Facebook IPO is expected to raise $10bn November 29, 2011 Facebook is expected to go public next year in one of the largest initial public offerings ever. It is thought that the social networking site will aim to raise $10bn (£6.4bn) from an IPO, to launch between April and June next year, resulting in a company valuation of more than $100bn. Although Mark Zuckerberg has [...]
American Airlines goes into Chapter 11 after deal with pilots falls through November 29, 2011 AMERICAN Airlines and its parent company AMR Corp filed for bankruptcy yesterday after failing to win a labour deal with pilots and suffering from mounting fuel costs. AMR had been the only major US carrier to avoid bankruptcy in the past decade. Its rivals used bankruptcy to restructure their labour agreements and cut costs. That [...]
BHP could sell off diamond mines November 29, 2011 BHP Billiton, the world’s biggest miner, is considering selling all or part of its diamond assets, which include the EKATI mine in northern Canada, as it focuses on large, long-life, scalable assets. BHP said yesterday it had begun a review to examine whether a continued presence in the diamond industry was consistent with its strategy [...]
Olympus will review structure November 29, 2011 Japan’s Olympus Corp has launched a review of its business structure, according to an internal memo, amid speculation the 92-year-old company may have to sell assets in order to survive a massive accounting scandal. The company is also looking to reform its corporate governance, and is setting up separate teams to supervise the two reviews, [...]
Tiffany sales lose their shine November 29, 2011 Concerns about slowing sales momentum took some of the lustre off Tiffany & Co’s stock yesterday amid signs that European and US economic distress are weighing on luxury consumers. The upscale jeweller, a stock market darling for how fast its international business has grown, reported third-quarter earnings that beat analysts’ estimates but gave a profit [...]
Resolution to return next £250m November 29, 2011 Life insurance buyout group Resolution yesterday said it had achieved the capital synergies it had targeted this year and was on track to return £250m of cash to investors next year as planned. Resolution also said it had completed the takeover of life assets from AXA UK with the final purchase of Winterthur Life UK.
Sales worsen at Topps Tiles November 29, 2011 TOPPS TILES, the UK’s largest tiling retailer, has seen its sales deteriorate in the past few months as squeezed consumers continue to put off redecorating their homes. The group said the combined effect of stagnation in the housing market and falls in consumer spending power had caused sales at stores open over a year to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 29, 2011 FINANCIAL TIMES EDITORS KNEW OF HACKING, SAYS EX-NOTW JOURNALIST A former senior journalist at the News of the World told the Leveson inquiry into press standards that former editors, including Piers Morgan, Rebekah Brooks and Andy Coulson, were all aware of unethical practices used by the newspaper’s reporters. Giving evidence under oath, Paul McMullan, who [...]
AstraZeneca diabetes drug gets go-ahead November 29, 2011 PHARMACEUTICAL giant AstraZeneca has won Europe-wide approval for its diabetes drug Komboglyze. The treatment, which was developed in a partnership with US peer Bristol-Myers Squibb, helps glycaemic control in adult patients with type two diabetes. The approval comes following a study and series of tests involving 4,326 patients. Type two diabetes accounts for approximately 90 [...]
Saab GB in bankruptcy filing amid funding woes November 29, 2011 SAAB Great Britain, the UK arm of Swedish car manufacturer Saab Automobile, filed for administration yesterday. The company said that it had previously received a conditional funding commitment from China Youngman Automobile Group for the payment of the wages of Saab Automobile employees and for ongoing operations at Saab GB. But the firm has not [...]
