Apple shares jump on iPhone 5 launch September 21, 2012 Apple released the eagerly-awaited iPhone 5 to large crowds today around the world, as its shares jumped in early trading. The technology giant’s shares spiked 0.65 per cent in early trading on the Nasdaq, as Apple retail stores opened at 8am to long queues of shoppers. Online pre-sale orders reached 2m in the first 24 [...]
HMV sales drop over quiet summer September 21, 2012 Embattled music retailer HMV said today that like for like sales dropped nearly 12 per cent over in a “very quiet” summer. Like for like sales fell 11.6 per cent in the 20 weeks leading up to 15 September and total group sales fell 14.8 per cent, following the closure of 60 of their 273 [...]
EU approves Universal’s £1.2bn bid for EMI September 21, 2012 The European Commission today endorsed Universal Music Group’s £1.2bn takeover of British record company EMI, and demanded that both companies sell a third of their assets in an attempt to cut their monopoly on the music market. The Commission said that EMI must dispose of the Chrysalis, Mute, Classics and Parlophone labels, while Universal [...]
BP proposes buying stake in Rosneft September 21, 2012 Oil giant BP is eyeing a stake in Rosneft, following negotiations with the Russian oil firm to buy the British oil major’s stake in TNK-BP, Rosneft chief executive Igor Sechin said today. BP confirmed today that if it were successful in selling its 50 per cent stake in TNK-BP, it would be “interested in investing [...]
FTSE 100 jumps on mining gains September 21, 2012 The blue chip index consolidated gains in Asia and the US this morning, as once again miners headed up the morning leaderboard on improved copper prices. Essar Energy and Ruspetro rose 4.15 per cent and 3.85 per cent respectively. Heavyweight miners Vedanta and Bumi added 3.42 per cent and 3.4 per cent respectively. Elsewhere, Abu [...]
Public finances show biggest monthly deficit for August on record September 21, 2012 The budget deficit widened to the biggest on record for August, data showed today, as public sector borrowing excluding financial sector interventions peaked at £14.41bn last month. Borrowing rose from £14.46bn in August 2011, the Office for National Statistics said today, marking the highest August since records began in 1993. A fall in corporation tax [...]
Adidas cuts Reebok 2015 sales target September 21, 2012 Sports brand Adidas has slashed its 2015 sales target for the Reebok brand to €2bn (£1.2bn), while boosting its own sales forecast. Adidas cited the loss of a major American football contract as reason for the forecast cut. Fraud was also discovered at its Indian operation, and restricting there would cost Adidas almost €200m. The [...]
G4S solely to blame for Olympic contract failure September 21, 2012 Blame for security firm G4S’s failure to provide adequate staffing levels during the London 2012 Olympics rests solely with the company itself, according to a report by MPs. The Home Affair Select Committee said G4S gave “false reassurances” to LOCOG and the Home Office until a “very late stage in the process”. It recommended G4S [...]
Madoff victims in line for $2.48bn payout September 20, 2012 Victims of Bernard Madoff’s Ponzi scheme will receive a $2.48bn (£1.53bn) payout to help cover their losses, the trustee liquidating his firm said today. This is in addition to $1.15bn recovered earlier, with total victims’ distributions currently at more than $3.6bn. Cheques for $1,784 up to $526.9m were sent yesterday to the 1,230 victims of [...]
Retail sales slump in August September 20, 2012 UK retail sales fell in August as consumers stayed at home to watch the Olympics rather than spending on the high street, official figures from the Office for National Statistics (ONS) showed today. Overall sales fell 0.2 per cent over the month, although year-on-year, the ONS recorded an annual rise of 2.7 per cent. Non-store [...]
