BHP says committed to $20 bn Australian port project August 24, 2012 BHP Billiton, the world’s largest miner, said it was still committed to a $20bn (£13bn) expansion of the harbour at one of Australia’s biggest ports, Port Hedland, after it signalled earlier in the week it would delay the investment. “The outer harbour continues to be an important part of our long-term strategy,” BHP’s head of [...]
Euribor rates fall to new lows on ECB rate cut hopes August 24, 2012 Bank-to-bank lending rates fell to new all-time lows today as weak economic surveys bolstered expectations the European Central Bank will cut interest rates as soon as next month to help combat the Eurozone crisis. The fall in Euribor rates extended a fall in interbank rates that began late last year when the ECB flooded money [...]
Second quarter recession shallower than expected August 24, 2012 The UK economy shrank less than first thought in the second quarter despite a hefty drag from trade, but the wider picture of economic weakness was little changed, data on today showed. Second quarter output fell 0.5 per cent, compared to an initial estimate of 0.7 per cent, depressed by one-off factors including unusually wet [...]
Rio Tinto upbeat on copper amid end of boom fears August 24, 2012 The positive long-term outlook for copper remains intact, the head of Rio Tinto’s copper division said today, adding his voice to a chorus of mining executives reluctant to call time on the resources boom. Debate over whether the decade-long bull run in commodities has ended has ramped up in recent days as China heads for [...]
John Lewis sales up as shoppers catch sports fever August 24, 2012 John Lewis, Britain’s biggest department store group, posted strong sales growth last week, helped by increased demand for sports equipment following Britain’s gold medal haul at the London Olympics. The employee-owned firm said today department store sales jumped 14.5 per cent year on year to £61.1m in the week to 18 August, the third week [...]
Aer Lingus reiterates rejection of Ryanair bid August 24, 2012 Irish airline Aer Lingus today renewed a call to its shareholders to reject Ryanair’s latest takeover bid, saying its budget rival had failed to provide any new information on its offer. Ryanair has asked EU antitrust regulators to approve the €694m (£535m) takeover bid – its third – for the former state carrier in what [...]
Seoul court rules Samsung didn’t violate Apple design August 24, 2012 Samsung’s flagship Galaxy smartphone looks very similar to Apple’s iPhone, but the South Korean firm has not violated the iPhone design, a Seoul court ruled today. The South Korean ruling comes as the two technology titans are locked in a high-stakes global patent battle that mirrors a fierce rivalry for industry supremacy between two companies [...]
Murdochs at war August 23, 2012 ELISABETH Murdoch last night distanced herself from her brother James, criticising his leadership of News International in the wake of the phone hacking scandal and attacking his rigorous focus on profit. In her first public comments on the affair since joining the board of her father Rupert’s News Corp last year, she took the stage [...]
KPMG warns UK staff will face job cuts August 23, 2012 KPMG has told staff it is planning hundreds of redundancies, with up to three per cent of its UK headcount at risk. The firm is the only one of the Big Four professional services firms to embark upon a redundancy programme in recent years. KPMG blamed “a subdued economy and fast-changing marketplace” in an email [...]
Wife of fallen magnate Nadir vows to fight on August 23, 2012 FORMER high flying Turkish-Cypriot magnate Asil Nadir, once dubbed the “Sultan of Berkeley Square” for his luxurious Mayfair lifestyle, was jailed for ten years yesterday after being convicted of stealing from his former FTSE-listed business empire. Nadir, 71, was found guilty earlier this week on ten counts of theft totalling £28.9m from the firm between [...]
