BHP Billiton warns of job cuts in coal August 16, 2012 BHP Billiton said today that jobs could go at its Australian coal mines as the company faces a deteriorating market, the latest sign of global miners scaling back operations due to slowing industrial activity in China. The prospect of job cuts raises doubts about the strength of Australia’s mining boom, which has hinged on China [...]
Credit Suisse boosts capital by 930m Swiss francs August 16, 2012 Credit Suisse said today it had increased common equity by more than expected after completing two of several previously announced measures to boost its capital base in response to criticism from the Swiss National Bank (SNB). The bank said it generated some 930m Swiss francs (£607m), ahead of an 800m Swiss franc target, by swapping [...]
China’s second half trade outlook severe August 16, 2012 China’s trade outlook for 2012 is worsening, darkened especially by growing problems in Europe, the Commerce Ministry said today as it revealed the longest run of falling inward investment growth in the economy since the 2008-09 global crisis. The ministry singled out problems in the European Union – China’s biggest overseas market – as the [...]
FTSE 100 dragged down by miners August 15, 2012 The FTSE 100 opened 0.6 per cent down this morning, as mining companies led the blue chip index down. Miners New World Resources, Rio Tinto, Vedanta, Anglo American and Evraz were all clustered in the morning’s biggest fallers on fears of slowing demand. New World and Rio Tinto fell by more than four per cent, [...]
GSK sells Australian drugs for £172m August 15, 2012 GlaxoSmithKline advanced its clear-out of non-core drugs today with a deal to sell 25 older brands marketed in Australia to South Africa’s Aspen Pharmacare for £172m. Andrew Witty, chief executive of Britain’s biggest drug maker, said last month during quarterly results that he was looking for further ways to simplify the GSK business, following previous [...]
Air Berlin to sell planes to improve equity ratio August 15, 2012 Loss-making Air Berlin will sell eight of its planes in order to improve its equity ratio, which plummeted in the first half of the year to just 4 per cent. Air Berlin, which has not posted an annual operating profit since 2007, is trying to shrink its way back to profitability after growing rapidly and [...]
Resolution to overhaul board structure August 15, 2012 British insurance acquisition specialist Resolution said today it would jettison its complex board structure as it reported lower-than-expected half-year profit, held back by a weaker performance at its international units. Resolution, created to buy underperforming life insurers and merge them into a profitable whole, said its founder Clive Cowdery would join the company’s board under [...]
Balfour Beatty profit rises August 15, 2012 Balfour Beatty, Britain’s largest construction company, said first-half underlying pre-tax profit rose 12 per cent, boosted by the sale of infrastructure investments, and said it was on track to meet its own expectations for the full year. The company, which operates in more than 80 countries and whose projects include London’s Olympics Aquatics Centre, said [...]
Germany grows in second quarter while France flatlines August 14, 2012 Germany posted modest economic growth in the second quarter of the year and France stagnated, official data showed today, suggesting the Eurozone as a whole contracted over the three months. Europe’s largest economy eked out growth of 0.3 per cent over the quarter, marginally beating forecasts, but it is unlikely to be able to defy [...]
Global shares gain ahead of data August 14, 2012 Asian shares rose today as investors hunted for bargains while waiting for more economic figures from Europe and the United States later in the day, after recent data showed the Eurozone’s debt woes were eroding business activity globally. Relative optimism persisted to underpin investor sentiment as deteriorating global growth prospects will keep expectations firmly in [...]
