Toyota electric deal not official May 27, 2010 Electric carmaker Tesla Motors said yesterday it has not struck a formal deal with Japanese carmaker Toyota to develop electric vehicles. The California start-up said in an amended registration statement for its initial public offering that it had “announced an intention to cooperate” with Toyota. Ex-Greek minister in probe
Ex-Greek minister in probe May 27, 2010 A former Greek minister says he was given money by the German electronics giant Siemens. The former Socialist transport minister, Tassos Mantelis, told a parliamentary committee he had accepted the equivalent of €100,000 (£116,000) in 1998. The minister said the money was a “campaign donation”. His statement comes amid an investigation into bribes paid to [...]
Canada banks profits up but still disappoint May 27, 2010 PROFITS at three big Canadian banks rose but came in short of lofty expectations yesterday as trading headwinds, the strong currency and taxes took the shine from improving loan losses. The nation’s largest bank, Royal Bank of Canada, said the stronger Canadian dollar took a big bite out of capital markets and wealth management revenues [...]
Earnings at Israel’s top banks smash market expectations May 27, 2010 NET profits at Israel’s two biggest banks, Leumi and Hapoalim, yesterday beat forecasts in the first quarter as an economic recovery boosted financing income but loan loss provisions were less than expected. Leumi’s net profit rose to 596m shekels (£107m) from 429m a year earlier. It had been forecast to earn 552m shekels. Income from [...]
Natixis says it needs no fresh capital injection May 27, 2010 FRENCH investment bank Natixis, which recently returned to profit after the financial crisis, does not need to raise capital to comply with Basel III solvency rules, its chief executive said yesterday. “Internal studies allow us to conclude that we do not need to raise capital,” Laurent Mignon told a shareholders’ meeting when asked about the [...]
Karstadt to extend deadline for offers May 27, 2010 A DECISION about the future of insolvent German department store chain Karstadt could take longer than expected due to a lack of suitable offers, the insolvency administration said yesterday. “The creditors committee so far has not seen an offer that is ready for a decision,” a spokesman for insolvency administrator Klaus Hubert Goerg said. This [...]
Sarah Burton is named as Alexander McQueen’s successor as creative head May 27, 2010 THE fashion house Alexander McQueen has appointed in-house designer Sarah Burton to succeed its eponymous founder and star designer, who committed suicide in February. Yesterday’s move ends months of speculation about the future artistic direction of the fashion company whose sales have boomed since the designer’s death. When Alexander McQueen’s final collection, inspired by painting’s [...]
BEST OF THE BROKERS May 27, 2010 SIGNET JEWELERS Standard & Poor’s (S&P) Equity Research has downgraded its rating on Signet Jewelers from “strong buy” to “hold” and said the jeweler continues to shine but there are few short-term catalysts. S&P said that for the shares to move higher, new store roll-outs or a resumption of shareholder payouts would be needed. DOMINO’S [...]
PayPoint sees its profits decline May 27, 2010 Payment services provider PayPoint said yesterday that profit in 2010 declined 5.7 per cent but current trading is in line with company forecasts for this financial year. The group, which bought payments by mobile phone company PayByPhone in March, said pre-tax profit declined to £32.6m in the year ended 28 March 2010 from £34.6m the [...]
Alliance Pharma trumps hopes May 27, 2010 Alliance Pharma said yesterday trading in the first four months of the year beat its expectations and was significantly ahead of 2009, adding that it views the rest of 2010 with confidence. In a statement ahead of the annual shareholders meeting the speciality pharmaceutical company, said turnover for the four months ended 30 April rose [...]