Jaguar gets 500m new bank funding October 7, 2009 BELEAGUERED carmaker Jaguar Land Rover (JLR) yesterday revealed it has secured £500m of new funding, easing the pressure on the company after a dramatic slump in car sales during the recession. JLR, which is owned by India’s Tata Motors, said the monies included a £175m loan from the State Bank of India and a new [...]
Credit card fraud down 23pc October 7, 2009 CREDIT Card fraud losses fell by 23 per cent to £232.8m in the first half of 2009, compared with the same period last year. Although the latest statistics show that card fraud is dropping, online banking fraud did rise over the period by 55 per cent to £39m. Cheque fraud losses were down 26 per [...]
Amazon announces roll-out of popular Kindle e-reader to 100 new countries October 7, 2009 ONLINE retail giant Amazon announced yesterday that it is introducing the Kindle, its wireless eBook reader, in more than 100 countries – including the UK. The move gives the world’s largest online retailer the widest global reach among its competitors, including chief rival Sony. But it was not clear yesterday which UK mobile network providers [...]
Man Group’s finance boss is highest-paid in FTSE 100 October 7, 2009 MAN GROUP’S finance director, Kevin Hayes, was the best-paid finance director in the FTSE 100, raking in £2.9m last year, according to data in Accountancy Magazine, the journal of the Institute of Chartered Accountants in England and Wales. But Hayes’ package fell short of last year’s highest earner – mining giant Rio Tinto’s finance director [...]
BEST OF THE BROKERS October 7, 2009 KINGFISHERMorgan Stanley upgraded Kingfisher to “equal weight” saying that the retailer’s 19.6p earnings per share target looks increasingly achievable, but that it doesn’t leave much upside with consensus already looking for 18.5p for 2011/2012 earnings. The broker no longer believes that an “underweight” weighting is appropriate. CENTAUR MEDIAKBC Peel Hunt has been very cautious on [...]
CITY MOVES WHO’S SWITCHING JOBS October 7, 2009 NomuraThe Japanese banking group has hired Peter Westaway, a Bank of England veteran, as its new chief economist for Europe. Westaway previously spent 13 years at the Bank in senior roles, covering macro economic forecasting, policy and financial market analysis. He also spent time working at the UK Treasury and the National Institute of Economic [...]
Exxon is the world’s biggest firm again October 7, 2009 ENERGY giant Exxon Mobil has snatched back its crown as the world’s most valuable company after overtaking rival PetroChina, according to the latest Bloomberg data. Exxon’s market capitalisation rose to $330bn (£207.4bn) in the period between 2 September and yesterday, the group said, as PetroChina’s has dropped by 2.2 per cent to $325bn. PetroChina has [...]
HSBC’s Green says banks and bankers should apologise October 7, 2009 HSBC CHAIRMAN Stephen Green yesterday said that the entire banking sector “owes the real world an apology”. Green said that while the world cannot do without banks – bankers need to learn the lessons of the financial crisis that has shaken the world’s economy. In an interview with BBC Worldwide, Green said: “I think the [...]
Versace quits Japanese stores October 7, 2009 Italian fashion house Versace is to rebuild its Japanese operations from scratch and is reassessing its entire company strategy. Versace, which entered Japan 30 years ago said that the stores no longer reflected the brand’s image. Chief executive Gian Giacomo Ferraris took over in July and has kicked of a company-wide review.
Grocery sector can save 1bn October 7, 2009 The UK grocery sector could save at least £1bn over the next five years by improving the quality of product information shared between retailers and suppliers, according to a new report. The estimated opportunity for the industry to realise over £700m in savings was found to fall into two main areas: avoiding shrinkage and eliminating [...]
