China to appeal WTO tyre ruling December 14, 2010 China plans to appeal a World Trade Organization ruling that the US was entitled to impose extra safeguard duties on Chinese tyres, the Ministry of Commerce said yesterday. China’s Ministry of Commerce said in a statement on its website that it was “deeply concerned” about negative consequences from the Monday ruling and condemned the US [...]
iSoft sells iBS arm to Capita December 14, 2010 Debt-laden healthcare IT firm iSoft yesterday offloaded its financial management solutions arm to outsourcing group Capita. It sold iSoft Business Solutions (iBS) to Capita for £23.2m after it was earmarked as “non-core”. Last year the division generated revenue of £17.7m, and £5.8m in earnings. The firm behind the £6.2bn upgrade of the NHS computer systems [...]
Imagination Technologies to snap up 3D company Caustic December 14, 2010 IMAGINATION Technologies, the British firm behind video chips in Apple’s iPhone, will acquire 3D graphics group Caustic for £17m. Imagination chief executive Hossein Yassaie said: “We have a proven track record of disrupting markets by bringing new and high-end technologies to consumer and embedded products. “The acquisition will enable us to accelerate our plans to [...]
Siemens sells IT unit Solutions to Atos Origin in €850m deal December 14, 2010 FRANCE’S Atos Origin will acquire Siemens’ IT unit Solutions and Services (SIS) in an €850m (£721.1m) deal, the German conglomerate said late yesterday. “We are creating a European Champion,” Siemens chief executive officer Peter Loescher said. The deal is expected to have a “considerable negative earnings impact” in Siemens’ fiscal 2011, it said in a [...]
GOOGLE DOMINANCE UNDER SPOTLIGHT December 14, 2010 FRANCE’S antitrust regulator yesterday put Google on notice not to abuse what it said was its dominant position in online search advertising. Amid growing regulatory scrutiny of Google in Europe, the watchdog said Google’s market power was not necessarily bad or illegal but needed careful monitoring to avoid anti-competitive impact.
Beazley drops £180m bid for its rival Hardy December 14, 2010 LLOYDS of London insurer Beazley withdrew its £180m offer for rival Lloyds firm Hardy Underwriters yesterday after failing to win an agreed deal and said it might now return cash to investors. In a brief statement issued yesterday, Beazley said it had submitted a final offer of up to 350p per share for Hardy but [...]
BT sells 5.5pc stake in Tech Mahindra December 14, 2010 BT yesterday completed the sale of a 5.5 per cent stake in Tech Mahindra in a move that could pave the way for further share sales in the Indian telecoms firm. The sale takes BT’s stake in the firm down to 24.4 per cent, with the UK telecoms giant saying “further sales may be considered [...]
Best Buy reports profit drop December 14, 2010 Best Buy shares tumbled 14 per cent yesterday, their biggest decline in more than eight years, as the biggest US electronic retailer reported an unexpected third-quarter dip in profit. The company also cut its outlook after decreased demand for televisions, notebook computers and videogames took its toll on sales. Net income in the fiscal third [...]
Stainless-steel firms’ shares sink December 14, 2010 Shares in Finnish stainless-steel maker Outokumpu declined 5.9 per cent to €13.04 (£11) yesterday after it forecast that fourth-quarter operating profit will be “clearly negative” rather than close to breaking even. The forecast had the knock on effect of reducing shares in ThyssenKrupp, Germany’s largest steelmaker.
British Airways lifts fuel charge December 14, 2010 British Airways yesterday announced it will raise its fuel surcharge on longhaul flights following a recent surge in oil prices. “BA will increase its fuel surcharge on longhaul services from Thursday, 16 December,” the group said in a statement. “The move reflects the substantial recent increase in the price of oil.” There will be no [...]
