BMW expects sales to hit a record in 2012 March 14, 2012 BMW, the world’s largest premium car maker, yesterday forecast it would reach its long-term sales target four years earlier than planned, presenting rival Audi with a bigger challenge if it hopes to catch up with the Munich-based company. BMW Group said sales would surpass the 2m vehicle mark in 2016, including its Mini and Rolls-Royce [...]
CITY VIEWS: WHY IS GERMANY’S UPMARKET CAR SECTOR DOING SO WELL?* March 14, 2012 PHIL HAY | RBS “German manufacturing has a good reputation for well-made products – that’s always been why German cars have done well. People will always go for the reliable choice.” DAN MCNAMEE | TREVOR SMITH “High net worth individuals in emerging markets are still making more money, which they’ll spend on luxury. Germany’s manufacturing base [...]
Jaguar adds 1,000 jobs in the UK March 14, 2012 Jaguar Land Rover announced yesterday it will create 1,000 new jobs at its Merseyside factory, to help supply the “significant demand” for some of its most popular models. The company named the Range Rover Evoque and Land Rover Freelander 2 as among the in-demand models that will boost the workforce in Halewood to almost 4,500.
Porsche posts bumper profit March 14, 2012 Porsche posted the highest profit last year in the German sports-car maker’s 80-year history, powered by sales of the Cayenne sports-utility vehicle and the Panamera sedan. Operating profit rose 22 per cent to €2.05bn (£1.7bn) while revenue increased 18 per cent to €10.9bn, the company said yesterday in an e-mailed statement. Vehicle sales increased 22 [...]
Inchcape sees demand in Asia March 14, 2012 Car dealer Inchcape posted a higher full-year profit yesterday as demand for premium vehicles in the Asia-Pacific and emerging markets drove growth, offsetting supply issues in Japan. Inchcape said it was confident of its earnings growth potential in 2012, helped by continued exposure to fast-growing emerging economies and market share gains driven by new products [...]
G4S profit is hit by failed deal with ISS March 14, 2012 SECURITY group G4S was one of the biggest losers on the FTSE 100 yesterday after it posted a 17 per cent slump in profits and admitted a £50m hit on its failed merger with a Danish catering firm. Pre-tax profit fell to £279m for 2011, a turbulent year in which G4S was forced to scrap [...]
Weir drops offer for Ludowici March 14, 2012 WEIR shares jumped 2.6 per cent yesterday after it ended its pursuit of Australian machinery maker Ludowici. The FTSE 100 engineering group, which last month had its A$10 a share bid trumped by Danish rival FLSmidth, said yesterday it would make no further offer and had withdrawn from the race. Its offer lapsed in February [...]
Mitie climbs most in three years on Lloyds work win March 14, 2012 SHARES in support services group Mitie leaped as much as 8.5 per cent during trading yesterday after it said it was the preferred bidder for a contract with Lloyds Banking Group. The contract news – which would see the winning bidder provide integrated facilities and energy management for the entire Lloyds branch network and offices [...]
Antofagasta cuts dividend March 14, 2012 ANTOFAGASTA cut back on dividends yesterday to spend more on a new generation of growth projects, a shift that the copper miner said was also behind the abrupt departure last week of its long-standing chief executive. The Chilean miner disappointed market hopes for another bumper payout, announcing a full year dividend of less than half [...]
Rusal chairman quits the firm March 14, 2012 RUSSIAN billionaire Viktor Vekselberg quit yesterday as chairman of the world’s largest aluminium producer, UC Rusal, saying the heavily indebted company was in deep crisis after a long battle with rival oligarch Oleg Deripaska. Vekselberg’s exit widens a rift with controlling shareholder Deripaska, who had sought to build a Russian metals and mining business on [...]
