PROTESTERS PITCH THEIR IGLOOS FOR ICY DAVOS January 16, 2012 THE STEIGENBERGER Grandhotel Belvedere may be only a three minute walk from the conference centre – but, really, there’s only one way to do Davos. In an igloo. Such is the sub-zero lot of the Occupy protesters, who yesterday unveiled their accommodation for the World Economic Forum in the Swiss ski resort next week: Camp [...]
Asia sales lift at Richemont January 16, 2012 RICHEMONT, the Swiss luxury goods conglomerate, posted an upbeat trading statement yesterday, reporting a 24 per cent rise in third quarter sales. The owner of brands including Cartier, Montblanc and Dunhill said revenues in the three months to 31 December rose to €2.62bn (£2.17bn) from €2.11bn a year earlier. It expects operating profit for the [...]
Falklands progress boosts Rockhopper January 16, 2012 OIL explorer Rockhopper Exploration yesterday saw its shares rise nearly 10 per cent after it said it expects to find a partner to invest in its interests in the Falkland Islands within three months. The boost came as it also revealed that it could sell a majority stake in the potentially lucrative $2bn (£1.3bn) project. [...]
Holcim dividend facing a cut as demand tails off January 16, 2012 HOLCIM will book a SwFr775m (£535.5m) charge in the fourth quarter, raising the prospect the cement-maker may trim its dividend, after a slump in demand for construction material and a South African business restructuring. The company’s ability to pay a dividend for 2011 had not changed and its board would decide on the size of [...]
Alliance Boots helped by strong German takings January 16, 2012 CHEMIST chain Alliance Boots yesterday announced 14.1 per cent growth in revenue for the third quarter compared to last year, driven largely by its sales at German wholesaler ANZAG, which it bought in 2010. Most of the 21.3 per cent revenue growth in its wholesale division was attributed to ANZAG, with sales up just 1.6 [...]
House loans grow despite grim economy January 16, 2012 THE HOUSING market showed signs of life in November with sales and remortgages both rising, data from the Council of Mortgage Lenders (CML) revealed yesterday. Growth is expected to continue in the months before March, after which first-time buyers will no longer benefit from stamp duty exemption. Overall lending for house purchase rose four per [...]
State nears a sale for Actis January 16, 2012 THE government has moved closer to selling its remaining stake in the controversial private equity firm Actis. Analysts have said the Department for International Development could raise up to £200m by offloading its 40 per cent share in the emerging markets buyout firm. However the management team of Actis, who are the most likely buyers, [...]
Phoenix still in talks with CVC Capital Partners on takeover January 16, 2012 BRITISH life insurer Phoenix remains in talks with private equity firm CVC Capital Partners over a possible takeover, prolonging discussions which began last November but which have been hampered by debt issues. Phoenix said in a statement yesterday that it would provide a further update on the situation no later than 28 days from now. [...]
Small construction firms in recession for four years as demand keeps falling January 16, 2012 WORKLOADS fell again in the final quarter of 2011, with the last expansion among SMEs taking place in the first three months of 2008, the Federation of Master Builders (FMB) reported yesterday. However, rising exports and a focus on non-Eurozone markets went some way towards offsetting the decline in domestic demand, according to the Construction [...]
Euro crisis drags down emerging manufacturers January 16, 2012 THE EUROZONE crisis dampened emerging markets’ economic recovery, with HSBC’s emerging markets index, out yesterday, recording lacklustre growth in 2011’s last quarter. The index edged slightly higher in the three-month period to 52.2, from 52.0 in the third quarter. Any figure above 50 indicates expansion. World trade declined through the year, dragging on sentiment, with [...]
