National Express trading lifted by resilient UK rail and bus unit October 24, 2012 TRANSPORT group National Express Group said it had traded well in its third quarter, driven by resilient performances from its UK bus and rail businesses. The company yesterday reported that its UK rail unit had delivered an “excellent operational performance” so far this year and that it was studying opportunities for expansion in the German [...]
AngloGold begins process to sack 12,000 striking miners October 24, 2012 GOLD miner AngloGold Ashanti yesterday started the process to dismiss 12,000 wildcat strikers, as they failed to respond to an ultimatum to return to work. The South African bullion producer felt it was “left with little choice” but to begin dismissals for illegally striking workers at its West Wits operations. AngloGold yesterday said it remained [...]
Peugeot gets state rescue as crisis deepens October 24, 2012 PSA PEUGEOT Citroen yesterday unveiled a government-backed refinancing deal for its lending arm as the struggling French automaker’s financial position deteriorated further, sending its stock to historic lows. Europe’s second-biggest automaker said it was close to an agreement with creditor banks on €11.5bn (£9.2bn) of refinancing and had won state guarantees on €7bn in further [...]
Volvo expects low growth as Volkswagen sees profits slump October 24, 2012 WORLD number two truck maker Volvo said yesterday it expects no growth in European and US markets next year, as Europe’s biggest auto maker Volkswagen revealed its third-quarter profit had fallen by a fifth. Volkswagen’s operating profit dropped to €2.34bn (£1.89bn) in the third quarter from €2.89bn a year earlier, the company said. That was [...]
US corporate results round-up October 24, 2012 AT&T revenue disappoints AT&T posted third-quarter revenue below Wall Street estimates yesterday and added fewer customers than expected, citing a shortage of the latest Apple iPhone. While profit was better than estimated, analysts were disappointed with slowing customer growth, which showed it was rapidly losing ground to rival Verizon Wireless. AT&T’s profit rose to $3.64bn [...]
Rolls wins Singapore airline deal October 24, 2012 Rolls-Royce said yesterday it has won a $2.6bn (£1.6bn) order from Singapore Airlines for Trent engines to power 25 Airbus aircraft. Rolls, the world’s second-largest maker of aircraft engines said the order was for Trent XWB engines to power 20 Airbus A350-900 planes and Trent 900 engines for five A380 superjumbo jets. The order includes [...]
Ford set to close Belgian factory October 24, 2012 Ford will close a factory employing 4,300 workers in the Belgian town of Genk by the end of 2014, shifting production to Valencia, Spain, as the US carmaker tries to stem European losses. The plant makes the Mondeo mid-size car and Galaxy and S-MAX minivans, but all three models are nearing the end of their [...]
Tangent snaps up Goodprint October 24, 2012 Aim-listed digital printing and marketing company Tangent yesterday announced the £10m acquisition of digital printing competitor Goodprint. The purchase was funded through a £10m equity placing, which was 55 per cent oversubscribed at the market price. Tangent said the acquisition would give it access to an international market including Germany and France.
Who’s switching jobs October 24, 2012 Sciens Alternative Investment Farhang Mehregani has been appointed chief investment officer of the asset management firm. He previously worked for Citigroup between 2008 and 2011, where he ran its central & eastern Europe, Middle East and Africa equities business. Mehregani has also held roles at Smith Barney. VTB Capital Raza Agha has been appointed chief [...]
Best of the Brokers October 24, 2012 AGGREKO RBC Capital Markets has cut its recommendation on the temporary power supplier to “outperform” from “top pick”, moving its target price to 2,500p from 2,700p, citing “a lack of short-term catalysts.” WPP UBS has slashed its recommendation on the media and advertising giant to “neutral” from “buy”, moving the target price to 875p from [...]
