Alcoa positive about 2013 January 8, 2013 THE US’S biggest aluminium producer, Alcoa, kicked off the country’s fourth-quarter results season yesterday, beating expectations on revenue and forecasting an improved 2013. The company, seen as a bellwether for the country’s economy, swung to a profit of $242m (£151m) after a loss in the previous quarter, and said it sees global aluminium consumption to [...]
Funding threat to $10bn HSBC insurance sale January 8, 2013 THE SALE of HSBC’s stake in a major Chinese insurer could be at risk of collapsing, it emerged yesterday, as the bank funding the purchaser could pull out of the deal. Thai conglomerate Charoen Pophand (CP) Group is part way through acquiring HSBC’s 15.6 per cent stake in Chinese insurer Ping An for $9.4bn (£5.96bn). [...]
Vodafone shares up as Verizon eyes buyout of US joint venture January 8, 2013 SHARES in Vodafone rose as much as 2.7 per cent yesterday on suggestions the company could reap a £50bn windfall from the sale of its stake in its US joint venture, Verizon Wireless (VZW). The jump comes after the chief executive of Verizon Communications, which owns 55 per cent of VZW to Vodafone’s 45 per cent, [...]
Markets lap up Irish debt as state recovers January 8, 2013 THE EUROZONE’S bailout fund raised funds successfully yesterday, issuing three-month debt at negative yields, indicating strong support for the paper. And Ireland’s government took a big step towards recovery, easily covering a €2.5bn (£2.04bn) issue of debt maturing in 2017. It received orders totalling over €7bn, a strong reception for the state’s first long-term issuance [...]
Network Rail’s £37.5bn plan to improve trains January 8, 2013 NETWORK Rail yesterday set out its £37.5bn plan to improve Britain’s railways in the five years to 2019, including a 20 per cent rise in seats for London’s peak time commuters. The investment plan, if approved, will be funded by a combination of subsidy, more borrowing and above-inflation fare increases. The money spent on upgrading [...]
African Barrick Gold plunges as talks finish January 8, 2013 SHARES in London-listed miner African Barrick Gold (ABG) plummeted more than 20 per cent yesterday, as its Canadian parent Barrick Gold said it was no longer in talks to sell the unit to a national Chinese gold company. The talks with China Gold regarding the London-listed gold producer, which is 74 per cent-owned by its [...]
Market welcomes Cutifani as new Anglo American chief January 8, 2013 THE MARKET reacted well to Anglo American’s official appointment of incoming chief executive Mark Cutifani yesterday, with the miner’s shares closing up 1.37 per cent. Cutifani, currently chief executive of South African-focused gold producer AngloGold Ashanti, will begin his tenure on 3 April. “He is a seasoned miner, with broad experience of mining operations and [...]
Insurer Generali pays €2.5bn for eastern European joint-venture January 8, 2013 ITALIAN insurance giant Generali yesterday paid €2.5bn (£2bn) to take full control of an eastern European joint-venture with Czech firm PPF. It is the first major decision made by Mario Greco, Generali’s new chief executive, as part of the strategic review that followed his appointment last August. Generali said eastern Europe was now its fourth [...]
Virgin picks US exec as its new airline leader January 8, 2013 VIRGIN Atlantic has hired American Airlines executive Craig Kreeger as its new chief executive, replacing Steve Ridgway at the carrier from 1 February. Kreeger, who has beaten internal candidate Julie Southern to the top job, joins the firm as it navigates a new tie-up with US giant Delta Air Lines. The search for Ridgway’s replacement [...]
AIG could join case against US January 8, 2013 AIG, the insurer rescued by the US government in 2008 with a bailout that ultimately totaled $182bn (£113.3bn), may now join a lawsuit against the government alleging the terms of the deal were unfair, the company said yesterday. AIG said its board would meet today to discuss joining a lawsuit filed against the government by [...]
