Bank lender Takefuji files for bankruptcy September 28, 2010 TAKEFUJI said it filed for bankruptcy yesterday owing $5.1bn (£3.2bn), making it the biggest Japanese consumer lender to fail since a court ruling in 2006 forced the industry to repay borrowers for excessive interest charges. Takefuji, which had been considered at risk of failing as it lacked the financial backing of a big Japanese bank, [...]
Chile quake claims wreck Lloyd’s profit September 28, 2010 INSURANCE market Lloyd’s of London blamed its 52 per cent drop in profit yesterday on a spate of disasters including the Deepwater Horizon oil spill and the Chilean earthquake. Lloyd’s posted a pre-tax profit of £628m for the first half of 2010, down from £1.32bn a year earlier. Lloyd’s insurers including Catlin, Amlin and Hiscox [...]
Germany outlines new landesbank consolidation plan September 28, 2010 GERMANY drew up a framework for how to consolidate its troubled public-sector landesbanks but made little headway, agreeing to meet again on the matter in November. A meeting between Berlin and regional owners of landesbanks yesterday was a constructive start to consolidation talks but all options remain open, said deputy finance minister Steffen Kampeter. “All [...]
T-Mobile and Orange venture ahead of plan September 28, 2010 EVERYTHING Everywhere, the newly formed entity following the joint venture of T-Mobile and Orange, said it has completed its merger integration ahead of plan. It outlined ambitious plans to consolidate its position as the biggest network provider in the UK. The firm announced in its second quarter results it has grown its contract customer base [...]
GOOGLE MOBILE TO BRING MOST REVENUE September 28, 2010 GOOGLE expects mobile searches to generate most of its revenue eventually, but it could take a long time despite growing at a rapid clip, said chief executive Eric Schmidt yesterday. Searches made on Android-based smartphones and other mobile devices are growing but will remain immaterial to its bottom line for some time, he said.
ITV offloads 50pc stake in Screenvision September 28, 2010 ITV has offloaded its 50 per cent stake in cinema advertiser Screenvision to US private equity fund Shamrock Capital for $80m (£50m). ITV chief executive Adam Crozier called the deal an “important step” for the firm as it works to consolidate its broadcasting empire. He said the deal fits into ITV’s “transformation plan to focus [...]
DMGT sees jump in market share as its CFO stands down September 28, 2010 DAILY Mail & General Trust (DMGT) received a welcome boost from its flagship Daily Mail newspaper yesterday, which reported robust trading amid a gain in market share. DMGT said that advertising revenues at its national newspaper division have risen by 13 per cent year-on-year in the past three months. Print revenues at Associated Newspapers, home [...]
RIM goes toe-to-toe with Apple’s iPad September 28, 2010 BLACKBERRY maker Research In Motion (RIM) finally launched its much anticipated tablet PC this week. In his keynote speech, chief executive Mike Lazaridis shied away from direct comparisons with Apple. That, however, hasn’t stopped the technology world from staring straight at the elephant in the room: can the Playbook compete with the iPad? At first [...]
CITY VIEWS: WHICH DEVICE DO YOU THINK WILL WIN THE TABLET WARS? September 28, 2010 ALEX GADEMANN | FOREX.COM I already own an iPad. It was the first time I bought an apple and I bought it because of the novelty. If you put me in the same place with the two products I would definitely look at what Blackberry has to offer. SARAH RICKWOOD | AVIVA I have a [...]
Michelin aims to raise £1bn in growth bid September 28, 2010 FRENCH tyremaker Michelin has unveiled a deeply discounted €1.2 bn (£1.02bn) rights issue to fund growth in booming emerging markets and set new long-term sales and profit goals. Michelin said yesterday it was now targeting operating profit before non-recurring items clearly above €2bn by 2015, a 25 per cent increase in sales volumes by 2015, [...]
