Google’s awful day reminds us it is becoming less special October 18, 2012 YESTERDAY was a terrible day for Google, a firm used to success. Its slump in profits came as a shock to the markets. It shouldn’t have: the company is merely becoming more normal, especially following its decision to overpay for Motorola, and normal firms don’t do as well as revolutionary, super-smart start-ups. As proof of [...]
Planning laws reformed in quest to boost growth October 18, 2012 BUSINESS groups yesterday welcomed the publication of the government’s Growth and Infrastructure Bill, which aims to kick-start economic growth by making it easier to build new houses and invest in infrastructure. One of the changes will enable energy generation firms to improve their plans by incorporating new technology without having to re-apply for full planning [...]
Cameron vows no U-turn on energy prices October 18, 2012 DAVID Cameron yesterday indicated that he would stick to his pledge and legislate to bring down energy bills, despite a day of chaos that followed the apparently unplanned policy announcement. On Wednesday the Prime Minister told the House of Commons that his government “will be legislating so that energy companies have to give the lowest tariff [...]
What the other papers say this Morning October 18, 2012 FINANCIAL TIMES ArcelorMittal explores iron ore sale ArcelorMittal is exploring the sale of a stake in its $10bn Canadian iron ore business, as the world’s biggest steel company struggles to cope with the downturn in its key commodity. People familiar with the matter said ArcelorMittal had appointed advisers and had been sounding out potential buyers [...]
Banking union plan agreed by Eurozone chiefs October 18, 2012 EUROZONE leaders thrashed out a deal over the timing of a new banking union last night, after a day of fierce protests in Greece marred negotiations taking place in Brussels. Senior politicians from euro area states agreed on “the objective of completing the legal framework by the end of the year” with implementation “in the course [...]
Comet owner Opcapita in talks to sell the electronics retailer October 18, 2012 OPCAPITA is in talks with three potential suitors over the sale of electronics retailer Comet, which it acquired less than nine months ago. The turnaround specialist is exploring a sale after receiving several unsolicited approaches. A person close to the deal told City A.M. the group is now holding talks with three interested parties including [...]
Microsoft sales dip hits profits October 18, 2012 MICROSOFT, the world’s largest software company, last night posted a greater-than-expected quarterly profit fall of 22 per cent, as sales of computers running its Windows operating system dipped. The sharp decline surprised investors, who had underestimated the effect of weak personal computer sales, sending Microsoft’s shares down more than two per cent in after hours [...]
Rosneft to buy BP’s TNK stake in $26bn deal October 18, 2012 BP HAS received a cash and shares bid for its 50 per cent stake in TNK-BP from Russian state-controlled oil producer Rosneft, it is understood, putting Rosneft close to dominating Russia’s oil industry. Sources said that Rosneft earlier this week agreed a bid for Russian consortium AAR’s 50 per cent stake in TNK-BP, the country’s [...]
Morgan Stanley swings into red after downgrade costs it $2.3bn October 18, 2012 US INVESTMENT bank Morgan Stanley reported a loss in the third quarter due to a multi-billion dollar accounting charge. However underlying profits improved, with bond trading revenues particularly strong. The bank lost $1.03bn in the three-month period, largely because of the $2.3bn charge which hit the bank after a downgrade. That represents a swing into [...]
Man Group sees fifth quarter of fund outflows October 18, 2012 ONE of the world’s biggest hedge funds, Man Group, shed client money for the fifth consecutive quarter this summer, as investors continued to turn their back on alternative strategies, according to results published yesterday. Shares in the group crashed nearly ten per cent yesterday to close down 83.4p on the results, as Man continues its [...]
