roger Vivier brands, dropped more than seven per cent on Thursday after the company significantly missed sales estimates, leading analysts to question its strategy. The company, which is majority owned by entrepreneur Diego Della Valle, said it was feeling the strain because of its still extensive exposure to its home market, Italy, where sales fell 16 per cent, and negative currency fluctuations.
US seeks $2.1bn from BofA
The US government has asked for $2.1bn (£1.3bn) in penalties from Bank of America in a high-profile case where the bank was found liable for civil fraud over bad mortgages sold to Fannie Mae and Freddie Mac.
Estate agents to escape Rightmove
More than 500 estate agents have pledged £6m to create their own online property portal to rival the “anti-competitive duopoly” of Rightmove and Zoopla. Agents Mutual, founded last June by Savills, Knight Frank, Chesterton Humberts, Strutt & Parker, Douglas & Gordon and Glentree Estates, has reached its first funding hurdle and said that it was on course to launch a “major new UK property portal” in January next year.
Deutsche Bank trader suspended
Deutsche Bank has suspended one of its senior currency traders due to the probe into alleged manipulation of foreign exchange markets.
The Daily Telegraph
Cameron undermined by Tory rebels
David Cameron’s authority has been called into question after he was forced to rely on Labour and the Liberal Democrats to block a Conservative backbench move to toughen human rights laws. More than 90 Conservative MPs voted for an amendment intended to make it harder for foreign criminals to avoid deportation – even though Cameron said the plan was unlawful.
Amanda Knox found guilty of murder
Amanda Knox and her Italian former boyfriend were on Thursday night convicted of the murder of Meredith Kercher, the British student, for a second time following a retrial in Italy.
THE WALL STREET JOURNAL
Harley-Davidson demand revs up
Harley-Davidson, long the dominant maker of large motorcycles in the US, suffered a small dent in its market share in the fourth quarter. The motorcycle maker, which reported a 6.8 per cent rise in profit yesterday, said its share of the market for heavyweight motorcycles, slipped to 55 per cent from 58 per cent a year earlier.
J&J to share research data with Yale
In a move toward greater transparency in drug research, Johnson & Johnson said it signed an agreement with Yale University under which the company will share clinical drug trial data.