Renault joins Nissan and Daimler in new alliance April 6, 2010 FRENCH carmaker Renault, Japanese alliance partner Nissan and Germany’s Daimler will unveil partnership plans today in Brussels, France’s industry minister said. Renault and Daimler have been discussing a partnership as carmakers worldwide seek to become more competitive by sharing technology costs and gaining scale. The automobile sector is scrambling to meet tightening emission rules as [...]
Sainsbury’s credit cards launch boosts finance unit April 6, 2010 J SAINSBURY has today launched two new credit cards in an extension of its personal finance services. The first card, the Sainsbury’s Nectar Credit Card, offers users an APR of 12.9 per cent on purchases and balance transfers, and double Nectar points on their shopping, and in petrol filling stations for two years. Meanwhile the [...]
Odds stacked against grand car coalition April 6, 2010 CAR company takeovers are rarely successful. The case against them goes as far back as 1974, when France’s Peugeot acquired Citroen, eventually stamping out its quirky flair and originality. General Motors (GM) failed to nurture the Saab brand it bought in 1990, leaving it bereft of the innovation that was once its hallmark. And while [...]
Dan Stewart chief heralds a growth era April 6, 2010 ADAM Wilson, the incoming chief executive of broker Daniel Stewart, aims to turn around the ailing business via an aggressive push to raise regional capital around the world, including on the fast-growing US equivalent of the Alternative Investment Market (Aim). Wilson, who previously turned around both Hichens Harrison and Teather & Greenwood before selling both [...]
Chinese dragon lures buyout activity eastwards as global M&A picks up April 6, 2010 ASIA outstripped Europe for the first time as a centre of gravity for mergers & acquisitions in early 2010, as the value of deals struck worldwide jumped by a fifth. Transaction values in China, Australasia and south east Asia soared 120 per cent in the first quarter, boosted by Prudential’s impending $35.5bn (£23.4bn) takeover of [...]
Growth hopes spark a rally in price of oil April 6, 2010 THE price of oil reached a new 18 month high yesterday on signs that the US economy is on its way to full recovery. US crude closed on $86.63, down from an intraday peak of $86.97. Brent crude closed at $85.86. The fall was a result of the dollar firming which makes purchases of dollar-denominated [...]
Northgate chief departs firm April 6, 2010 NORTHGATE chief executive Steve Smith will step down after 23 years at the van hire company. Smith had agreed to stay on as chief beyond his original retirement date of 1 August last year until June this year because of the trading conditions last summer and the group’s debt refinancing and rights issue. But in [...]
Net-A-Porter is snapped up in £350m Swiss deal April 6, 2010 SHOPPING website Net-A-Porter was yesterday sold to Swiss luxury brands group Richemont in a deal valuing the business at £350m The company, founded by ex-Tatler fashion editor Natalie Massenet, was set up in a small studio in Chelsea a decade ago and now turns over £120m and employs 600 people. Massenet, said she was “very, [...]
WILL THE OIL?PRICE REACH $100 A BARREL? April 6, 2010 JASON KENNY | ING There is no reason for oil to go over $100 a barrel unless there is an unknown factor driving the price. The market has reacted to a bit of economic data and growth and demand increases. I think the price will fall back when people get back from their Easter break. [...]
US regulators consider new rules in bid to protect debt security investors April 6, 2010 US REGULATORS are considering a plan that would prevent banks and other sponsors from selling asset-backed securities without assuming any of the risks themselves, sources familiar with the Securities and Exchange Commission’s approach said. The SEC is mulling a proposal that would require asset-backed security sponsors to retain five per cent of the credit risk [...]