What the other papers say this morning September 18, 2012 FINANCIAL TIMES Greening orders probe into DfiD Justine Greening, the new international development secretary, has commissioned an investigation into her department’s use of consultants, despite assurances from Downing Street that the coalition has already done its best to “bear down” on wasteful aid spending. D&D London receives sales boost London’s fine diners have helped boost [...]
iPhone sales hit 2m on record day for Apple September 18, 2012 APPLE said yesterday that the iPhone 5 had become its fastest selling phone ever, with 2m handsets bought in the first 24 hours it went on sale. Despite a lukewarm reception after last Wednesday’s highlyanticipated unveiling, sales of the iPhone 5 on Friday were double those of the previous 4S model on its first day [...]
Last-minute rush drives oil down September 18, 2012 ■ Four minutes of hectic high volume activity that sheered $4 off the price of oil late yesterday left traders, analysts and US regulators looking for the cause of one of the fastest and most furious energy market routs in recent years. In the absence of any major news that could have explained the drop, [...]
DWP denies pension plan block September 18, 2012 ■ A Department for Work and Pensions spokesperson told City A.M. that pension reform was proceeding as planned in the Queen’s speech earlier this year, after reports that Prime Minister David Cameron was stepping in to hold up reform. Cameron is said to have personally intervened in pension reform plans, worrying that a flat-rate payment [...]
Lonmin slashes metal estimate amid job cuts September 18, 2012 PLATINUM producer Lonmin has slashed its estimate for the amount of metal it is able to sell this year by almost nine per cent to between 685,000 and 700,000 ounces, down from 750,000 as previously forecast. Ongoing strikes at its Marikana mine have left the firm unable to produce platinum. Lonmin warned in August it [...]
Ikea names its next chief and plans new store opening spree September 18, 2012 IKEA, the world’s largest furniture retailer, has promoted its current Sweden boss, company veteran Peter Agnefjall, 41, to the post of chief executive from September 2013. Mikael Ohlsson, leader since 2009, had informed the board he wished to step down after 34 years with Ikea. The reshuffle came as the firm pledged to speed up [...]
Former UBS trader’s spread betting losses September 18, 2012 KWEKU Adoboli, the former UBS trader accused in a case involving losses of $2.25bn (£1.39bn) for the firm, lost £123,000 in the year running up to his arrest as a result of personal trading on a spread betting account, a jury has been told. Adoboli, who is accused of fraud by abuse of position and [...]
China-Japan conflict hits trade September 18, 2012 THE FIERCE stand-off between China and Japan has taken its toll on the two countries’ trading, after numerous big Japanese firms temporarily closed operations in China yesterday. Yesterday saw a continuation of the widespread violent protests that erupted last week, with attacks on well-known Japanese firms including Toyota and Honda, which drove many, including Panasonic, [...]
Brokers stand behind BEADS deal as political talks continue September 18, 2012 ANALYSTS have thrown their weight behind the BAE/EADS deal, with Standard & Poor’s rating the combined body A. This is a higher rating than the standalone firms. “We believe that should the transaction proceed, the business risk profile of the combined entity would benefit from stronger diversification and earnings stability,” said S&P credit analyst Abigail [...]
Russian central bank to sell off Sberbank stake September 18, 2012 A MAJOR stake in Russia’s largest bank will go on sale this week, it was announced yesterday, as the country’s central bank takes advantage of positive market sentiment. The 7.6 per cent stake of Sberbank is expected to bring in roughly $5bn (£3.1bn) for the Russian state, with 85 to 90 per cent of the [...]
