Slowdown hits chemical firms October 27, 2011 EUROPEAN chemical groups warned of slowing demand from construction industry customers in both fast-growing Asia and moribund Europe, compounding problems with rising raw materials costs. The chemical sector’s dependence on highly cyclical machinery makers, carmakers and builders makes it especially vulnerable to a downturn. Germany’s Bayer flagged a slowdown in China’s robust construction sector, while [...]
Kazakhmys posts a fall in quarterly copper output October 27, 2011 MINING group Kazakhmys has posted a dip in third-quarter copper production, blaming an expected drop in the amount of metal in ore mined, but said it was on track to meet its full-year target and appetite for its metal was steady. “In spite of the considerable volatility in financial markets, we have seen consistent demand [...]
Disney buys stake in a Russian firm October 27, 2011 MICKEY Mouse will have to take a crash course in Russian after Walt Disney announced it will expand its presence in the country. The firm will launch a free Disney Channel that will reach about 40m households in one of the world’s fast-growing entertainment markets. The decision followed a meeting between chief executive Bob Iger [...]
Fewer workers saving for pensions as consumers and companies make cuts October 27, 2011 THE NUMBER of Brits saving for pensions is at its lowest level since the 1950s, according to figures released yesterday by the Office for National Statistics (ONS). In 2010, 8.3m people were actively saving into occupational pensions, down from 8.7m in 2009. The number of savers has declined steadily since 1995. The public sector accounts [...]
Japan chooses more QE to fight global slowdown October 27, 2011 GLOBAL threats to the economy and the impact of the strong yen pushed the Bank of Japan into expanding its asset purchase programme yesterday. The policy board voted eight to one to buy an extra ¥5 trillion (£41bn), increasing the total size of the programme to ¥55 trillion. An “adverse effect from a slowdown in [...]
Weak luxury car sales dent Daimler gains October 27, 2011 DAIMLER yesterday reported weaker than expected third-quarter operating profit as the downturn hit sales of its luxury cars in western Europe. Earnings before interest and tax (Ebit) dropped 19 per cent to €1.97bn (£1.73bn) in the three months to the end of September, less than the average analyst estimate of €2.21bn in a poll. Car [...]
Volkswagen boosted by emerging market growth October 27, 2011 VOLKSWAGEN has posted a forecast-beating 45 per cent rise in third-quarter operating profit, driven by emerging markets and strong demand for VW and Audi vehicles, but warned Europe’s debt crisis would weigh on demand for cars in western Europe. Volkswagen’s third-quarter operating profit rose 45.7 per cent to €2.89bn (£2.54bn), above the €2.61bn forecast in [...]
Asia Pacific lifts Inchcape revenue October 27, 2011 Multinational car dealer Inchcape has posted a rise in third-quarter revenue, with an uneven global recovery in the car industry showing strong growth in Asia Pacific and the emerging markets but a further weakening of consumer confidence in the UK and Europe. The British-based firm, which sells and distributes cars for manufacturers such as Toyota, [...]
DS Smith cheers rising turnover October 27, 2011 Shares in recycled packaging company DS Smith climbed more than five per cent yesterday after it said like-for-like sales of its key corrugated products in the first half of its current financial year had climbed three per cent on a year ago. The company said the improvement was against tough comparatives from last year and was [...]
Profits up at Croda International October 27, 2011 Croda International posted a higher third-quarter profit on improved performance at its consumer care business, and said it expects further progress into 2012. The company, which makes chemicals for cosmetics, healthcare and home care industries, said sales rose 13 per cent in consumer care products and were well ahead of 2010 in all business areas. [...]
