Brazilian retail sales soaring September 13, 2011 Retail sales in Brazil rose more than expected in July and sped up sharply from June, prompting worries that interest rate cuts could be premature. Retail sales volumes in Brazil jumped 1.4 per cent in July from June, the government announced yesterday, led by home appliance and food sales. Year-on-year, retail sales have jumped 7.1 [...]
PORTUGUESE BAILOUT ON TRACK September 13, 2011 The fiscal reforms of Portuguese Prime Minister Pedro Passos Coelho (above) appear to be on track. The International Monetary Fund completed its first review of the IMF-EU bailout to the troubled country and handed over the second tranche of €4bn. That brings total disbursements under the scheme to €10.4bn. The entire bailout package should eventually [...]
HP extends its £7.1bn bid for Autonomy September 13, 2011 HEWLETT-PACKARD has extended the deadline for its £7.1bn takeover of British software company Autonomy, with analysts predicting the US firm is on course to succeed. HP has extended the deadline for the offer to 3 October after gaining acceptances from shareholders representing 41.6 per cent of shares. The company requires a further 33.4 per cent [...]
Nintendo slides as markets stay unimpressed by 3DS September 13, 2011 NINTENDO’S attempt to rescue its failed 3DS handheld games gadget yesterday failed to dispel market gloom, triggering a share slide and stoking deep worries for an iconic brand desperate to win back users. President Satoru Iwata yesterday introduced what he said was an unprecedented range of games, aimed at attracting everyone from hardcore gamers to [...]
Tube drivers bag £500 bonus for Olympics work September 13, 2011 LONDON Underground train drivers will pocket an extra £500 for working during next summer’s Olympics as the city attempts to get sports fans to stadiums on time. Organisers are relying on the Underground, already overcrowded and with a history of strikes, to ferry spectators to the Olympic venues in the heart of the city and [...]
Philips to find 60 per cent more savings September 13, 2011 DUTCH consumer electronics group Philips announced more cost cutting yesterday, in an effort to counter sagging consumer demand and weak global markets. Philips, which is the world’s largest lighting maker, one of the three biggest makers of hospital equipment and Europe’s biggest consumer electronics producer, has been hit by rising raw material costs, government budget [...]
International Public Partnerships taps market with £52m in shares September 13, 2011 INFRASTRUCTURE investment company International Public Partnership (IPP) said yesterday it had raised £52m through a rights issue, with proceeds going to pay down some of its debts. IPP issued 46.43m shares to the market at 112.017p each – a 1.3 per cent premium over their net asset value at the end of June. The company [...]
CITY MOVES | WHO’S SWITCHING JOBS September 13, 2011 AFC Energy The fuel cells developer has appointed Ian Williamson as chief executive and a director of the company, effective from 14 November. Williamson, who will be granted an option of one million ordinary shares when he joins the board, joins AFC Energy from Air Products, where he was most recently hydrogen and bio energy [...]
BEST OF THE BROKERS September 13, 2011 CENTRICA Morgan Stanley rates the utilities company as “overweight” and sets a target price of 360p, saying that developments at British Gas in UK upstream gas and power assets are underappreciated. The broker says Centrica will grow at seven per cent per year, even in an economic slowdown, or 15 per cent if it uses [...]
Uncertainty casts a shadow over uptick September 13, 2011 BRITAIN’S top shares rose yesterday, led by banks which bounced back after recent weakness, although traders were dubious about the rally’s solidity due to persistent fears of a Greek debt default and a sharp rise in Italy’s borrowing costs. The UK benchmark index ended up 44.63 points, or 0.9 per cent, at 5,174.25, recovering from [...]
