US deadlock fear in China currency row October 11, 2011 SENATORS in Washington last night voted through a bill that would allow the US to punish China for undervaluing its currency, amid fears of a trade war. The bill, passed by 63 to 35 in the Democrat-led Senate with the help of nine Republican votes, was designed to encourage China to let its currency rise [...]
Mothercare boss leaves after downturn in sales October 11, 2011 NEW MOTHERCARE chairman Alan Parker has swung the axe at the retailer, dispensing of the services of chief executive Ben Gordon. Gordon is leaving the company after a string of disappointing results, the company announced yesterday. He will be stepping down when the retailer releases its interim results on 17 November. The search for a [...]
BlackBerry hit by second day of data outages October 11, 2011 A SERVER in Slough yesterday caused a second day of misery for BlackBerry users from South Africa to Chile. Customers were forced to go without data services after the problems that caused outages throughout Monday resurfaced at around 11.45am yesterday. Users across Europe, Africa, the Middle East, Brazil, Chile and Argentina all had to go [...]
US earnings season makes a rocky start October 11, 2011 QUARTERLY earnings season in the United States kicked off under a cloud yesterday, as Alcoa profit growth was lower than expected and a top New York official said that Wall Street should brace for lower bonuses and job cuts. Alcoa, the largest US aluminium producer and the first Dow component to report results, said slowing [...]
Shares slide at Robert Walters as UK fees fall October 11, 2011 RECRUITMENT consultant Robert Walters saw its shares slide almost six per cent yesterday after it said its net fees from its core UK market fell four per cent to £12.1m in the past quarter. Robert Walters said the company’s net fees were £48m in the third quarter, eight per cent higher in constant currency than [...]
Oz carbon tax passes hurdle October 11, 2011 AUSTRALIA’S plan for a carbon tax passed its biggest political hurdle this morning when parliament’s lower house passed a series of 18 bills for the scheme. The new rules plan to reduce carbon emissions by 159m tonnes in 2020, to be achieved with a carbon tax from mid-2012 to mid-2015, followed by a carbon-trading system. [...]
Glencore in Bakrie talks over shares October 11, 2011 MINING giant Glencore is pressing the Bakrie group for more rights to sell coal and an option to buy shares in the Indonesian coal company Bumi, in exchange for refinancing a $1.34bn (£860m) short-term loan. The mining giant, which has in the past come to the rescue of cash-strapped firms in exchange for equity stakes, [...]
Keydata wins court ruling against FSA October 11, 2011 KEYDATA founder Stewart Ford compared the Financial Services Authority to a “runaway train” after a High Court judge ruled that the watchdog acted “unlawfully” in its use of legally privileged emails in its enforcement investigation. “Right from the beginning I have said the FSA has acted in an underhand way and I believe that the [...]
ENRC to buy miner from its founders October 11, 2011 EURASIAN Natural Resources Corporation plans to buy the 75 per cent stake it doesn’t already own in the thermal coal producer Shubarkol from ENRC’s founding shareholders for $600m (£384m). The news comes less than two weeks after ENRC completed its three month corporate governance review of the board’s directors and management following calls from investors [...]
Corporate governance concerns persist October 11, 2011 THERE were more than a few raised eyebrows in the City yesterday, after ENRC said it would snap up a thermal coal producer for $600m. Analysts liked the deal, but investors did not, sending the miner’s shares falling 2.3 per cent to 625p. Perhaps they felt uneasy that the coal producer is owned by ENRC’s founding [...]
