Motorola in phone launch to rival Apple October 20, 2011 MOTOROLA yesterday set out to show it is still a force in the mobile market with a “reboot” of its top-selling Razr handset, saying the phone is “out of the league” of rivals Apple and Samsung. The ultra-thin device, the first launched since Google announced its $12.5bn (£7.91bn) takeover of the firm, looks set to [...]
Blackstone buys historic camera firm October 20, 2011 PRIVATE equity giant Blackstone bought a piece of European cultural history yesterday when it took a stake in German camera-maker Leica. Blackstone spent upwards of €122m (£106.47m) to buy a 44 per cent share in Leica Camera from Austrian billionaire Andreas Kaufmann. The roots of Leica go back to 1907, when Max Berek began producing [...]
Permira buys telecoms firm in $1.5bn deal October 20, 2011 PRIVATE equity house Permira sparked hopes of a gradual recovery in buyouts yesterday as it agreed to pay $1.5bn (£950m) for the call centre software business of Alcatel-Lucent. Permira clinched the cash deal for Genesys, at the top end of expectations, after six months of talks between Alcatel-Lucent and possible bidders. Hewlett-Packard, Cisco and Siemens [...]
CIC: problem is Europe’s sloth October 20, 2011 EUROPE’s problems are down to its work-shy population, according to the head of China’s sovereign wealth fund. Jin Liqun, chairman of the China Investment Corporation, which manages about $300bn in assets, said: “The root cause of trouble is the overburdened welfare system, built up since the second World War in Europe — the sloth inducing, [...]
BAE shake-up to its reporting October 20, 2011 BAE Systems yesterday announced a shake-up of its reporting structure, creating a new division for its Cyber and Intelligence activities, which analysts say could pave the way for radical changes within the company. The defence giant said it is revising its reporting segments “to align with the group’s strategic direction.” “There is clearly a strategy”, [...]
Olympus hits out at ousted ex-chief exec October 20, 2011 OLYMPUS, the Japanese camera maker, yesterday threatened to sue its former chief executive yesterday, accusing him of causing disruption to the business and creating a loss of “corporate value”. The camera group fired Michael Woodford on Friday over what it claimed were differences in management direction and methods. Since then he has made a number [...]
Six million to get tax rebate as HMRC overhauls its IT systems October 20, 2011 SIX MILLION UK workers will see a total £2.5m of their tax money repaid by the government as a new IT system corrects overpayments dating back to 2003, HMRC said yesterday. The repayments will be on average about £300 per person with any interest generated on top of that, and will be returned automatically any [...]
SAB in tie-up with Efes October 20, 2011 SABMILLER is joining forces with Turkey’s Anadolu Efes to become the number two brewer in Russia in a deal that gives the London-based group a 24 per cent stake in the leading Turkish brewing group. SABMiller, which last month agreed to buy Australian rival Foster’s for $10bn (£6.3bn), said yesterday the deal will put it [...]
Diageo hit by investor critic on pay October 20, 2011 DIAGEO, the owner of drinks brands such as Smirnoff, was hit by a protest against “unacceptable” changes to its rewards for veteran chief executive Paul Walsh yesterday. Cooperative Asset Management, which owns £83m of Diageo shares, told the annual meeting it was “alarmed” to see the board loosen restrictions on Walsh’s bumper share awards without [...]
Crocs’ stock tumbles as sales soften October 20, 2011 SHOEMAKER Crocs lowered its outlook for the first time in three years as it faces softening sales at its stores, amid a weak economy in Europe and shaky consumer confidence in the US. The dim outlook sparked a sell-off in the Crocs’ stock, wiping out nearly 40 per cent of the company’s market value in [...]
