RUSSIA BECOMES 156TH MEMBER OF WTO July 23, 2012 Russia formally notified the World Trade Organisation that it had ratified its membership agreement yesterday, meaning it will on 22 August become the 156th member to the trade rules club. President Vladimir Putin (above) signed the bill at the weekend. Russia’s $1.9 trillion GDP had made it the largest economy outside the group.
Cuts pay off for Philips as sales beat forecasts July 23, 2012 PHILIPS Electronics surpassed expectations yesterday by posting a five per cent sales rise and a €167m (£130m) net profit, in a sign that the manufacturer’s aggressive cost-cutting and restructuring operation is reaping rewards. The Dutch firm’s €5.9bn revenue in the three months to July was driven by strong performances in its healthcare and lighting divisions. [...]
Amazon keeps lion’s share of UK market July 23, 2012 ONLINE retail giant Amazon has built up its spot at the top of the UK entertainment market, largely at the expense of supermarket rivals and specialists like HMV, according to research published yesterday. Kantar Worldpanel figures for the 12 weeks to 10 June show that Amazon strengthened its market share by 3.2 percentage points, boosted [...]
Benckiser buys Peet’s Coffee July 23, 2012 PEET’S Coffee & Tea said yesterday it has struck a deal to be acquired for about $1bn (£644m) by Joh. A. Benckiser, the investment vehicle for Germany’s Reimann family. The sale will give Peet’s a financial jolt as it competes against larger coffee and tea shops and will broaden the reach of the Reimann coffee [...]
32Red turnover surges by 50pc July 23, 2012 ONLINE bookie 32Red saw a 50 per cent jump in turnover in the first half of the year, a sixth successive period of growth, the company announced yesterday. The Gibraltar-based firm now expects revenues for the year to beat market forecasts and will launch operations in Italy later in the year. 32Red said revenues of [...]
More papers in Met probe July 23, 2012 SCOTLAND Yard’s investigation into newspaper corruption has extended to include the publishers of the Mirror and Star newspapers, the officer leading the Metropolitan Police’s investigation into illicit payments revealed yesterday. Deputy assistant commissioner Sue Akers told the Leveson inquiry that Trinity Mirror and Express Newspapers were being probed. Trinity Mirror said they were taking the [...]
Wiggins effect: Bradley’s Tour win lifts spirits July 23, 2012 AS if ending Britain’s 99-year wait for a Tour de France winner and re-popularising the elongated sideburn were not enough, Bradley Wiggins has also been credited with boosting the nation’s Olympic feelgood factor to an all-time high. Wiggo’s triumph in Paris prompted an increase in positive feelings towards the Games from Britons on Twitter to [...]
LONDON 2012 IMAGE OF THE DAY July 23, 2012 Throughout the Olympics, City A.M. will be publishing its Olympic Image of the Day. If you have a shot you think our readers will like, please email pictures@ cityam.com THE athletes are in town, their support teams have arrived and now – in the surest sign yet that the Olympics are upon us – Canary [...]
Athletes recommend City hotspots to tourists July 23, 2012 DON’T be alarmed if you bump into a supremely toned woman with a steely glint in her eye during your lunchtime stroll around St Paul’s Cathedral – it’s probably just Olympic triathlete Helen Jenkins visiting her favourite City landmark. Britain’s Team GB medal hopefuls have been roped into naming their favourite capital sights as part [...]
French PM gets job cuts pledge from Peugeot July 23, 2012 PEUGEOT Citroen pledged not to make any forced redundancies in its plans to cut eight per cent of its French workforce, after a meeting with PM Jean-Marc Ayrault yesterday. It intends to cut 8,000 jobs, principally through closing its Aulnay plant near Paris, but socialist President Francois Hollande described the job losses as “unacceptable”. Philippe [...]
