Israel drafts in more troops as violence builds November 15, 2012 ISRAEL last night called in reserve troops after two rockets fired from the Gaza Strip targeted Tel Aviv amid escalating violence in the region. The attack by Palestinian militants is the first on Israel’s commercial capital in over two decades, and defence minister Ehud Barak insisted they would pay a price for firing the missiles. [...]
Starbucks in share buyback plan November 15, 2012 ■ High street coffee chain Starbucks yesterday said it could repurchase up to 25m additional shares in a share buyback to give value back to shareholders. The Seattle based firm said the plan was a reflection of its strong current cash flow position. Its board has approved the plan, which takes its firepower for a [...]
Amplats miners return to work November 15, 2012 ■ The South African strike that has crippled Anglo American Platinum since mid-September has come to an end, as miners accepted a pay offer and returned to work. Amplats has offered miners a one-off payment of ZAR4,500 (£317) and a monthly salary increase of ZAR400 on the condition that the workers – including the 12,000 [...]
Dell sees profit plunge 47pc November 15, 2012 ■ Dell yesterday posted a 47 per cent profit fall, hurt by lower PC sales and weaker demand from large corporations. However, it said it expects revenue to grow as much as five per cent in the current quarter. Dell said revenue in its fiscal third quarter fell 11 per cent to $13.7bn, slightly lower [...]
Xstrata backs rights issue but wants board changes at Lonmin November 15, 2012 XSTRATA yesterday called for a significant overhaul of Lonmin’s board, management and strategy, as it prepared to support its forthcoming rights issue to shore up its balance sheet in the wake of industrial action in South Africa. Xstrata chief executive Mick Davis, in a letter to the chairman of Lonmin, said that the Swiss miner [...]
Qatari investors give blessing to mega merger November 15, 2012 SOVEREIGN wealth fund Qatar Holding has likely scuppered management incentive arrangements for key Xstrata staff, as it confirmed yesterday that it would back the mega-merger with Glencore but abstain from voting on controversial remuneration plans. Xstrata’s second-largest shareholder after Glencore said yesterday it would vote in favour of two key resolutions at Tuesday’s shareholder vote, [...]
Reckitt shoves aside Bayer as bids $1.4bn for Schiff Nutrition November 15, 2012 UK CONSUMER and healthcare company Reckitt Benckiser made a rival $1.4bn offer for Schiff Nutrition International yesterday, topping Bayer AG’s agreed $1.2bn deal to acquire the U.S. vitamin maker. Reckitt proposed to pay $42 for each Schiff share, a 23.5 per cent premium over the $34 per share that Bayer, Germany’s biggest drugmaker, agreed to [...]
Draghi admits low rates have not helped weakest economies November 15, 2012 LOW INTEREST rates have not been able to help boost Europe’s battered economies because the financial system is broken, European Central Bank (ECB) boss Mario Draghi acknowledged yesterday. The top policymaker said that the ultra-loose monetary policy – the benchmark refinancing rate stands at 0.75 per cent – has not been getting through to firms [...]
Data confirms Eurozone back in a recession November 15, 2012 THE EUROZONE tumbled back into an official recession in the third quarter of the year, data from Brussels confirmed yesterday, with bad economic news weighing on markets. The 17-country single currency area saw GDP dip by 0.1 per cent in the three months to September, its Eurostat office said – the second straight quarter of [...]
Fears of fourth quarter slump in UK sparked by retail sales dip November 15, 2012 UK RETAIL sales fell in October as shoppers bought less food and clothing, puncturing a consumer spending revival that policymakers hoped would kick-start the economy heading into 2013. Sales volumes fell 0.8 per cent on the month for an annual rise of just 0.6 per cent, the Office for National Statistics said yesterday. Both numbers [...]
