Siemens rejigs top team after chief’s ousting September 18, 2013 SIEMENS named company insider Ralf Thomas as its new chief financial officer yesterday, replacing Joe Kaeser who was promoted to the chief executive’s post last month following the departure of Peter Loescher in a bitter boardroom battle. Kaeser and his new chief financial officer now face the challenge of whipping into shape the lumbering German [...]
Beanie babies creator to pay $53m to settle US tax evasion charges September 18, 2013 THE billionaire creator of Beanie Babies, Ty Warner, was charged yesterday with tax evasion and agreed to plead guilty and pay a penalty of almost $53.6m (£32.9m), according to prosecutors and his attorney. Warner, 69, ranked as the 209th richest American by Forbes, “went to great lengths” to hide from his accountants and the Internal [...]
Apple’s update brings a whole new design September 18, 2013 APPLE last night released iOS 7, the biggest update to its iOS iPhone and iPad operating system since they launched in 2008. The new software brings a whole new look and feel to Apple’s mobile devices and comes with over 200 new features. Improvements include quick access to key settings through the so-called control centre, [...]
Sharp is back on track as it hikes forecasts and plots fundraising September 18, 2013 JAPANESE electronics group Sharp said yesterday it will raise more than £1bn in share sales, marking a step forward in the TV and display maker’s turnaround. The company also raised its business forecasts as a reviving stock market aided its revival. The supplier of panels for Apple’s smartphones is clawing its way back to health [...]
Air France fights to get a grip on costs with 2,800 more job cuts September 18, 2013 FRENCH airline Air France announced 2,800 fresh job cuts yesterday to help cope with weak air travel demand as it heads towards its sixth consecutive annual operating loss. The carrier said it would no longer reach its target to break even this year, but said it was “imperative” to achieve that in 2014. “We are [...]
Surprise £118m dividend cheers Smiths investors September 18, 2013 ENGINEERING firm Smiths’ shares were one of the FTSE 100’s top risers yesterday after it unveiled a special dividend for shareholders alongside full-year results in line with expectations. The unanticipated dividend of 30p, worth £118m in total, drove the shares 2.6 per cent higher to close at 1,412p. Smiths also announced a restructuring programme that [...]
Analyst Views: Were Smiths’ full-year results in line with your expectations? September 18, 2013 SCOTT CAGEHIN | NUMIS“The statement was in line with expectations. Smiths has the operational scope to enhance margins, while strong cash generation should support development and acquisition opportunities. However, the firm’s exposure to government spend is not the best place to be at the moment. MICHAEL BLOGG | INVESTEC“The results are fractionally better than we [...]
US Treasury is closer to selling its stake in GM September 18, 2013 THE US Treasury has sold another block of shares in General Motors, reducing its stake to 7.3 per cent as it moves toward exiting its holdings in the carmaker by the end of March. The Treasury sold more than 110m shares between 6 May and 13 September, raising more than $3.82bn (£2.4bn), according to documents [...]
Tullow hires new director September 18, 2013 FTSE 100-listed oil and gas explorer Tullow Oil yesterday said it has appointed JP Morgan’s Jeremy Wilson as a non-executive director, effective from 21 October. Wilson is a JP Morgan lifer, who joined as a graduate and is currently vice chairman of its energy group. He held a number of senior positions at the US [...]
Falling metal prices drive down Highland Gold first-half profits September 18, 2013 HIGHLAND Gold, the Russian gold producer part-owned by oligarch Roman Abramovich, yesterday said first-half net profit fell by almost 65 per cent year-on-year to $17m (£10.6m) due to a steep fall in the gold price. Gold, which has seen its price plummet over 15 per cent this year, currently trades around $1,300 an ounce, compared [...]