The cost of insuring Dubai’s debt soars on repayment fears February 15, 2010 The cost of insuring five-year Dubai debt against default jumped to its highest level since March yesterday as concerns intensified over the debt restructuring of state-owned conglomerate Dubai World. Nervousness over the fate of Dubai World debt grew after it was reported the business is mulling a two-part deal, including one that may repay lenders [...]
Building societies draft new capital instruments February 15, 2010 BUILDING society deposits will be more secure under plans being drawn up to change the way mutuals hold core tier one capital. The industry is two thirds of the way towards creating new instruments with the working title of mutual ordinary deferred shares (Mods). Like bonds, Mods will carry a coupon but will be exposed [...]
Recovery is in sight as sales rise at Jaguar February 15, 2010 LUXURY car group Jaguar Land Rover nearly trebled its sales last month against January a year ago, sparking hopes that the recession-hit car industry may be emerging from the slump. Jaguar Land Rover, which has plants in the Midlands and on Merseyside, sold 16,269 vehicles during the month, of which 2,974 were Jaguars, up 122 per [...]
Japan boosted by GDP growth February 15, 2010 JAPAN yesterday beat forecasts by reporting fourth-quarter GDP figures which maintained its position as the world’s second largest economy. Real GDP grew 1.1 per cent from October to December last year compared to the previous quarter – equivalent to an annualised growth rate of 4.6 per cent, according to official government figures. The boost means [...]
Indian shares squeezed after Bharti’s African bid February 15, 2010 INDIAN shares fell 0.7 per cent yesterday, with Bharti Airtel sliding to its lowest close in more than two months as investors gave a thumbs down to its $10.7bn (£6.8bn) bid to buy Kuwaiti Zain’s African assets. “Bharti dampened the sentiment today,” said Vaibhav Sanghavi, director of Ambit Capital. Investors were concerned Bharti may have [...]
H&M sees sales trend on the up February 15, 2010 FASHION chain Hennes & Mauritz (H&M) yesterday posted a second consecutive rise in monthly like-for-like sales – sparking hopes of a turnaround. The figures came after seven months of falling figures last year as the downturn hit the group. The global retailer of mid-range fashions said sales rose one per cent year-on-year in January. In [...]
Yara in £2.6bn US deal February 15, 2010 Norway’s Yara has agreed to buy Terra Industries for $4.1bn (£2.6bn) to create a world leading fertiliser producer and boost its US presence, as rivals look to join forces to gain size and reach. Last month US-based CF Industries withdrew its year-long hostile bid to buy Terra. That battle, along with other acquisitions and merger [...]
Diversity is a great asset if managed properly February 15, 2010 Love means never having to say you’re sorry. Or so the 1970s film Love Story, starring Ali MacGraw and Ryan O’Neil, famously claimed. I never agreed with that sentiment then – and I still do not today. Valentine’s Day on Sunday got me thinking about how important what you actually say is. For us Yanks [...]
Ikea sacks two Russian executives for failing to stamp out corruption February 15, 2010 Swedish furniture retailer Ikea sacked two executives for turning a blind eye to bribery by a subcontractor in Russia, just months after it halted expansion in the country because of bureaucratic hurdles. Ikea’s Russia spokeswoman said the group had dismissed its general director for Russia and Eastern Europe and another senior director. Bribery is a [...]
H&M in sales boost February 15, 2010 FASHION chain Hennes & Mauritz posted a second consecutive rise in monthly same-store sales on – sparking hopes of a turnaround. The figures came after seven months of falling figures last year as the downturn hit the group. The global retailer of mid-range fashions said sales rose 1 percent year-on-year in January. In December, the [...]