Fresh job cuts after Ericsson profits dip January 25, 2010 PROFITS at Swedish telecoms giant Ericsson plunged 92 per cent in the fourth quarter triggering a cull of 1,500 staff. The company has been hit by an ongoing dip in orders and the costs of its restructuring. Its net profit was 314m krona (£11.3bn) from October to December compared with 3.89bn krona during the same [...]
Apple Mania January 25, 2010 SHOPPERS snapped up Apple’s iconic Mac computers, iPhones and iPods in the run-up to Christmas, helping the US consumer electronics giant to notch up forecast-busting profits ahead of tomorrow’s long-awaited launch of its tablet device. Sales of the company’s Mac computers hit a record in the first quarter, rising 33 per cent on a year [...]
Forget Cadbury, entrepreneurs will save UK January 25, 2010 OCCASIONALLY on a Friday night as I review the remains of the week, I wonder why I put myself through it. Last week, one of my portfolio companies nearly hit a wall, and I had to coach the existing investors through their panic to send through an emergency bridge round. Another one of our companies [...]
Staycations hammer hotels January 25, 2010 Insolvency levels among hotels hit a high for the recession during the fourth quarter of 2009, according to the latest data from business advisers PricewaterhouseCoopers. Over the winter, the rate at which hospitality and leisure firms became insolvent rose 12 per cent. The increase was driven by a 68 per cent surge in hotel insolvencies [...]
Philips says TV sales help to boost profit January 25, 2010 GLOBAL electronics firm Philips yesterday reported a net profit of €251m (£220m) for the last three months of 2009. The profit reverses a loss of €1.2bn in the same period a year ago as the recession took its toll on the Dutch firm. The company said its profits were higher at all divisions, despite sales [...]
Peugeot eyes China growth January 25, 2010 FRENCH carmaker Peugeot Citroen wants to grow 30 per cent in China this year, with a long-term goal of obtaining an eight per cent share of its booming market by 2016, a senior executive said yesterday. Several 408 sedans rolled into a cavernous Beijing showroom yesterday for a gala launch ceremony dominated by young Chinese, [...]
Gates warns on prospect of US economic recovery January 25, 2010 BILL GATES, the world’s richest man, yesterday predicted the US economy could take years to recover from recession and predicted taxes will have to rise to bring the federal budget into balance. Speaking on American TV, Gates also warned against too much government intervention and urged President Barack Obama to focus policy on long-term issues [...]
Chinese carmaker to manufacture MGs for European market by end of this year January 25, 2010 SAIC Motor, China’s biggest automaker, plans to sell its UK-made MG cars in Europe at the end of the year as it moves to revive the British vintage brand it took over three years ago. SAIC, which has had initial success selling its own-brand cars domestically, has joined the rush of Chinese automakers, including Geely [...]
Bain Capital takes a slice of Japanese pizza market with Domino’s acquisition January 25, 2010 US PRIVATE equity firm Bain Capital said on Monday it would acquire the Japan franchisee of Domino’s Pizza as it sees opportunities in the country’s niche pizza delivery market. Bain Capital said in a statement that it would buy Japanese firm Higa Industries from Duskin, Daiwa SMBC Capital and Ernest Higa, the founder of Higa. [...]
US investors tapped for Gulf bonds January 25, 2010 Gulf bond issuers are likely to tap US investors for a more diverse funding base, despite the fallout from Dubai’s debt troubles, as demand for high-rating emerging market debt rises, bankers in Dubai said yesterday. There has been an increase in Gulf Arab corporate and quasi-sovereign issuers opting for 144A types of issues, which are [...]