Sharp to step up LCD TV sales May 17, 2010 JAPAN’S Sharp said brisk demand in Asia’s emerging economies will offset most of the impact on its business from Greece’s debt problems and the euro’s weakness. Sharp, the world’s fourth biggest LCD TV maker behind Samsung, Sony and LG, said it planned to double the number of outlets in China that sell its Aquos TVs [...]
Tullow signs exploration contract with Staatsolie May 17, 2010 Tullow Oil has agreed to a tie-up deal with Staatsolie, the state oil company of Suriname. The agreement allows Tullow access to “block 47”, a 2,369-square kilometer deepwater exploration license. The two sides will share a production contract for oil extracted from the block. Tullow, an independent UK-based exploration and production company, will make initial [...]
Chinese Court throws out corruption appeal by three Rio Tinto executives May 17, 2010 A SHANGHAI court has rejected the appeals of three former Rio Tinto employees, convicted in March for corruption. The Higher People’s Court of Shanghai threw out the appeals by Wang Yong, Ge Minqiang and Liu Caikui. They had admitted receiving kickbacks from steel mills desperate to buy iron ore from Rio Tinto at relatively low [...]
BEST OF THE BROKERS May 17, 2010 HARDY Execution Noble maintains a “buy” recommendation for Hardy given the current rating and high quality underwriting on its portfolio in the past. Execution said the group expects premium volume in 2010 to increase to £300m with further growth expected in 2011 as expansion continues through access to new geographies. IBERIA Royal Bank of Scotland [...]
CITY MOVES | WHO’S SWITCHING JOBS May 17, 2010 Quayle Munro The boutique merchant banking group has appointed Andrew Adams, pictured, and Robert Cormie as executive directors. Adams has been a managing director at the firm since 2008, having spent ten years at The Van Tulleken Company prior to its acquisition by Quayle Munro. Cormie also became a managing director in 2008. Prior to [...]
My corporate jet is easyJet: meet the platform boss taking on the LSE May 17, 2010 HE TALKS LOUDLY and moves fast. Alasdair Haynes, the chief executive of the pan-European trading platform Chi-X Europe, cuts a larger than life figure. The boss of the trading platform, which has grabbed a 30 per cent share of FTSE 100 trading from long-established rival the London Stock Exchange (LSE) since it was set up [...]
LIAM BYRNE BOMBS WITH TICKING MESSAGE TO TREASURY SUCCESSOR May 17, 2010 HOW poor old Liam Byrne must now be regretting his decision to leave his successor David Laws a sardonic little note of welcome in the office of the chief secretary to the Treasury. “Dear chief secretary,” the note read, “I’m afraid there is no money. Kind regards and good luck! Liam.” Within minutes of Laws [...]
Osborne: Budget to be held on 22 June May 17, 2010 CHANCELLOR George Osborne has announced that the emergency budget will be held on 22 June. He promised to make it harder for the government to “fiddle the figures” – after accusing Labour of issuing dubious forecasts. He said the new Office for Budget Responsibility – designed to keep government spending under the microscope – would [...]
Man Group buys GLG May 17, 2010 HEDGE fund firm Man Group has agreed a deal to buy rival GLG Partners FOR $1.6bn (£1.1bn). Man Group – already the world’s largest listed hedge fund manager – will up its operations in the US through the agreement. The combined group will have assets of about $63bn. In a statement, Man said it has [...]
Alliance Boots profit tops £1bn for first time May 17, 2010 BRITAIN’S biggest pharmacy chain Alliance Boots has posted annual profits of more than £1bn – becoming only the third UK retailer to pass that milestone. The group, bought in 2007 by private equity firm KKR and executive chairman Stefano Pessina for £11bn in Europe’s biggest leveraged buyout, said the 13 per cent increase in trading [...]