Norilsk Nickel cost cutting measures put it back in black May 18, 2010 RUSSIA’S Norilsk Nickel has recorded a return to profit in 2009 thanks to a successful cost cutting programme. The world’s top nickel and palladium miner posted a net profit of $2.65bn (£1.83bn) versus a revised loss of $555m in 2008. The results beat forecasts despite lower metals prices, analysts said. “Labour expenses decreased by 25 [...]
Shell shareholders reject challenge to Canadian oil sands programme May 18, 2010 ANGLO-Dutch oil major Royal Dutch Shell’s shareholders yesterday rejected a resolution challenging the company’s multi-billion dollar investments in Canadian oil sands projects. At the company’s annual meeting, a provisional 94.26 per cent of investors voted against the proposal, which had challenged Shell on the financial risks that oil sands projects might pose. BP beat off [...]
Lonrho takes full ownership of African food supplier Rollex May 18, 2010 AFRICA focused investment group, Lonrho, has upped its stake and taken full control of Rollex. Rollex, based in South Africa, sources, prepares and packages food for transport to supermarkets across the globe, including the European consumer market. Lonrho already holds a 51 per cent interest in Rollex, but has agreed a deal with the trustees [...]
Jupiter stars in line for flotation reward May 18, 2010 FUND management group Jupiter is to put in place new long-term incentive plans to tie in its star employees following its proposed flotation on the London Stock Exchange next month. The move is intended as an additional motivational tool to retain its top-performing employees, including financial opportunities manager Philip Gibbs and his newly-recruited colleague Guy [...]
Harrods’ reputation lifted by Al Fayed’s sale May 18, 2010 YOUGOV’S BrandIndex has seen Harrods’ “buzz” score climb dramatically since Mohammed Al Fayed, the shop’s owner since 1985, sold the Knightsbridge shop for £1.5bn ($2.3bn) to the Qatari royal family’s investment company, Qatar Holdings. BrandIndex’s “buzz” score is calculated by taking the number of respondents who have heard something positive about a brand in the [...]
Cautious forecast for Japan’s MUFJ May 18, 2010 MITSUBISHI UFJ Financial Group has forecast meagre profit growth for this year as Japan’s largest bank braces itself for an uncertain economic recovery. MUFJ joined other major Japanese banks in reporting a quarterly profit as a pickup in the world’s second-largest economy eased bad-loan costs and the stock market’s recovery from last year’s lows supported [...]
Google ordered to destroy data May 18, 2010 The UK Information Commission’s Office (ICO) has ordered search engine Google to destroy personal data that was collected from British home wireless networks in 2008. Google last week admitted it had colleced the data from homes and businesses around the world while taking pictures for its Street View product, which has pictures linked to a [...]
Former AKO trader pleads guilty in court May 18, 2010 ANJAM AHMAD, the former AKO Capital dealer, has pleaded guilty in court to insider trading, making him the first person to admit to the offence. His plea was heard yesterday in front of the Southwark Crown Court and marked a pivotal moment for the Financial Services Authority (FSA) since the regulator’s enforcement director Margaret Cole [...]
Airlines adopt new ash rules May 18, 2010 AIRLINES breathed a sigh of relief yesterday as the Civil Aviation Authority (CAA) overhauled ash restriction regulations, allowing a return to regular operations. The CAA had been under intense pressure from a number of commercial airlines over continual flight bans issued over UK airspace as a result of the volcanic eruption in Iceland. As of [...]
Ryanair to appeal fine for mistreating passengers May 18, 2010 RYANAIR is to challenge a hefty fine handed down by the Italian Civil Aviation Authority (ENAC) for the alleged mistreatment of passengers during the flight ban last month. Over the weekend, ENAC fined Ryanair €3m (£2.57m) for allegedly breaching European Union code EU261, which requires airlines to reimburse reasonable receipted expenses of disrupted passengers. ENAC [...]