Glencore reveals exec stakes February 16, 2012 Commodities trader Glencore detailed the stakes held by some of its top execs yesterday, with its head of aluminium Gary Fegel emerging as one of the largest individual shareholders with a stake worth just over $1bn at current prices. Others with significant holdings disclosed yesterday include Stuart Cutler, who runs the ferrochrome division after the [...]
Virgin protests BMI deal February 16, 2012 Virgin Atlantic has made a formal complaint to the European Commission about IAG’s purchase of Lufthansa’s British unit BMI, saying competition on some European routes would diminish and that fares would increase. In its submission Virgin Atlantic said that if the deal was approved, three key domestic routes to and from Heathrow – Aberdeen, Edinburgh [...]
Cadogan halts Ukraine drilling February 16, 2012 Cadogan Petroleum yesterday announced that it had been forced to suspend drilling on its Pokroskvoe 2a well in Ukraine after it encountered problems with its equipment. “Cadogan advises that it has decided to temporarily suspend operations on its Pokroskvoe 2a well. This well has been drilled to 4,783 metres,” the company said.
Economy sees Nestle warn of tough 2012 February 16, 2012 NESTLE, the world’s biggest food conglomerate, posted better-than-expected 2011 sales growth yesterday but remained cautious on its outlook. The maker of brands such as Nescafe, Perrier, Maggi and Haagen Dazs warned that 2012 would be just as difficult as previous years due to continued economic uncertainties and volatility. Net profits rose eight per cent to [...]
Renault plans for contraction February 16, 2012 RENAULT hunkered down to face a worsening European car market after using discounts to clear vehicle stocks, boost cash and cut debt to its lowest in 13 years by the end of 2011. Europe’s car market, which accounted for 57 per cent of Renault’s 2011 deliveries, is expected to contract three to four per cent [...]
Molson Coors’ profit tops Wall Street expectations February 16, 2012 MOLSON Coors Brewing Co’s fourth-quarter profit blew past Wall Street estimates yesterday, as price increases, cost savings and an extra selling week helped offset weak sales volume. The brewer of Molson Canadian, Coors Light and Blue Moon beers also cited easy comparisons with the year-earlier period, when the weak economy hurt sales and higher fuel [...]
Apple sets court on Kodak as the fate of Chinese iPads hangs in the balance February 16, 2012 APPLE has launched a legal campaign against Kodak, asking the New York federal bankruptcy court for permission to sue the bankrupt camera company for intellectual property theft. A successful suit would see Kodak banned from importing various products that Apple claims infringe its patents – including printers, the area in which the once-successful photographic film firm [...]
Mondi seen sweetening £237m bid for Polish unit February 16, 2012 SHARES in Polish paper maker Mondi Swiecie climbed above an offer price from its South African parent yesterday, as investors bet Mondi would have to sweeten its £237m buy-out bid. The South African paper maker owns two-thirds of Mondi Swiecie, and offered 69 zlotys (£13.60) per share for the remaining 34 per cent of the [...]
Pernod lifts earnings on high demand February 16, 2012 FRENCH spirits giant Pernod Ricard has raised its full-year guidance after reporting a rise in profits, boosted by strong demand from Asia and France. The owner of Absolut Vodka and Jameson Irish whiskey said underlying profits growth from recurring operations would be “close to eight per cent” in the full year to June after previously [...]
SALES RISE AT GUCCI’S OWNER PPR February 16, 2012 PPR, the French luxury and retail group, said sales rose 11.1 per cent to €12.2bn (£10.1bn) last year as strong luxury profits helped compensate for a big drop at its books and electronics chain Fnac. The owner of designer brands including Gucci and Yves Saint Laurent posted a 2.3 per cent rise in net profit [...]
