Rio set to cut investments December 2, 2013 MINER Rio Tinto yesterday revealed plans to cut capital spending by a fifth in each of the next two years as it focuses on paying down debt and boosting returns to shareholders. The giant also forecast a resurgence in steel demand in China, its biggest customer for iron ore, estimating demand growth at 7.5 per [...]
Firms rein in price hikes after green deal December 2, 2013 FOUR of the big six energy suppliers pledged to reduce their price hikes yesterday, after the government said it would shift green levies away from energy bills and into general taxation. The move is expected to cut the average customer bill by £50 per year. Energy supplier E.On – the only one of the big [...]
Investors dump Tesco as analysts slash price December 2, 2013 TESCO shares continued their downward slump yesterday, dropping a further two per cent after HSBC downgraded its stock to “underweight” and urged the supermarket to cut profit margins to win back customers. Analysts at the bank slashed the retailer’s target price from 400p to 340p and added their voice to the swathe of brokers who [...]
Five reasons why delivery drones won’t take off December 2, 2013 The news is buzzing with hopes for Amazon's drone-based delivery service. But skies in the UK will remain quiet for the time-being. Here’s why. 1. REGULATIONJohn Moreland, a spokesperson for the Unmanned Aerial Vehicles Systems Association (UAVS), says that regulatory fears over drone technology still hold back development. The Civil Aviation Authority (CAA) wants all [...]
Cameron cheers China trade but Europe baulks December 2, 2013 DAVID Cameron sparked frustration in Brussels yesterday by talking up the prospect of a free trade deal with China. The Prime Minister, who has taken dozens of business leaders on a trade trip to the country, told Chinese leaders yesterday he will champion a tie-up with the European Union. “Some in Europe and elsewhere see [...]
Agencies accused of conflicts of interest in sovereign ratings December 2, 2013 CREDIT ratings agencies are letting directors and communications staff have a say in sovereign ratings changes when they should not be, the European Securities and Markets Authority (ESMA) claimed yesterday. The body argued this gives rise to potential conflicts of interest in setting the ratings of governments, potentially affecting their borrowing costs by changing the [...]
Damac begins London trading December 2, 2013 SHARES in the Dubai-based property group Damac are expected to begin trading this morning in London after the group’s bankers decided to go ahead with flotation plans. The issue had been held up last week as investors awaited news of Dubai’s bid to host Expo 2020, which it won last week. The group’s securities will [...]
Apple pays $200m for analytics firm Topsy December 2, 2013 APPLE yesterday splashed out on social media analytics firm Topsy, a business which was only founded in 2007. The technology giant, led by Tim Cook (right), is said to have paid $200m (£122.3m). Topsy specialises in analysing Twitter data and providing insights into sentiment on a variety of topics. Apple’s previous foray into social media was [...]
Bottom Line: A shift at Tesco could change the whole market December 2, 2013 TESCO wasn’t the only supermarket moving downwards yesterday. As shares in the UK’s biggest grocer continued their downward trend, fellow retailers Sainsbury’s and Morrisons dipped in sympathy – despite the former recently topping profit forecasts and outshining its competitors. So why all the discontent in the aisles? HSBC’s note on Tesco yesterday, in which it [...]
Fastest growth since 2011 for UK’s factories December 2, 2013 FACTORIES in the UK are still reporting that their businesses are expanding, now at the fastest pace in nearly three years, indicating another positive contribution to GDP growth in the fourth quarter. Last month, new orders and production for British manufacturers grew at the fastest rate recorded in 19 months, suggesting that the industry is [...]
