Investor moves into Greenwich November 4, 2013 HONG KONG investor Knight Dragon has taken full ownership of a development in south east London’s Greenwich Peninsula after paying its British partner Quintain Estates £186m for its 40 per cent stake. Knight Dragon, an investment vehicle owned by New World Development Co’s chairman Henry Cheng Kar-Shun, bought its 60 per cent share in the [...]
Insured loss from St Jude storm to reach up to $1.8bn in Europe November 4, 2013 INSURERS will have to pay out up to €1.3bn (£1.1bn) in claims after the storm that swept through northern Europe in late October, broker Willis Re estimates. Northern Europe was battered by hurricane strength winds between 27-29 October, with Britain, France, Belgium, the Netherlands, Denmark and Germany bearing the brunt of the damage to property. [...]
Investment into UK energy sector rose to £11.6bn last year November 4, 2013 PRIVATE sector investment in the UK’s energy sector rose to £11.6bn last year, a £1.6bn rise from the year before, new research said yesterday. The investment led to a £24bn direct contribution into the UK economy and over 600,000 jobs, according to a report by Ernst & Young for industry body Energy UK. The energy [...]
Audi sticks to profit margin goal despite higher costs of growth November 4, 2013 GERMAN luxury-car maker Audi stuck to its full-year profit target yesterday even as higher costs of plants and technology inflicted a double-digit drop in third-quarter earnings. Audi reaffirmed its goal to achieve an operating profit margin at the upper end of a target range between eight per cent and 10 per cent this year, even [...]
EU aims for end in Gazprom antitrust probe November 4, 2013 THE EUROPEAN Commission expects to wrap up an investigation by the spring into suspected anti-competitive market practices by Russian gas export monopoly Gazprom, the EU energy commissioner said yesterday. The Commission’s action against Gazprom is likely to ratchet up the tension between Europe and Russia, which has criticised EU attempts to boost competition in the [...]
Weir Group plummets on 2013 profit warning November 4, 2013 FTSE 100-listed engineer Weir Group saw its shares plummet yesterday morning after it warned that its full-year profit would miss analysts’ expectations, joining a host of mining equipment makers hit by cost cutting at mining companies. Peers such as Caterpillar, Sandvik, and Atlas Copco have all seen order bookings fall this year as lower metal [...]
US hopes to settle airline fight November 4, 2013 The US Justice Department is pressing for divestitures at airports throughout the US as a condition for dropping a lawsuit aimed at stopping a proposed merger of US Airways and American Airlines , US Attorney General Eric Holder said yesterday. Holder said that talks with the companies, whose merger would create the world’s largest airline, [...]
Louis Vuitton picks Ghesquiere November 4, 2013 Nicolas Ghesquiere, who made his name at fashion brand Balenciaga, has been appointed creative director for womenswear at luxury brand Louis Vuitton, parent LVMH said yesterday. Ghesquiere was seen as the front-runner to replace Marc Jacobs who announced his departure from Louis Vuitton last month to focus on his eponymous fashion business. Ghesquiere will design [...]
New platform gets UK green light November 4, 2013 The City watchdog has given the green light for operations to start at Aquis, a new pan-European share trading platform which aims to take on bigger rivals by offering subscription-based pricing modelled on the mobile phone market. The Financial Conduct Authority (FCA) has given Aquis approval to open for business a year after it was [...]
Bumi on track for year as coal output surges November 4, 2013 FTSE 250-listed miner Bumi yesterday said that production from its main coal unit rose 10 per cent in the third quarter and that the company is on track to meet its full-year targets, while progress is being made in reducing costs. Production at the PT Berau division rose by 15.9 per cent during the first [...]