Foxconn China plant reopens September 25, 2012 Apple-supplier Foxconn Technology Group’s plant in Taiyuan in northern China resumed production yesterday morning after a riot that involved 2,000 workers had forced the company to close the factory on Monday. Foxconn spokesman Louis Woo said he saw no impact on supply to clients after the closure. “We have 79,000 people working in Taiyuan campus, [...]
SAB hires ex-Centrica director September 25, 2012 Centrica’s former communications chief Catherine May yesterday became the latest woman to be hired on the board of a FTSE 100 company after being named as SABMiller’s director of corporate affairs. May will join the brewing giant on 15 October after half a decade at Centrica. She will replace Sue Clark, who was promoted to [...]
City Moves | Who’s switching Jobs September 25, 2012 Kleinwort Benson The private bank has appointed Jason Turner to the position of executive private banker in its private wealth management team. He joins from UBS Wealth Management, where he was a client adviser. Turner has over 14 years’ experience in the industry, and has also worked as a financial adviser with Bank of Scotland [...]
Best of the Brokers September 25, 2012 CABLE & WIRELESS COMMUNICATIONS Liberum Capital’s Lawrence Sugarman has downgraded Cable & Wireless Communications from “Hold” to “Sell” and recommends investors take the opportunity to lock in profits. The FTSE 250 telecoms group makes most of its money from operations in Monaco and island territories with historic connections to the UK. But Sugarman says “the [...]
BBA to give up Libor supervision September 25, 2012 The British Bankers’ Association (BBA) is poised to give up its responsibility for setting Libor should the Financial Services Authority propose a move. Martin Wheatley, managing director at the City watchdog, will unveil changes to the way the interbank lending rate is supervised on Friday, which is expected to see the BBA relieved of its [...]
FTSE 100 steady on worries over global growth September 25, 2012 The FTSE 100 was modestly up in early deals this morning, as a rally in natural resources and property stocks pulled the index higher, although worries over global growth and Spain’s economy continued to dampen stocks. Spain is due to present its draft budget plan for next year later on this week. Property group Morgan [...]
Diageo in talks to buy stake in United Spirits September 25, 2012 Spirit group Diageo this morning confirmed it is in talks to acquire a stake in United Spirits. It is understood that Diageo, the world’s largest spirits maker, is trying to buy a 15 per cent stake from Indian billionaire Vijay Mallya’s group, to ramp up its presence in the Indian spirits market. In 2008, the [...]
Cairn Energy nets $910m from Cairn India stake sale September 25, 2012 Cairn Energy has sold eight per cent of its shareholding in subsidiary Cairn India, it said today, netting $910m (£560m). The oil and gas exploration company will retain a 10 per cent stake in Cairn India, after selling over 150m shares yesterday. The proceeds from the sale will be used to fund Cairn’s capital programme, [...]
Daily Mail boosted by B2B operations September 25, 2012 Daily Mail and General Trust (DMGT) said this morning that full-year results would be in line with expectations, driven by strength in the business-to-business operations. DMGT, which publishes the Daily Mail and the Mail on Sunday, said underlying revenue for the year to the end of August was up three per cent on the previous [...]
Glencore agrees new deal for Kazzinc stake September 25, 2012 Glencore has watered down its plans for an increased stake in zinc producer Kazzinc, announcing today it to acquire an extra 18.91 per cent of the firm from Verny Capital. The commodities giant, which already owns 50.7 per cent of Kazzinc, was targeting an acquisition of up to 48.73 per cent from Verny Capital. Glencore [...]