Tesla to cut 180 of China staff as sales fail to meet expectations March 9, 2015 Electric car maker Tesla Motors yesterday said it was cutting about 30 per cent of its staff in China. Tesla, led by billionaire Elon Musk, will eliminate some positions as it makes structural changes to its business in China, Gary Tao, a local spokesman for the car maker, said. He added, however, that he didn’t [...]
Gemfields confident on growth in demand after strong results March 9, 2015 Pre-tax profits at mining firm Gemfields more than trebled between the first half of the 2014 financial year and the six months to 31 December 2014, jumping from $7.8m (£5.2m) to $43.5m. The London Aim-listed company’s revenue also grew, from $65.7m to $103m. Gemfields, which defines itself as a luxury miner, saw growth in production [...]
Japan economy grows 1.5pc but recovery stalls March 9, 2015 Japan’s economy grew just 1.5 per cent in the fourth quarter of 2014, shy of forecasts for 2.2 per cent, as consumer spending and capital expenditure weakened on the back of a tax hike in April. The country’s gross domestic product had contracted 2.3 per cent in the previous three months. The fourth quarter figure [...]
Concordia snaps up most of Covis Pharma in $1.2bn deal March 9, 2015 Concordia Healthcare yesterday agreed to buy almost all the commercial assets of closely held Covis Pharma and Covis Injectables for $1.2bn (£795m) in cash to diversify sales and boost margins. The portfolio being acquired from the Zug, Switzerland-based Covis Pharma Holdings units consists of 18 branded and generic products and includes therapies to treat heart [...]
City Moves for 10 March 2015 | Who’s switching jobs March 9, 2015 New Bridge Street The executive remuneration specialist has appointed Drew Matthews as partner. He joins from Tesco, where he was group reward director for the past three years. Matthews has also held consultancy roles at PwC, Deloitte, and Stern Stewart. Eaton Vance Management International David Morley has been appointed business development director, UK institutional at [...]
Best of the Brokers for 10 March 2015 March 9, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com CLOSE BROTHERS Canaccord Genuity downgraded the financial services group from a “buy” to a “hold” rating, ahead of its results which are expected to show strong returns from its banking division and difficult market conditions in its securities division. Target price is unchanged [...]
Property shares weigh on FTSE due to bond rise – London Report March 9, 2015 Britain’s top share index yesterday extended its retreat from record highs, pulled down by property shares as a rise in gilt yields eroded the appeal of interest rate-sensitive stocks. The blue chip FTSE 100 index closed down 0.5 per cent at 6,876.47 points, extending Friday’s decline and pushing the FTSE further away from a record [...]
Dow up after Apple unveils its new watch – New York Report March 9, 2015 US STOCKS bounced back yesterday, helped by a couple of billion-dollar deals, while Apple shares ended slightly higher after the long-anticipated unveiling of its smart watch. The Dow Jones industrial average rose 136.53 points, or 0.76 per cent, to 17,993.31, the S&P 500 gained 8.14 points, or 0.39 per cent, to 2,079.4 and the Nasdaq [...]
Why the free school doom-mongers have been proven completely wrong March 9, 2015 Yesterday David Cameron announced the 49 new free schools that will be opened in England from 2015 onwards. This will bring the total number of these trailblazing institutions – set up by parents or independent groups, and free from local authority control – to over 400. This is twice the number of new academies opened [...]
There’s very little evidence that you can shrink government by expanding it March 9, 2015 The battle for the soul of the Conservative party post-election has already begun. This week, commentator and conservative activist Tim Montgomerie will officially launch his new agenda – “The Good Right” – a self-styled “compassionate conservative” call to arms for the Tories to become that bit less libertarian and that bit more willing to embrace [...]
