Renault plans for contraction February 16, 2012 RENAULT hunkered down to face a worsening European car market after using discounts to clear vehicle stocks, boost cash and cut debt to its lowest in 13 years by the end of 2011. Europe’s car market, which accounted for 57 per cent of Renault’s 2011 deliveries, is expected to contract three to four per cent [...]
Molson Coors’ profit tops Wall Street expectations February 16, 2012 MOLSON Coors Brewing Co’s fourth-quarter profit blew past Wall Street estimates yesterday, as price increases, cost savings and an extra selling week helped offset weak sales volume. The brewer of Molson Canadian, Coors Light and Blue Moon beers also cited easy comparisons with the year-earlier period, when the weak economy hurt sales and higher fuel [...]
Apple sets court on Kodak as the fate of Chinese iPads hangs in the balance February 16, 2012 APPLE has launched a legal campaign against Kodak, asking the New York federal bankruptcy court for permission to sue the bankrupt camera company for intellectual property theft. A successful suit would see Kodak banned from importing various products that Apple claims infringe its patents – including printers, the area in which the once-successful photographic film firm [...]
Mondi seen sweetening £237m bid for Polish unit February 16, 2012 SHARES in Polish paper maker Mondi Swiecie climbed above an offer price from its South African parent yesterday, as investors bet Mondi would have to sweeten its £237m buy-out bid. The South African paper maker owns two-thirds of Mondi Swiecie, and offered 69 zlotys (£13.60) per share for the remaining 34 per cent of the [...]
Pernod lifts earnings on high demand February 16, 2012 FRENCH spirits giant Pernod Ricard has raised its full-year guidance after reporting a rise in profits, boosted by strong demand from Asia and France. The owner of Absolut Vodka and Jameson Irish whiskey said underlying profits growth from recurring operations would be “close to eight per cent” in the full year to June after previously [...]
SALES RISE AT GUCCI’S OWNER PPR February 16, 2012 PPR, the French luxury and retail group, said sales rose 11.1 per cent to €12.2bn (£10.1bn) last year as strong luxury profits helped compensate for a big drop at its books and electronics chain Fnac. The owner of designer brands including Gucci and Yves Saint Laurent posted a 2.3 per cent rise in net profit [...]
GUNS N’ ROSES TO LEAD SPANISH ROCK LAUNCH February 16, 2012 EIGHT MONTHS after Music Festivals floated on Aim, founder Vince Power has announced the company’s first expansion funded by the IPO – a hard rock festival in Spain, to be headlined by Guns N’ Roses and Marilyn Manson. Costa de Fuego, named after the firepower of its 40 heavy metal acts, will take place over [...]
Retailers call for real action on regulation February 16, 2012 GEORGE Osborne must slash red tape to inspire confidence and boost economic growth, the British Retail Consortium (BRC) argued today in its submission to the chancellor ahead of next month’s budget. The promised bonfire of red tape has yet to emerge, businesses are being unfairly hit with higher taxes and schemes such as enterprise zones [...]
Exports boom as UK car output hits 16-month high February 16, 2012 CAR PRODUCTION jumped in January, according to the Society of Motor Manufacturers and Traders, as the industry helped boost UK exports. Output shot up 15.6 per cent to 127,382, with 83.4 per cent of those being sold abroad. Exports rose 12.9 per cent in the month to 106,189. “UK car production continues to drive manufacturing [...]
Global economic worries ebb on renewed US hopes February 16, 2012 THE WORLD economic climate remains gloomy, according to data out yesterday from the Ifo, but survey respondents are more optimistic about the second half of 2012. The climate indicator rose to 82.4 in the first quarter, up from 78.7 in the fourth quarter of 2011, as the US index climbed strongly from 69.5 to 87.9. [...]
