Norilsk billionaires end feud with Abramovich as enforcer December 4, 2012 TWO Russian billionaires ended a four-year battle over the world’s biggest nickel and palladium miner yesterday by giving the largest voting stake in their $30bn (£18bn) company to Kremlin-favoured tycoon Roman Abramovich. Norilsk Nickel, which mines mineral deposits in Russia, was one of the biggest prizes handed to insiders in the post-Soviet carve-up of Russian [...]
European luxury goods makers braced for a tough year in 2013 December 4, 2012 EUROPEAN luxury goods makers knocked back predictions of a boost to sales early next year, saying that economic gloom will continue to discourage shoppers from splashing out on designer dresses and leather handbags. Consultancy Bain & Co had said that sales of luxury goods should pick up steam from the second quarter of 2013 as [...]
Royal Dutch Shell bows out of a troubled refinery in France December 4, 2012 SHELL will not extend its six-month oil processing contract with troubled French Petit-Couronne refinery beyond mid-December, which will make the refinery less attractive for potential buyers, the plant’s union spokesman said. The refinery stopped production on 10 January, before restarting operations in June under a deal with Royal Dutch Shell, the former owner, to deliver [...]
Internet treaty talks stutter December 4, 2012 A US and European proposal to protect the internet from new international regulation failed to win prompt backing from other countries yesterday, setting up potentially tough negotiations to rewrite a new treaty. Countries such as Russia, and some in the Middle East, want to obtain powers over the internet in order to gather personal information [...]
Pre-tax profits fall at Northgate December 4, 2012 White van hire group Northgate said yesterday its profit before tax for the six months to 31 October were £28.1m – down 13 per cent on last year’s figure of £32.3m. But the firm, often viewed as a bellwether for activity among small businesses, said it had continued to grow despite the challenging trading, with [...]
Boeing predicts $100bn market December 4, 2012 Buyers of commercial jetliners are likely to draw more financing from capital markets in 2013, as the value of jet sales rises about 9.5 per cent to a record $104bn (£64bn), Boeing said yesterday. Capital markets will account for about 14 per cent of total jet financing, up from 10 per cent this year, Boeing [...]
Who’s switching jobs December 4, 2012 Aon Hewitt The human resources consultancy has appointed Andrew Woolnough as client development director in its flexible benefits team. He was most recently head of flexible benefits at Enrich Reward, and has also held senior roles at Jelf Group. JP Morgan Private Bank The private bank has announced two new appointments to its London-based South [...]
Best of the Brokers December 4, 2012 TESCO Espirito Santo has downgraded the supermarket giant from a “hold” guidance to a “sell” and cut the price target from 300p to 275p, warning of a drop in profit margins. CWC Barclays has upgraded the telecoms firm to an “equal weight” rating, and upped its target by 32 per cent to 41p following CWC’s [...]
FTSE closes flat as low confidence and poor construction data bites December 4, 2012 BRITAIN’S top share index closed flat yesterday, underperforming most European bourses as a swathe of downbeat domestic data outweighed optimism about crisis-hit Spain and Greece. British construction activity shrank last month, and confidence about the next year fell to its lowest in almost four years, as the British Chamber of Commerce said that growth in [...]
US economic stalemate sees markets dip December 4, 2012 US stocks finished slightly lower in a quiet session yesterday as the back-and-forth wrangling over the “fiscal cliff” gave investors little reason to act. Trading volume was light as legislators continue to negotiate a deal to avoid a $600bn (£372bn) package of tax hikes and federal spending cuts that would begin 1 January and could [...]
