IAG boosted by August jump in premium traffic September 5, 2012 INTERNATIONAL Airlines Group (IAG), the owner of British Airways and Iberia, yesterday said its group traffic measured in revenue passenger kilometres rose five per cent year-on-year in August, helped by 12.6 per cent growth in premium traffic. The group said that non-premium traffic grew by 3.9 per cent, while its capacity measured in available seat [...]
Gazprom gearing up to fight EU competition probe into gas sales September 5, 2012 RUSSIA’S Gazprom said yesterday it was ready to talk after the European Union launched a competition probe into its gas sales, but was armed with legal and political reasons why the EU should back off. The European Commission launched the probe on Tuesday into suspicions that Gazprom, more than 50 per cent held by the [...]
Christian Louboutin wins right to protect distinctive red soles September 5, 2012 THE bright red soles on French footwear designer Christian Louboutin’s high-heeled shoes are so distinctive they deserve trademark protection, a US appeals court has ruled. A three judge panel at the 2nd US Circuit Court of Appeals in New York yesterday reversed a lower court’s finding that a single colour could not be trademarked in [...]
Hibu’s rollercoaster continues as major shareholder cuts stake September 5, 2012 TROUBLED Yellow Pages publisher Hibu yesterday saw its share price surge back as much as 50 per cent from Tuesday’s losses as it officially unveiled a committee of creditors tasked with restructuring the ownership of the firm. The firm confirmed reports that Alcentra, GE Corporate Finance Bank, Gruss Asset Management, Blackstone’s GSO Capital, QP SFM [...]
Lenovo buys Brazilian electronics firm CCE to double market share September 5, 2012 CHINA’S Lenovo Group agreed yesterday to buy Brazilian consumer electronics maker CCE, as the world’s second-largest PC maker by sales looks toward Brazil’s promising consumer market to boost profit growth, which has been slowing. The deal, announced in a securities filing and valued at a base price of 300m reais (£93m), will help Lenovo nearly [...]
Richemont sees luxury sales bonanza slow September 5, 2012 LUXURY firm Richemont, headed by Johann Rupert, said Asia sales slowed markedly in the first half of the year, rising 12 per cent compared to 46 per cent in the year to March. Sales in Europe grew at a faster pace of 19 per cent, down from 20 per cent in 2011-12.
Shanta Gold finds Tanzanian gold September 5, 2012 East African gold mining company Shanta Gold yesterday revealed “encouraging” exploration results from its Lupa gold field in Tanzania. Shanta signed a joint venture agreement with Great Basin Gold last year to explore Lupa Goldfields, the second largest gold field in the African country. Shanta said it had found nine prospect areas with good gold [...]
Polymetal looks for partnership September 5, 2012 Polymetal yesterday said it was looking for a joint venture partner to explore its Tamunier project in Russia, after some disappointing exploration results. It said it had found some gold in 50m tonnes of ore, but the project did not fit with the company’s strategy of looking at higher-grade assets, so it would consider a [...]
Rio sells aluminium business September 5, 2012 FTSE 100 miner Rio Tinto has finalised the $151m (£95m) sale of its North American arm of the aluminium wire and cable manufacturer Alcan Cable business to General Cable Corporation. Meanwhile, the sale of its Tianjin operation in China is expected to close later this year for $34m. It follows the plans announced last year [...]
City Moves | Who’s switching Jobs September 5, 2012 HSBC James Emmett has been appointed the bank’s head of global trade and receivables finance. He began his career at HSBC 17 years ago, and has held a variety of roles in trade finance, commercial banking, retail banking and strategy. Most recently, Emmett was head of strategy and planning for commercial banking. He replaces Rakesh [...]
