There are rays of hope in a sluggish City jobs market November 28, 2012 CONSIDERING the current employment climate in the City, and the ruthless job cuts hitting the headlines, you would be forgiven for considering packing your bags and taking an early retirement in the country. A report released by Roland Berger Strategy Consultants last week showed that investment banks are set to lose another 40,000 jobs in [...]
Nestle turns to China in bid for herbal remedy November 28, 2012 THE HEALTH unit of Nestle yesterday launched a tie-up with a company that specialises in traditional Chinese medicine in a bid to develop novel medicines derived from plants. Nestle Health Science is expected to plough at least £100m into the joint venture with London-listed Chi-Med, which creates a new company called Nutrition Science Partners (NSP). [...]
Luxury firm PPR close to a deal to sell off Redcats plus-size unit November 28, 2012 THE Redcats mail order unit of French retail and luxury group PPR SA is in late-stage talks to sell its plus-size fashion business to Boston-based private equity firm Charlesbank, according to four sources. The deal for OneStopPlus will likely be between $400m and $500m (£250m to £300m), the sources said. Earlier this month, PPR’s Redcats [...]
Gatwick looks to grow through single runway as traffic rises November 28, 2012 GATWICK executives talked up the airport’s chances of competing with London’s biggest hubs yesterday as the firm posted rising revenues and traffic. Britain’s second-biggest airport said passengers rose 1.2 per cent on last year to 19.9m in the half-year to the end of September. Turnover jumped 3.6 per cent to £325.8m, helped in part by [...]
Costco plans $3bn special payout ahead of fiscal cliff tax increases November 28, 2012 RETAILER Costco Wholesale yesterday said it will pay a special dividend worth some $3bn (£1.9bn) to investors, sending cash to its shareholders ahead of a likely increase in the dividend tax. The retailer also posted monthly same-store sales that beat analysts’ expectations. Several companies have declared one-time cash dividends in recent days ahead of a [...]
General Motors pushes further East with $1bn factory expansion November 28, 2012 GENERAL MOTORS and its Chinese joint-venture partners yesterday announced plans to build a $1bn (£620m) auto assembly plant in the city of Chongqing in a bid to remain the leader in the world’s largest auto market. GM, SAIC Motor and Wuling Motors said they will begin construction of the plant early next year, pending government [...]
Great Portland secures West End letting November 28, 2012 GREAT Portland Estates revealed yesterday that its joint venture with Scottish Widows Investment Partnership has signed up its first tenant at its office development in the West End. The Great Wigmore Partnership has signed a pre-let deal with actuarial firm Lane Clare and Peacock to take the first three floors at 95 Wigmore Street on [...]
Andy Coulson wins fee appeal November 28, 2012 Andy Coulson, the former director of communications for David Cameron, yesterday won a legal battle against the owner of the Sun and the now-defunct News of the World, where Coulson was an editor. News Group Newspapers will now have to pay Coulson’s legal fees related to allegations of illegal activity after he successfully appealed a [...]
Telefonica cuts debt with swap November 28, 2012 Spain’s Telefonica said yesterday it would slash €776m (£626m) from its €50bn debt after receiving 97 per cent uptake in a swap of preference shares for stocks and bonds. The cash raised will take the Spanish telecoms group closer to its year-end leverage target of 2.35 times operating income. The firm, which must slash debt [...]
Ford set to delay new minivans November 28, 2012 Ford may delay the next versions of the Galaxy and S-MAX minivans as it plans to shut a factory in Genk, Belgium, where the vehicles are made, German magazine Auto Motor und Sport reported yesterday. Ford said on 24 October that it plans to close the Genk factory employing about 4,300 workers by the end [...]