Luxury goods maker Hermes sees no sign of affluent cutting spending October 2, 2011 FRENCH luxury goods maker Hermes sees no sign yet of affluent buyers tightening their purse strings in spite of a sombre global economic outlook. Speaking at the brand’s show at Paris Fashion Week yesterday, chief executive Patrick Thomas said: “For the moment, there is no impact on our sales.” He added that he believed the [...]
Cairn finds gas in Sri Lanka October 2, 2011 Cairn India, a subsidiary of Cairn Energy, said yesterday it has discovered natural gas in Sri Lanka’s offshore Mannar Basin, confirming an earlier announcement by Sri Lankan President Mahinda Rajapaksa. “Further drilling will be required to establish the commerciality of the discovery,” Cairn said in a statement, referring to the find at the CLPL-Dorado-91H/1z well [...]
Japan in bid to stop cyber crime October 2, 2011 Japan plans to work more closely with private companies by sharing information on cyber attacks after defence contractor Mitsubishi Heavy Industries was hacked, Nikkei business daily reported yesterday. The government also aims to ratify an international treaty on online crimes. The US called on Japan to take more action after Mitsubishi Heavy, which works closely [...]
China fights back over yuan October 2, 2011 China’s official news agency yesterday derided US lawmakers’ efforts to pressure Beijing over its currency policy as “expedient and shallow”, saying they were resorting to an old habit of deflecting blame on China. Xinhua said US criticism tended to come when the US economy is slow or an election looming.
Rothschild to land £120m Bumi windfall October 2, 2011 FINANCIER Nat Rothschild has made a £120m windfall following the completion of the reverse takeover of Indonesian coal mines in his investment vehicle Vallar. Rothschild and three partners, including former Anglo-American executive James Campbell, invested £100m into Vallar last year, and put £20m into “founder shares”, which entitled them to a bigger stake once the [...]
Chi-X launches index series to rival FTSE and EuroStoxx October 2, 2011 EQUITY trading platform Chi-X Europe today launches its own Europe-wide stock index series linked to its daily trading prices as it seeks to capitalise on its growing market share and compete with providers such as FTSE and EuroStoxx. Chi-X, Europe’s biggest equities platform by volume, has created two pan-Europe and two eurozone indices of the [...]
Investors can stop being cautious now October 2, 2011 SO far investors seem to have been wary of Bumi. Its complex structure and ongoing acquisition wrangles have meant many are reluctant to follow the Rothschild blank cheque venture, but it’s unlikely to stay that way for long. First-half results in mid-August saw underlying profits of $54m (£32m) amid a bullish outlook on thermal coal [...]
Qatar invests $1bn in Greek gold mining October 2, 2011 THE QATARI sovereign wealth fund is investing $775m (£497m) in European Goldfields, the London-listed company behind one of the biggest gold-mining projects in Greece, in a move that marks a major boost for the debt-laden country. Qatar Holding, the investment arm of the Qatar Investment Authority which also owns Harrods, will provide a $600m loan [...]
BAE Systems wins £85m deal with US October 2, 2011 EUROPE’S biggest defence contractor BAE Systems has won a $134m (£85m) deal from the US for 70 M777 howitzers, potentially safeguarding 380 British jobs. The company said the weapons will be manufactured in Barrow-in-Furness, northern England, in a programme to run until October 2013. Final assembly will take place in Mississippi in the United States. [...]
Tesco and Sainsbury’s in battle to step up sales October 2, 2011 TESCO reports it half yearly results on Wednesday with analysts predicting international sales offsetting sluggish figure for the UK. The grocer, which has slashed the prices on thousands of lines in a bid to trigger sales rises, will also be eyeing second quarter results from rival Sainsbury’s, which is reporting on the same day. New [...]
