UniCredit starts hunting for permanent chief after Alessandro Profumo quits September 23, 2010 ITALY’S biggest bank UniCredit took a first step in picking a replacement for its chief executive yesterday, who resigned this week after a power clash with shareholders. The board’s strategic, governance and remuneration committees began to prepare the criteria for a successor to Alessandro Profumo, but there is still no list of candidates, said a [...]
August car output surges due to export orders rise September 23, 2010 car production in August was 37.3 per cent higher than a year earlier, and year-to-date output was up by an annual 41.3 per cent, the Society of Motor Manufacturers and Traders (SMMT) said yesterday. SMMT said carmakers turned out 77,882 vehicles in August, some 57,005 of which were destined for export, a rise of 51.8 [...]
Major inflation risks should ease, says MPC’s chief economist Dale September 23, 2010 Debate over the Bank of England’s Monetary Policy Committee (MPC) has entered a particularly aggressive and vigorous phase as policy-makers struggle to assess the relative strength of upside and downside risks to inflation, Bank chief economist Spencer Dale said yesterday. Dale said the policy debate was particularly aggressive at the moment as MPC members strove [...]
Danaher drops $1bn sale of defence unit September 23, 2010 DIVERSIFIED US manufacturer Danaher has dropped plans to sell its aerospace and defence business for more than $1bn (£640m) after no buyer emerged for the entire business. Danaher, which hired Goldman Sachs earlier this year to solicit buyers for the business that makes aviation safety equipment and weapons platforms, had received interest only for different [...]
… but unemployment edges up in 27 states September 23, 2010 MORE than half of US states saw their unemployment rates rise in August, the largest number in six months, as hiring weakened across the country. Overall, the economy lost 54,000 positions in August and the unemployment rate rose to 9.6 per cent from 9.5 per cent in July. Private employers added a net total of [...]
Credit Suisse commodity star quits to set up hedge fund after Obama reforms September 23, 2010 A TOP Credit Suisse commodity trader is leaving the bank, along with a team of proprietary traders, to set up a hedge fund backed by $150m (£95m) from private investment firm Blackstone Group, The move by George “Beau” Taylor, a rainmaker renowned for making big bets on energy markets at a series of Wall Street [...]
Rio Tinto clears the way for $347m Iceland update September 23, 2010 RIO Tinto Alcan has finalised a deal with an Icelandic power firm to begin a $347m (£221m)?update of its aluminium smelter in the country. The London-listed miner has signed a contract with Landsvirkjun to allow it to use more power at the smelting site for the next 26 years, boosting capacity by 20 per cent [...]
Songbird September 23, 2010 IN THE depths of the economic crisis – which hit the property sector more than most – many thought the Walkie Talkie would never be built. News that Land Securities and Songbird are pressing ahead with plans to resurrect it, like a phoenix from the ashes, show just how much things have improved. Songbird’s results [...]
NIKE DOES IT September 23, 2010 NIKE, owner of the iconic Niketown store on Oxford Street (pictured), posted a higher quarterly profit yesterday on strong demand in North America, China and the emerging markets. Net income in the sportswear giant’s first quarter rose nine per cent to $559m (£356m) on revenues up eight per cent at $5.18bn.
United Utilities sale raises up to £600m September 23, 2010 UNITED Utilities said yesterday it will net around £600m from selling most of its non-regulated businesses, as it announced trading in line with expectations. The UK’s largest listed water company has agreed to sell twelve operations since April, including its water and electricity meter business MeterFit, a stake in contracts with Southern Water and three [...]
