Julius Baer to cut 1,000 jobs October 9, 2012 SWISS private bank Julius Baer will cut up to around 1,000 jobs as a result of its purchase of part of Bank of America Merrill Lynch’s wealth management business. Baer said it planned a “significant reduction of former Bank of America corporate overhead” as well as cuts to the middle and back office functions of [...]
Eversheds hands Bryan Hughes second term as chief executive October 9, 2012 BRYAN Hughes will remain as chief executive of Eversheds until at least 2017, the law firm said yesterday, after he won an uncontested leadership election. Hughes replaced David Gray as chief executive in 2008, and earlier this year announced a new three-year strategy for the firm, including proposals to move to a Swiss verein structure [...]
Inspiration aplenty at E&Y Entrepreneur Awards October 9, 2012 TO the Hilton on Park Lane, where The Capitalist began the week being inspired and humbled (only the most eloquent of self-made millionaires can bring a sympathetic tear to the eye) at the Ernst & Young UK Entrepreneur of the Year awards. This year’s finalists were certainly in fine company, with previous winners of the [...]
Rio Tinto gives a wary outlook on China future October 9, 2012 GLOBAL miner Rio Tinto yesterday cut its growth forecast for China and said it was stepping up efforts to cut costs, having already slashed $500m (£312m), faced with an uncertain global outlook. Rio Tinto, the world’s second-largest iron ore miner with more than 80 per cent of its earnings in 2012 expected to come from [...]
IEA outlook predicts Iraq’s oil output will double this decade October 9, 2012 IRAQ’S oil production is on course to more than double by 2020, the International Energy Agency said yesterday, although delays to investment could tighten the global market in coming decades and push prices higher. In its Iraq Energy Outlook, the Paris-based IEA said Iraq’s oil production would reach 6.1bn barrels per day (bpd) by the [...]
Centamin maintains targets for 2012 despite production drop October 9, 2012 EGYPT focused gold miner Centamin said it was on course to meet its full-year output guidance for 2012, shrugging off a 10 per cent drop in production in the third quarter compared to the previous period. Centamin, whose Sukari operation in Egypt is the first modern gold mine in the country, yesterday posted total production [...]
BMW brand widens sales gap over VW’s Audi in September October 9, 2012 BMW increased sales of its flagship BMW brand by over 14 per cent in September thanks to booming growth in China, helping the world’s largest premium carmaker widen the gap slightly to close competitor Audi. “We expect to see further healthy growth in worldwide sales in the fourth quarter,” BMW brand sales chief Ian Robertson [...]
BHP Billiton returns to Aussie market with A$1bn bond issue October 9, 2012 MINING giant BHP Billiton made a return to the Australian bond market after an 11-year absence with a A$1bn (£635.8m) five-year issue paying 90 basis points over bank bill swap rate. The issue was heavily oversubscribed with talk of a total order book around A$2bn, according to one participating investor. He said every account was [...]
Vedanta says India zinc and iron operation slowed in quarter two October 9, 2012 MINER Vedanta posted a nine per cent drop in metal mined from its Indian zinc operations in its second quarter, and said that saleable iron ore output plunged 86 per cent, hit by mining bans and monsoon travel restrictions. Its zinc India business accounted for over a quarter of Vedanta’s earnings in its last financial [...]
Pennon acquires Pulp Friction October 9, 2012 Viridor Waste Management, a subsidiary of FTSE 100 water services and waste group Pennon, yesterday acquired Kent-based paper firm Pulp Friction for a total of £9m. Pennon will also take control of the business, assets and goodwill of SBS Paper, a waste paper sorting service with financial links to Pulp Friction. Pulp Friction processes around [...]
