Unemployment in Spain edges towards the five million mark November 5, 2012 THE NUMBER of officially unemployed people in Spain rose by 2.7 per cent in October from a month earlier, data revealed yesterday, reflecting the country’s ongoing economic crisis. Labour ministry figures showed an extra 128,242 people being out of work, with the total number reaching 4.8m. This was the third straight month the jobless figures [...]
Olympics combine with heavy taxes to knock tourism outlook November 5, 2012 THE OLYMPIC Games put a big dent in tourism in London over the course of the summer, an industry group said yesterday. Two thirds of tourism firms surveyed by UKinbound said that visitor numbers for the July to September period were down compared to a year earlier. And while some commentators have suggested that the [...]
Toyota profit outlook raised amid China hit November 5, 2012 TOYOTA Motors nudged its full-year net profit forecast up to $9.7bn yesterday, even as it put the cost of recent anti-Japanese protests and a slowing economy in China at lost sales of 200,000 cars. Sales at Toyota and its two Chinese joint ventures almost halved in September and October amid often violent protests in a [...]
Seadrill sells its Asian rig unit to SapuraKencana for $2.9bn November 5, 2012 SEADRILL, the world’s biggest offshore rig group by market value, is to sell part of its Asian business to Malaysia’s SapuraKencana in a deal worth $2.9bn (£1.8bn), freeing up cash to expand in high-growth deep-water drilling. The company, the crown jewel in billionaire John Fredriksen’s empire, is selling its tender rigs division – rigs for [...]
Renault and Caterham to build sports cars November 5, 2012 FRENCH automaker Renault and British sports-car maker Caterham unveiled plans yesterday to develop affordable racers for introduction by 2016. The vehicles will put racecar engineering in reach of more customers than current Formula One-derived offerings from rivals, Renault chief exec Carlos Ghosn (left) and Caterham chair Tony Fernandes said at a joint news conference.
Netflix defends against Icahn November 5, 2012 US-listed Netflix has adopted a poison pill defense to prevent a hostile takeover, acting just days after activist investor Carl Icahn disclosed he had bought a stake in the streaming video and DVD-by-mail subscription service. The move is meant to prevent an outsider who lacks Netflix board approval from accumulating a stake of 10 per [...]
L’Oreal exec says Asia is slowing November 5, 2012 L’Oreal, the world’s biggest cosmetics group, is feeling the effects of the slowdown in China and “brutal” trading conditions in South Korea and Taiwan, the company said. The group’s turnover from luxury goods in South Korea is down two to three per cent this year after achieving eight per cent growth last year, L’Oreal’s Asia-Pacific [...]
BG Group agrees credit facility November 5, 2012 Energy firm BG Group has agreed a new five-year $3bn (£1.9bn) credit facility, to replace an existing $2.3bn credit facility. The new facility was coordinated by Bank of America Merrill Lynch and HSBC, and includes a variety of banks, BG Group said. The new facility will stand alongside the $2.2bn five-year line of credit agreed [...]
City Moves | Who’s switching jobs November 5, 2012 Caledonia Investments Sally Flanagan has been appointed associate director for the investment trust company’s unquoted pool. She joins from Permira Advisers, where she was global head of healthcare. Flanagan is an experienced private equity investor, and will report to head of unquoted investments Duncan Johnson. Capco The business consultancy has appointed professor Damiano Brigo to [...]
Best of the Brokers November 5, 2012 WILLIAM HILL UBS has downgraded William Hill from “buy” to “neutral” and lifted its target price from 315p to 360p as it nears two deals to buy Sportingbet and Playtech’s stake in William Hill online. MILLENNIUM AND COPTHORNE Credit Suisse has downgraded the hotel group from to “neutral” from “outperform” and said with trading risks [...]
