Stringer set to step down as Sony chief February 1, 2012 WELSH-born Sir Howard Stringer is to step down as president and chief executive of Sony after a fifteen year run at the Japanese electronics company, to be replaced by Kazuo Hirai. Hirai, aged 51 and currently executive deputy president, will take Stringer’s seat on 1 April. Stringer – a rare foreign chief executive for a leading [...]
BAA loses Stansted appeal February 1, 2012 AIRPORT operator BAA must sell London Stansted airport, after losing an appeal against an earlier order by the Competition Commission. But BAA has not ruled out appealing further, in the latest twist in a three-year fight between the firm and the Competition Commission over its dominance of the UK airport market. “We are disappointed by [...]
Business group calls for more Heathrow capacity February 1, 2012 BRITAIN should consider all options for increasing capacity at London Heathrow airport, including a third runway and allowing planes to land and take-off simultaneously on its two runways, according to business group London First. A report published yesterday by the capital’s connectivity commission — formed by London First — said all viable options for meeting [...]
Nasdaq OMX core profit tops expectations February 1, 2012 NASDAQ OMX Group’s core profit topped analysts’ expectations for the fourth quarter yesterday, boosted by a rise in revenue from market data and technology, which helped offset a soft trading environment. Stock market volumes declined from the elevated levels of the prior quarter as volatility eased and investors moved to the sidelines. But the parent [...]
Mixed January for US car retailers as Chrysler and Ford beat forecasts February 1, 2012 FIAT-OWNED Chrysler Group posted a 44 per cent rise in US car sales in January, led by gains for its Jeep brand, while its larger domestic rival General Motors lost ground in a month marked by modest growth. Chrysler’s sales blew past some analysts’ expectations of a 35 per cent increase, demonstrating the unlikely comeback [...]
De La Rue names new chairman February 1, 2012 Banknote printer De La Rue has named Philip Rogerson as its next chairman, adding to the chairmanships he already holds at Aggreko, Carillion and Bunzl. Rogerson will join the De La Rue board as a non-executive next month, and move to the chairman role when incumbent Nicholas Brookes retires at the AGM in July. Rogerson [...]
American Airlines takes axe to jobs February 1, 2012 AMR Corp, the bankrupt parent of American Airlines, may slash between 12,000 and 14,000 jobs as part of a bankruptcy cost-cutting strategy the carrier says is necessary to compete with rivals. Sources familiar with American’s plan said the job cuts detailed by executives in a meeting with labour groups yesterday would be part of an [...]
Buyout houses circle Iceland February 1, 2012 Two buyout houses have placed bids for frozen food retailer Iceland Foods, people familiar with the matter said yesterday, in an auction that the vendors hope will value the business at around £1.5bn. The bids from BC Partners and Bain Capital are “aggressive” the people said, although they did not indicate whether supermarket chain Wm [...]
ENRC output hit by repairs to equipment February 1, 2012 KAZAKH mining group ENRC yesterday revealed that output from its key ferroalloys and iron ore divisions was badly dented in the fourth quarter of 2011 by the need for emergency repairs. The London listed miner said production of ferroalloys dropped in the quarter, with the division suffering as a furnace malfunctioned. Saleable output dived by [...]
Antofagasta sees copper production jump by 13pc February 1, 2012 COPPER miner Antofagasta aims to increase production by more than nine per cent this year, anticipating slower output growth after an almost 23 per cent jump in 2011 when the miner topped its targeted range, thanks to the ramp up of its Esperanza mine. The FTSE 100-listed miner said copper production in the fourth quarter [...]