Toyota loses lawsuit challenge November 22, 2010 Carmaker Toyota suffered a fresh blow in its class action lawsuit at the weekend, after a judge in the US said customers stand to recover compensation for the lost resale value of their cars, regardless of whether their car had suffered the notorious break fault. Toyota’s lawyers had challenged the ruling, arguing the case could [...]
UK economic growth rate now trimmed November 22, 2010 OFFICIAL data published on Wednesday is expected to reveal slower economic growth in the three months to June, after UK construction growth was slower than previously thought. Weaker business confidence is also casting a shadow over the outlook for future growth. The UK economy was originally seen expanding by 1.2 per cent in the second [...]
China tries to curb food prices after consumer inflation hits two-year high November 22, 2010 CHINA said yesterday it would step up efforts to keep commodity prices stable, in its latest attempt to keep fast-rising inflation rates in check. China’s central cabinet has asked local governments to increase agricultural production and keep a constant coal, oil and gas supply in a seven-page circular. The government has urged local groups to [...]
Axiom set for Dubai flotation November 22, 2010 United Arab Emirates handset retailer Axiom Telecom said yesterday it expects to debut on Nasdaq Dubai in early December with a market value of up to $1bn (£630m) after selling up to a third of its shares to institutional investors. In what would be the first initial public offering from the UAE in nearly two [...]
ANALYST VIEWS: DO YOU EXPECT REVISIONS IN THE GDP GROWTH RATE? November 22, 2010 HOWARD ARCHER | IHS GLOBAL INSIGHT I suspect that the year-on-year growth rate may be trimmed to 2.7 per cent from the currently reported rate of 2.8 per cent but there are currently no indications that the third-quarter GDP growth rate of 0.8 per cent quarter-on-quarter will be revised down. MICHAEL SAUNDERS | CITIGROUP I [...]
Google eyes acquisition November 22, 2010 Google has expressed an interest in buying online coupon provider Groupon, according to reports at the weekend. Google could pay more than $3bn for the company, said the reports, making it one of the largest acquisitions for the internet giant. It has bought up several firms in recent months, while Groupon fended off a bid [...]
Deathly Hallows slays rivals November 22, 2010 The first instalment of Harry Potter and the Deathly Hallows made $125m in its opening weekend in the US and Canada, according to studio estimates, making it the sixth most successful opening of the year. The seventh Potter film comfortably beat the previous best weekend debut for the franchise, which was set at $102.7m by [...]
Danone to cut Japanese firm November 22, 2010 Yoghurt-maker Danone is reportedly in talks with Japanese brewers about offloading some distribution operations linked to its water business in the country, to help cut losses in a slow-growth region. Danone said at the weekend it was not prepared to dispose of its Japanese water business, despite speculation it was ready to sell out. Earlier [...]
Survey: new rules will hit bank profits November 22, 2010 NEW rules forcing banks to hold more capital could permanently depress profits and hit tax revenues and jobs, a survey has found. Liquidity buffers three times their present size will increase banks’ costs sharply and permanently reduce profit margins, according to the Evolving Bank Regulation study from business and tax consultants KPMG. The moves will [...]
Tesco sales pick up overseas November 22, 2010 TESCO, the world’s third biggest retailer, has seen a pick up in sales growth in South Korea, its biggest market outside Britain, as well as rising sales in China, Thailand, Malaysia and India, it said yesterday. The supermarket group, on the first day of a trip to Asia with analysts, also said returns in Asia [...]
