Peugeot gets state rescue as crisis deepens October 24, 2012 PSA PEUGEOT Citroen yesterday unveiled a government-backed refinancing deal for its lending arm as the struggling French automaker’s financial position deteriorated further, sending its stock to historic lows. Europe’s second-biggest automaker said it was close to an agreement with creditor banks on €11.5bn (£9.2bn) of refinancing and had won state guarantees on €7bn in further [...]
Volvo expects low growth as Volkswagen sees profits slump October 24, 2012 WORLD number two truck maker Volvo said yesterday it expects no growth in European and US markets next year, as Europe’s biggest auto maker Volkswagen revealed its third-quarter profit had fallen by a fifth. Volkswagen’s operating profit dropped to €2.34bn (£1.89bn) in the third quarter from €2.89bn a year earlier, the company said. That was [...]
US corporate results round-up October 24, 2012 AT&T revenue disappoints AT&T posted third-quarter revenue below Wall Street estimates yesterday and added fewer customers than expected, citing a shortage of the latest Apple iPhone. While profit was better than estimated, analysts were disappointed with slowing customer growth, which showed it was rapidly losing ground to rival Verizon Wireless. AT&T’s profit rose to $3.64bn [...]
Rolls wins Singapore airline deal October 24, 2012 Rolls-Royce said yesterday it has won a $2.6bn (£1.6bn) order from Singapore Airlines for Trent engines to power 25 Airbus aircraft. Rolls, the world’s second-largest maker of aircraft engines said the order was for Trent XWB engines to power 20 Airbus A350-900 planes and Trent 900 engines for five A380 superjumbo jets. The order includes [...]
Ford set to close Belgian factory October 24, 2012 Ford will close a factory employing 4,300 workers in the Belgian town of Genk by the end of 2014, shifting production to Valencia, Spain, as the US carmaker tries to stem European losses. The plant makes the Mondeo mid-size car and Galaxy and S-MAX minivans, but all three models are nearing the end of their [...]
Tangent snaps up Goodprint October 24, 2012 Aim-listed digital printing and marketing company Tangent yesterday announced the £10m acquisition of digital printing competitor Goodprint. The purchase was funded through a £10m equity placing, which was 55 per cent oversubscribed at the market price. Tangent said the acquisition would give it access to an international market including Germany and France.
Who’s switching jobs October 24, 2012 Sciens Alternative Investment Farhang Mehregani has been appointed chief investment officer of the asset management firm. He previously worked for Citigroup between 2008 and 2011, where he ran its central & eastern Europe, Middle East and Africa equities business. Mehregani has also held roles at Smith Barney. VTB Capital Raza Agha has been appointed chief [...]
Best of the Brokers October 24, 2012 AGGREKO RBC Capital Markets has cut its recommendation on the temporary power supplier to “outperform” from “top pick”, moving its target price to 2,500p from 2,700p, citing “a lack of short-term catalysts.” WPP UBS has slashed its recommendation on the media and advertising giant to “neutral” from “buy”, moving the target price to 875p from [...]
Smart offices need stylish furnishings October 24, 2012 WHEN you have prestigious offices, you need an aesthetic to match. International law firm McDermott Will & Emery, which has offices in the stylish Heron Tower – the tallest tower in London at one point – were looking for an exceptional fit-out when they moved into the building last year. It was the first occupier [...]
Rogue trader Jerome Kerviel loses appeal October 24, 2012 Former Societe Generale trader Jerome Kerviel this afternoon lost his appeal against a three-year prison sentence for a rogue trading scandal that lost the bank €4.9bn (£3.05bn). A Paris court ruled that the ex-trader was responsible for the loss, and that he must repay the bank the billions that he lost. “Jerome Kerviel was the [...]