Ward to be new Brit chairman December 10, 2013 OUTGOING chief executive of Lloyd’s of London, Richard Ward, is to become chairman of Brit Insurance in February 2014. Mark Cloutier, chief executive of Brit said: “Richard’s experience and understanding of the global marketplace is second to none and I am extremely pleased he will be bringing his great depth of experience and knowledge to [...]
Publisher Informa to move tax base back to the UK next year December 10, 2013 PUBLISHING firm Informa Group yesterday said it would shift its tax base back to the UK, four years after it moved to Switzerland to escape former chancellor Alastair Darling’s proposal to tax foreign profits. The group, which publishes titles including Lloyd’s List, plans to change its tax base in 2014, subject to shareholders voting through [...]
Investors cheer as CSR backs off camera market December 10, 2013 SHARES in chipmaker CSR got an early boost yesterday, as investors welcomed its plans to retreat from the digital camera market. CSR jumped 10 per cent as markets opened after revealing that it would stop investing in its camera-on-a-chip programme, which is used in traditional point and shoot digital cameras. The Cambridge-based firm blamed weak [...]
Bottom Line: New focus proves smartphones are king December 10, 2013 IF further proof were needed that smartphone photos became a dominant form of communication in 2013, it was certainly provided yesterday by the Danish PM. Caught selfie-ing alongside David Cameron and Barack Obama at Nelson Mandela’s memorial yesterday, Helle Thorning-Schmidt didn’t bother taking her camera along to the event – she just whipped out her phone [...]
Alitalia hits cash target December 10, 2013 ITALY’S troubled airline Alitalia has raised €300m (£251m) in its capital increase, including an investment by the state-owned postal service, a source close to the matter said. “Including subscriptions by existing shareholders, new investors and the investment by the postal service, the €300m target has been reached,” the source said yesterday. An Alitalia spokeswoman said [...]
US construction recovery boosts full-year outlook for Ashtead December 10, 2013 FTSE 250-listed equipment rental firm Ashtead yesterday said it believes full-year profit will hit the upper end of expectations, after the US construction recovery boosted first-half results. The company posted a 49 per cent rise in pre-tax profit to £212m for the first half of the year and a 23 per cent increase in revenue [...]
Lululemon names new chief as founder Chip Wilson quits December 10, 2013 HIGH-END Canadian yoga-wear retailer Lululemon Athletica yesterday named Laurent Potdevin as its chief executive, as it said founder Chip Wilson will step down as non-executive chairman. Lululemon has been looking for a new CEO since June, when Christine Day said she would step down once a replacement was found. Potdevin will take over in January [...]
Miner Centamin makes takeover bid for Ampella December 10, 2013 GOLD miner Centamin yesterday said it has offered to buy smaller explorer Ampella Mining, as it looks to diversify from its core Egyptian operations and snap up a new asset at the bottom of the cycle. The FTSE 250-quoted firm wants to buy the Australia-listed explorer in an all share deal for A$41m (£22.7m), a [...]
British executive takes on fresh international role at Walmart December 10, 2013 WALMART, the world’s biggest retailer, has appointed British executive David Cheesewright as the new CEO of its international division, the firm said yesterday. Cheesewright, 51, is currently head of Walmart’s European, Middle Eastern and African operations. He will take the reins from Doug McMillon, who was chosen to replace Michael Duke as chief executive of [...]
BHP Billiton looks to reduce its annual spending by one quarter December 10, 2013 FTSE 100-listed mining giant BHP Billiton yesterday indicated that it would cut annual spending to around $15bn (£9.1bn), as it looks to simplify the business and grow its margins. “A 25 per cent reduction in capital and exploration expenditure is planned for this financial year and our level of investment will decline again next year,” [...]
