Builders signal August boost for construction September 3, 2013 THE CONSTRUCTION sector grew at its fastest rate since September 2007 this August, surging after a feeble start to the year, according to a survey of professionals. The purchasing managers’ index (PMI) for construction, collated by Markit and the Chartered Institute of Purchasing and Supply, output is rising at the fastest rate since before the [...]
Obama wins backing over Syria attacks September 3, 2013 PRESIDENT Obama last night won the support of key Republicans as he looks to build support for tactical strikes on Syria over the alleged used of chemical weapons by President al-Assad. Eric Cantor, who leads the Republican party in the House of Representatives, gave his backing to the President, while John Boehner, the speaker of the [...]
Louis Vuitton owner concedes defeat in French luxury battle September 3, 2013 LUXURY goods giant LVMH, which owns Louis Vuitton and Moet Hennessy, has admitted that it will not appeal a French fine after a long-running and heated dispute with rival firm Hermes. In July, French market watchdog the AMF fined LVMH €8m (£6.76m) for failing to properly disclose its stake-building in rival Hermes before 2010. LVMH [...]
Credit Agricole exits Bankinter September 3, 2013 FRENCH lender Credit Agricole last night announced plans to sell its 7.6 per cent stake in Spain’s Bankinter. Credit Agricole was burned badly in the financial crisis and has been selling off and closing down business units and investments outside its core markets. Its profits soared earlier this year after it sold Greek unit Emporiki, [...]
Bridgepoint in €585m deal September 3, 2013 PRET a Manger owner Bridgepoint yesterday beat off stiff competition to buy AHT Cooling, which supplies fridges and freezes to supermarkets including Lidl and Aldi. The private equity firm will pay €585m to Quadriga Capital and Partners group to takeover the Austrian-based company. City A.M. understands the deal is backed by about €280m of senior [...]
What the other papers say this morning – 04 September 2013 September 3, 2013 FINANCIAL TIMES City grandee countersues ENRC Sir Paul Judge, the City grandee and former board member of ENRC, is counter-suing the miner for alleged libel in the latest twist in the legal battle between the parties. Judge alleges that a press release published by ENRC in July stating that it was suing him for alleged [...]
Microsoft’s big move into the mobile space September 3, 2013 MICROSOFT’S €5.33bn (£4.5bn) purchase of Nokia’s mobile devices business marks the US computer giant’s first steps into building smartphones to complement its mobile operating system. The deal gives Microsoft control of Nokia’s Lumia smartphone devices, which currently control four per cent of the global smartphone market, and low cost Asha feature phones. “Bringing these great [...]
Bottom Line: Smartphones have left this pair lagging September 3, 2013 IT’S EASY to see why firms with so much in common are joining forces – both Nokia and Microsoft were the future once. Yesterday, a 30 per cent bump from the good news left Nokia shares trading around €4, a long way from the glory days of May 2000, when they topped €64 each. Microsoft [...]
Brand Index: The Finnish firm gets a patchy reception across the world September 3, 2013 NOKIA announced yesterday that Microsoft will acquire its mobile phone business. The Finnish company has long been one of the big players in the market, and while it has struggled in recent years it is still the second biggest seller of mobile phones globally. So is this a good deal for Microsoft? Perceptions of Nokia [...]
Wonga defends reputation as profits rocket September 3, 2013 ONLINE lender Wonga yesterday claimed it is a “good corporate citizen” and that it believes the political campaign against its short-term loans is beginning to die down. The company recorded post-tax profits of £62.5m for 2012, a rise of 36 per cent on the year, on revenues of £309.3m, up 67 per cent. Loan volumes [...]
