EURO CRISIS REACHES AUSTRALIA December 6, 2011 Glenn Stevens, governor of the Reserve Bank of Australia, slashed interest rates for the second consecutive month yesterday, blaming the deteriorating global economic picture and rising bank funding costs – both due to the Eurozone crisis. The cut takes headline interest rates down to 4.25 percent, and represents the first double-cut since the depths of [...]
Saab hovers on brink without GM support December 6, 2011 GENERAL Motors said yesterday it would not support a proposed ownership structure for Saab that included a Chinese bank, moving the Swedish auto company closer to liquidation. “We have reviewed Saab’s proposed changes regarding the sale of the company,” GM spokesman James Cain said in a statement. “Nothing in the proposal changes GM’s position. We [...]
Christmas trading is slow at Metro as it issues profit alert December 6, 2011 METRO, the world’s fourth-biggest retailer, issued a profit warning that sent shockwaves through the sector yesterday, saying Christmas trading had started slowly and the Eurozone debt crisis was undermining consumer confidence. Shares in the German group, which runs cash and carries, hypermarkets, electrical goods and department stores, slumped over 13 per cent. “We feel the [...]
UK government to consult on tobacco packaging rules December 6, 2011 BRITAIN is to begin a wide-ranging consultation on plain packaging of tobacco products by the end of the year, informed by the legal challenges Australia has faced as the first nation to pass such legislation. Australia’s parliament approved laws last month to introduce plain packaging from December 2012 to reduce the attraction of smoking, but [...]
SOTHEBY’S SALE NETS £2.3M December 6, 2011 AN AUCTION of European sculpture at Sotheby’s yesterday proved that art is still seen as a worthy investment, with final prices for the top four lots exceeding estimates by as much as three times over. The star lot was an early south German limewood figure of St John the Baptist, bought by the Getty Museum in [...]
EC probing e-book publishers December 6, 2011 The European Commission is investigating whether e-book publishers owned by Lagardere, Pearson, News Corp and two other firms fixed prices with Apple, blocking rivals and hurting consumers. The decision by the European Commission to open an investigation yesterday followed raids on the companies in March this year. US regulators are also looking into pricing deals [...]
Northern Rock office to close December 6, 2011 UK Asset Resolution, the body set up by the government to manage the toxic assets resulting from the collapse of Northern Rock and Bradford & Bingley, will close down a north east England site in a move that will affect 700 staff. UKAR said in a statement that it planned to withdraw staff from its [...]
Miners losing due to poor governance December 6, 2011 THE BOSSES of some mining companies are letting their shareholders down by ignoring corporate governance issues, a hard hitting report has found. According to the research, dozens of London-listed firms are missing out on making more money for their investors through their bungling in the boardroom. Half of the 179 listed companies have lost shareholders [...]
Xstrata sees resources boost December 6, 2011 XSTRATA, the world’s fourth-largest copper miner, expects to benefit from supply troubles hitting the metal globally, it said yesterday, as it reported increased resources and said its own key projects were on track. A drastic fall in output at Chile’s Escondida, the world’s largest copper mine and majority owned by global miner BHP Billiton, as [...]
Greencore operating profits slide but firm is upbeat after Uniq acquisition December 6, 2011 IRISH food group Greencore expects significant profit growth in 2012 helped by its Uniq acquisition and as cost price inflation eases, after it reported 2011 results in line with analyst expectations. Greencore, one of the biggest sandwich and ready meal suppliers to Britain, said it still planned to play a role in the consolidation of [...]
