Paris steps in over Peugeot unit
The French government has been forced to step in with a rescue package for troubled carmaking group PSA Peugeot Citroën’s financing arm, which is threatened with a credit rating downgrade. The government said it will seek a solution “using the French banking system and the support of the state”.
Datatec eyes Latin American growth
An increasing focus on its Latin American businesses helped Datatec, the London-listed IT services group, beat weak market conditions in Europe and increase its sales in its first-half results. Datatec continued its rapid expansion into Latin America with the July acquisition of Afina, the security and data centre company, which also has a presence in Iberia.
PepsiCo hampered by restructuring
Persistent struggles in PepsiCo’s US beverage business hampered its third-quarter earnings yesterday, raising questions about whether chief executive Indra Nooyi’s plan to revive the company is on track. Net revenues in PepsiCo’s US drinks unit were down seven per cent.
New Citigroup boss faces lower pay
The new boss of Citigroup will be paid 10 per cent less than his predecessor Vikram Pandit who himself faces being left $33m out of pocket if the bank withholds a bonus. Mr Pandit resigned on Tuesday after clashing with the bank’s board.
CVC loses £1.2bn on Australian TV
CVC Capital Partners has recorded one of the largest losses by a private equity fund after agreeing to a £1.2bn debt-for-equity swap in Australia’s Nine Entertainment.
The Daily Telegraph
Germany blocks Airbus loan
The German government is withholding €600m (£487m) of funding for the Airbus 350 in an attempt to ensure future production takes place in the country. It believes Airbus has reneged on an agreement on how much work on the aircraft would be carried out in Germany.
One billion smartphones in use
There are now more than 1bn smartphones in use around the world, just five years after Apple launched the first iPhone.
THE WALL STREET JOURNAL
Gupta could face decade in jail
Rajat Gupta, a former Goldman Sachs director, should spend as much as the next decade of his life behind bars after he was convicted of insider trading earlier this year, prosecutors said yesterday.
Advertisers drop Lance Armstrong
Commercial fallout from Lance Armstrong’s doping allegations hit yesterday as Nike, RadioShack, Anheuser-Busch InBev NV, and others distanced themselves from the ex-cycling champ.