Peugeot eyes China growth January 25, 2010 FRENCH carmaker Peugeot Citroen wants to grow 30 per cent in China this year, with a long-term goal of obtaining an eight per cent share of its booming market by 2016, a senior executive said yesterday. Several 408 sedans rolled into a cavernous Beijing showroom yesterday for a gala launch ceremony dominated by young Chinese, [...]
Gates warns on prospect of US economic recovery January 25, 2010 BILL GATES, the world’s richest man, yesterday predicted the US economy could take years to recover from recession and predicted taxes will have to rise to bring the federal budget into balance. Speaking on American TV, Gates also warned against too much government intervention and urged President Barack Obama to focus policy on long-term issues [...]
Chinese carmaker to manufacture MGs for European market by end of this year January 25, 2010 SAIC Motor, China’s biggest automaker, plans to sell its UK-made MG cars in Europe at the end of the year as it moves to revive the British vintage brand it took over three years ago. SAIC, which has had initial success selling its own-brand cars domestically, has joined the rush of Chinese automakers, including Geely [...]
Bain Capital takes a slice of Japanese pizza market with Domino’s acquisition January 25, 2010 US PRIVATE equity firm Bain Capital said on Monday it would acquire the Japan franchisee of Domino’s Pizza as it sees opportunities in the country’s niche pizza delivery market. Bain Capital said in a statement that it would buy Japanese firm Higa Industries from Duskin, Daiwa SMBC Capital and Ernest Higa, the founder of Higa. [...]
US investors tapped for Gulf bonds January 25, 2010 Gulf bond issuers are likely to tap US investors for a more diverse funding base, despite the fallout from Dubai’s debt troubles, as demand for high-rating emerging market debt rises, bankers in Dubai said yesterday. There has been an increase in Gulf Arab corporate and quasi-sovereign issuers opting for 144A types of issues, which are [...]
Deutsche Post remains confident January 25, 2010 Deutsche Post DHL’s chief executive expects the global economy will continue on its recovery path this year, given early signs of a pickup in demand for the shipment of goods. “We cannot say much until goods start shipping, but from what I hear from customers… I am optimistic for recovery,” Frank Appel said at a [...]
Surprise loss for Bang & Olufsen January 25, 2010 Luxury stereo and television maker Bang & Olufsen yesterday posted a surprise pre-tax loss for September-November and cut its full-year guidance, as sales tumbled and new product launches came too late in the quarter. The Danish upmarket electronics maker made a second-quarter pre-tax loss of 47.6m crowns ($9m) compared with a year-earlier 149m loss and [...]
Dunfermline’s £1.5bn of aid gets EU nod January 25, 2010 THE European Commission yesterday cleared a plan by British authorities to provide aid of over £1.5bn to facilitate the restructuring of Dunfermline Building Society. The restructuring saw the split-up of the building society, of which a part containing good assets and liabilities was sold in an auction to a competitor. “The Commission found that the [...]
Corporate debt restructuring could cause refinancing crisis January 25, 2010 VAST amounts of corporate debt due to be restructured in the summer could cause a refinancing crisis. The G4 countries of France, Germany, Italy and the UK have almost £350bn of debt that will mature by the end of the year. AlixPartners looked at debt held by 577 European companies, including 150 in France, 114 [...]
Bradford & Bingley liquidation cleared by European Union January 25, 2010 EU REGULATORS yesterday cleared the liquidation of failed British bank Bradford & Bingley after a request from UK authorities, which broke up and partly nationalised the lender nearly two years ago. Hit by a sharp rise in funding costs during the credit crunch, Bradford & Bingley sold its savings business and branch network to Spain’s [...]
