Heiress quits L’Oreal as firm reveals profit February 13, 2012 FRENCH cosmetics maker L’Oreal said yesterday it expected increased revenue and profits again this year, with emerging markets set to eclipse Western Europe as the biggest contributor to sales. The group also said that L’Oreal heiress Liliane Bettencourt, 89, France’s richest woman with a 30 per cent stake in the €49bn (£40.1bn) company, was leaving [...]
Obama unveils defence cuts February 13, 2012 US PRESIDENT Barack Obama unveiled a 2013 defence budget yesterday that proposes cuts in Pentagon spending for the first time since 1998, slashing military personnel costs and weapons purchases as it trims $487bn (£308.7bn) in projected outlays over the next decade. The President’s spending plan calls for a Pentagon base budget of $525.4bn, about $5.1bn [...]
Anglo American Platinum dented by mine stoppages February 13, 2012 ANGLO American Platinum, the world’s largest platinum producer, yesterday said its production continued to be dented by safety issues which have triggered a string of shutdowns. Amplats, which had 81 government-enforced safety stops in 2011, over double the number the year before, said production in 2012 was likely to be flat. The firm is listed [...]
Barrick to offload stake in Russia’s Highland Gold February 13, 2012 BARRICK Gold, the world’s largest gold producer, plans to sell its 20 per cent stake in Russia’s Highland Gold, it announced yesterday. Barrick bought the stake in Highland, a venture backed by tycoon Roman Abramovich, almost a decade ago, with the aim of using it to gain a foothold to grow in Russia, home to [...]
Dairy Crest warns investors over £4m hit as Quadra calls in administrators February 13, 2012 DAIRY Crest said yesterday it had made a £4m provision for bad debt after one of its customers, Quadra Foods, appointed administrators. The group said it was in a strong position to absorb the debt and its dividend would not be adversely affected. In a statement the foods group Dairy Crest said: “This is the [...]
Bumi investor says board shake-up is not personal February 13, 2012 EXPECTATIONS that the directors of FTSE 250 miner Bumi will strike a deal to resolve a row over board membership rose yesterday, driving the share price of the company up in morning trading. Samin Tan, the newest major shareholder in Bumi, is due in London this week to talk with other shareholders about a plan [...]
Rusal aluminium output dips February 13, 2012 Rusal said yesterday that it expects more companies to cut aluminium output this year, with China accounting for about a third of global cuts, but still forecast that global output would top demand. A supply glut on the back of a deepening European debt crisis and global economic slowdown has hurt demand and prices for [...]
Ronson petrol purchase nears OK February 13, 2012 Gerald Ronson’s deal to acquire petrol stations from Total and sell some to Shell is close to clearing its final competition hurdle. Ronson’s Snax 24 forecourt business, alongside Investec and Grovepoint Capital, made the deal for Total UK’s assets in June under the name Rontec. At the time, Rontec said it would end up operating [...]
Stobart property deal gets nod February 13, 2012 Haulage group Stobart has won the backing of almost all its shareholders to buy up property from a company controlled by its own directors. Despite criticism from institutional investor group Pirc, 97.9 per cent of Stobart investors who voted by proxy before the meeting were in favour of the deal. Stobart said last month it [...]
EU plan risks final salary pension deals February 13, 2012 EUROPEAN plans aimed at protecting pension pots will destroy final salary schemes in the UK and cost businesses hundreds of billions of pounds, a consortium of industry and labour bodies warned yesterday. In a letter to EC boss Jose Manuel Barroso, the Confederation of British Industry (CBI), Trades Union Congress (TUC) and National Association of [...]
