GM looks to buy stake in Peugeot February 27, 2012 GENERAL Motors is in advanced discussions to buy a small stake in French carmaker PSA Peugeot Citroen as part of their proposed strategic alliance in Europe, sources familiar with the situation said yesterday. Under the terms being discussed, GM would likely buy a stake of less than five per cent in Peugeot, the sources said. [...]
Dismay over new line-up at Olympus February 27, 2012 ANY hopes that Olympus was ready to move on from a $1.7bn (£1.07bn) accounting scandal were dashed yesterday after a raft of boardroom hirings sparked fresh criticism. The Japanese maker of cameras and medical equipment said it had nominated an insider, executive officer Hiroyuki Sasa, to become president and former banker Yasuyuki Kimoto as chairman, [...]
Housebuilder Bovis hunts for growth in south as profits rise February 27, 2012 HOUSEBUILDER Bovis Homes reported a 74 per cent jump in profit yesterday and predicted a strong 2012 from its focus on the relatively buoyant market for family homes in the affluent south of England. “It was a great year in terms of driving profitability back through the business … and we are expecting a stable [...]
Elpida is filing for bankruptcy February 27, 2012 COMPUTER memory chip maker Elpida filed for chapter eleven protection from creditors yesterday with 448bn yen (£3.5bn) in debt – one of the biggest bankruptcy filings ever by a Japanese manufacturer. The company, which makes DRAM (dynamic random-access memory) chips used in traditional computers, has taken a hit since consumers have turned their eyes to [...]
Asda takes on John Lewis exec February 27, 2012 ASDA has poached John Lewis exec Richard Mayfield to fill the role of chief financial officer. Mayfield, director of partnership services at John Lewis, is to join the retail giant in the summer, replacing acting CFO Rob McWilliam, who is moving to parent firm Wal-Mart as a strategy director. Before working for John Lewis, Mayfield [...]
Digital spurs Pearson past expectations February 27, 2012 THIS will be the year that digital revenues overtake traditional sales at Pearson, which grew pre-tax profits 72 per cent on an unadjusted basis to £1.16bn in fiscal 2011. Pearson, the educational services group that owns Penguin and the Financial Times, beat market expectations and its own forecasts to report adjusted earnings per share of [...]
Perform wins further rights for South American football February 27, 2012 DIGITAL sports media group Perform has reinforced its position in South American football by extending its deal with rights agency Full Play Group. The three-and-a-half year partnership will add 900 South American football matches to Perform’s portfolio, including the top games in Bolivia, Ecuador, Uruguay, Paraguay and Peru as well as the Brazilian, Chilean and [...]
Global advertising spend to rise thanks to Olympics and Obama February 27, 2012 ADVERTISING spending is set to climb by 4.9 per cent to $465.5bn (£293.7bn) this year following a 3.8 per cent growth in 2011, according to Strategy Analytics. Although UK advertising will outperform Europe, it will likely lag behind the global rate as it is expected to rise 4.2 per cent to $20.9bn. But this will [...]
ROUTEMASTER RETURNS TO LONDON February 27, 2012 THE FIRST of a new fleet of London buses to draw inspiration from the classic Routemaster design hit the streets yesterday on the 38 route between Victoria and Hackney. The bus, built by Northern Irish group Wrightbus, is the first of eight prototypes expected to be in service by the end of May. London Mayor [...]
CBI: Service sector shows signs of life February 27, 2012 THE ECONOMY showed hints of recovery in the last three months, according to an influential survey of the vital services industry published today. Business volumes did fall in the quarter, according to the Confederation of British Industry’s (CBI) services sector survey – but at a slower rate than in the previous three months. In consumer [...]
