GE EXPECTS DOUBLE-DIGIT GROWTH IN CHINA
General Electric expects “solid double-digit” sales growth in China this year and “for a long period of time”, although revenues there have fallen short of expectations, chief executive Jeff Immelt has said. Mr Immelt said he was “quite happy” with the progress of GE’s business in China.
BRIGHT FOOD WALKS AWAY FROM GNC TALKS
China’s Bright Food has walked away from talks to buy GNC, a US retailer of nutritional products, according to people familiar with the matter, underlining the difficulties of sealing deals with emerging market buyers.
The news on Bright Food comes shortly after the Chinese dairy group ended discussions with the private equity owners of UK-based United Biscuits.
VERIZON CHALLENGES BROADBAND RULES
Verizon, the US telecommunications group, mounted a legal challenge against the Obama administration’s new regulations on broadband, saying it was “deeply concerned” that the Federal Communications Commission was asserting too much control of the internet.
HU DEFENDS BEIJING’S CURRENCY POLICY
Hu Jintao, China’s president, defended Beijing’s currency policy , telling a business audience in Washington that the Chinese economy had helped create 14m jobs around the world through its growing imports. Speaking on Thursday after US congressional leaders pressed complaints about the Chinese currency being undervalued, Mr Hu also said that the export of “quality and inexpensive” products had saved US consumers $600bn, although he did not specify over what time period.
BANKS TOLD TO PUBLISH DONATIONS TO ENCOURAGE HIGH-FLYERS TO GIVE GENEROUSLY
Banks would have to publish the amount their staff contribute to charity under controversial plans to boost philanthropy, The Times has learnt. Ministers want to produce a league table of banks so that the public can see how little many financial institutions give to voluntary organisations and “embarrass” them into donating larger amounts.
‘BESPOKE’ SAVILE ROW TAILOR FALLS INTO ADMINISTRATION
The company that once sparked a row over whether it could call its suits “bespoke” has gone into administration after its owner was declared bankrupt. Sartoriani, which has an office on Savile Row as well as in New York and Los Angeles, has collapsed leaving customers out of pocket.
The Daily Telegraph
ROSNEFT COULD RAISE 5PC BP STAKE
Kremlin-backed oil company Rosneft has admitted it could raise its 5pc stake in Britain's BP if the new relationship between the parties is successful. BP and Rosneft are finalising a deal that will see them swap £5bn in shares and pledge to explore the Arctic together for difficult oil.
SOCGEN CRAFTS STRATEGY FOR CHINA HARD-LANDING
Société Générale fears China has lost control over its red-hot economy and risks lurching from boom to bust over the next year, with major ramifications for the rest of the world. The French bank has told clients to hedge against the danger of a blow-off spike in Chinese growth over coming months that will push commodity prices much higher, followed by a sudden reversal as China slams on the brakes.
THE WALL STREET JOURNAL
T-MOBILE USA WEIGHS SALE OF SOME ASSETS
T-Mobile USA is considering selling its nonstrategic assets, particularly some of its cellular towers, to raise cash for further investments, according to Rene Obermann, chief executive of parent company Deutsche Telekom AG. Mr. Obermann said the company isn't in a rush to pursue a deal, and that it would consider a sale only if needed to make a large investment.
AMD POSTS FLAT SALES, MUM ON CEO SEARCH
Advanced Micro Devices Inc. Thursday declined to provide an update on its search for a new chief executive as it reported flat revenue for the fourth quarter. Thomas Seifert, AMD’s interim chief executive, said the CEO search is a priority but it doesn't plan to communicate further about the recruitment process.