GM unveils super-efficient car August 11, 2009 Troubled auto giant General Motors said yesterday its new electric car, the Chevrolet Volt, will be marketed in 2011 as the world’s most fuel-efficient car. The Volt is expected to achieve city fuel economy of at least 230 miles per gallon, and can travel 40 miles on electric power alone. The record-breaking level of fuel [...]
China charges Rio detainees August 11, 2009 China last night formally arrested four employees of British-Australian mining giant Rio Tinto, including an Australian citizen, and charged them with commercial bribery and trade secrets infringement in a case that has rocked the global steel industry. The four have been held without charge since 5 July. In a brief statement on the arrests, reported [...]
GM drives up sales via eBay August 10, 2009 RESCUED carmaker General Motors (GM) and online auction site eBay yesterday launched a test programme in California which will let consumers negotiate directly with dealers and buy vehicles online. The car shopping website – gm.ebay.com – marks a departure from the way new vehicles have been traditionally sold in the US and comes a month [...]
Astaire dismisses idea of Daniel Stewart purchase August 10, 2009 ASTAIRE, the stockbroking group owned by Edward Vandyk, has poured cold water on the idea of buying out rival Daniel Stewart, City sources say. The group, which changed its name from Blue Oar to Astaire after Vandyk took control earlier this year, has already snapped up broker Dowgate Capital and adviser Ruegg & Co as [...]
Nortel chief resigns as firm unwinds August 10, 2009 NORTEL Networks, the bankrupt Canadian telecoms equipment maker, yesterday said that its chief executive Mike Zafirovski had stepped down as the firm gets closer to being wound down. Zafirovski’s departure had been expected since the company, which was once North America’s biggest telecoms manufacturer, filed for court protection from creditors at the start of this [...]
BEST OF THE BROKERS August 10, 2009 BALFOUR BEATTYPanmure said Balfour Beatty’s share price had been in drift mode, underperforming its peers on a three and 12-month basis. Panmure believes this is due to concerns about public sector spending, but also that its market value and liquidity has made it an easier one to sell. The broker said that with its broad [...]
Former New Star boss joins Hermes August 10, 2009 JOHN Mould, formerly a top executive at New Star Asset Management, has been named as chief operating officer of Hermes Fund Managers. Mould was chief operating officer at New Star before it spectacularly failed and was bought by Henderson in February. He was credited with the firm’s stellar growth after it was created by renowned [...]
CITY MOVES Who’s switching jobs August 10, 2009 TravelodgeThe hotel chain has appointed Charlie Herbert as its new e-commerce director. Herbert has been working at the group on a consultancy basis since March. In his new role, he will sit on the executive team and report directly to UK managing director Guy Parsons. He has previously worked with a number of top consumer [...]
Venture capitalists in search of women to back August 10, 2009 IN HER 1995 movie, Something to Talk About, Julia Roberts’ character stands up in a local women’s society meeting in the American South somewhere, and shouts across the room: “Is there anyone else here who has slept with my husband and would like to tell me about it?” Classic Julia – getting “it” all out [...]
Hedge funds gain in July August 10, 2009 THE HEDGE fund industry made further gains in July but was unable to outperform equities, according to two pieces of research out yesterday. The Hennessee Hedge Fund index (HHF) advanced by 3.37 per cent during the month, compared to a 7.41 per cent gain on the Standard & Poor’s, an 8.58 per cent rise on [...]