Groupon’s woes go on as growth drop predicted September 17, 2012 ONLINE daily deals websites are seeing growth bottom out as businesses lose interest in offering heavy discounts on websites such as Groupon, data revealed yesterday. Research from American marketing firm BIA/Kelsey showed that growth in consumer spending on daily discount deals in the US will drop from 87 per cent this year to 23 per [...]
BT hires new chief executive of struggling global services arm September 17, 2012 BT’S troubled global services division has appointed a fourth chief executive in as many years after current head Jeff Kelly, who returned the department to a degree of stability, chose to leave. Kelly will be replaced by BT veteran Luis Alvarez at the start of next month, the company said yesterday. Alvarez has been with [...]
Vodafone shares dip on fears of Indian government tax charge September 17, 2012 SHARES in Vodafone were hit yesterday on renewed speculation that the group will have to set aside $2.2bn (£1.4bn) to cover a tax bill in India over the telecoms firm’s 2007 purchase of China’s Hutchison Whampoa. Vodafone is considering making a provision for the charge in its next round of company accounts in November, chief [...]
Desire Petroleum slashes losses September 17, 2012 ■ North Falkland basin-focused Desire Petroleum yesterday slashed full-year losses from $39.3m (£24m) to $2m, largely due to a decrease in exploration and evaluation expenses. Desire said that last year’s loss was mainly due to unsuccessful well costs and seismic expenditure during the year. It added that it was looking for a farm-in partner for [...]
South African mines reopen September 17, 2012 ■ Two South African mines that were suspended over the weekend due to labour unrest were reopened yesterday. Aquarius Platinum and Xstrata both reopened their mines near Rustenberg, although the situation is still thought to be tense. Anglo American Platinum, the world’s largest producer of the silver metal, said its Rustenberg operations would reopen today [...]
Peregrine boss to stay in jail September 17, 2012 ■ Peregrine Financial group chief executive Russell Wasendorf Sr, who has confessed to swindling customers of his futures brokerage out of more than $100m, is set to stay in jail after prosecutors objected to a plan to release him yesterday, according to a court order. Wasendorf, 64, was expected to be released from an Iowa [...]
Reckitt Benckiser ditches CFO after culture clash September 17, 2012 CONSUMER goods giant Reckitt Benckiser yesterday ditched its current chief financial officer Liz Doherty in favour of Smith & Nephew’s Adrian Hennah, after it admitted Doherty was not “well matched” to the firm. Doherty, who was appointed in January 2011, will remain working at the company until March 2013. Hennah will join in December 2012, [...]
City law firm Field Fisher in merger talks worth £200m September 17, 2012 FIELD Fisher Waterhouse, the City law firm based close to Tower Hill, is in merger talks with up to three other firms that could results in a tie-up worth up to £200m, it emerged yesterday. Field Fisher, which called off more advanced talks with rival Lawrence Graham earlier in the summer, is believed to have [...]
Payments group Square attracts $200m in funding September 17, 2012 PAYMENTS company Square said yesterday it had closed on its fourth major funding round, an investment of more than $200m (£123.2m). Investors include Citi Ventures, Rizvi Traverse Management, and coffee retailer Starbucks. The coffee chain’s investment was announced last month. The company is valued at about $3.25bn, a source familiar with the matter has said. [...]
Standard Life issues bonds in Canada September 17, 2012 INSURER Standard Life yesterday announced that it has raised 400m Canadian dollars (£253m) in debt, its first issuance in the local currency. Subject to regulatory approval the funds may be used to repay a similar-sized internal debt owed by the Canadian division to the Edinburgh-based parent company. Holders will enjoy a return of 3.9 per [...]
