Peugeot delivery drip triggered by Eurozone woes July 6, 2012 Peugeot Citroen, the struggling French car maker preparing a new round of cuts likely to include a plant closure, said first-half deliveries tumbled 13 per cent as Europe’s austerity drive hit demand. Shares in Europe’s second-largest automaker fell on Friday after it reported global sales declined to 1.62m light vehicles in the first six months [...]
Samsung forecasts profit surge July 6, 2012 Samsung said it expects to see a profit surge of 79 per cent in the second quarter of 2012 due to the new Galaxy range of smartphones. The firm has predicted an operating profit of 6.7 trillion won (£3.5 bn) for the three-month period, the highest since 2008. Whilst overtaking Nokia as the world’s biggest [...]
Anglo gets go ahead for De Beers deal July 6, 2012 Global miner Anglo American has secured the final regulatory approval for its $5.1bn acquisition of the Oppenheimer family’s stake in diamond producer De Beers, paving the way for the deal to close within the coming months. The approval from South Africa’s minister of Mineral Resources, announced on Friday, enables Anglo to formally offer the Botswana [...]
FTSE dips as investors eye US jobs data July 6, 2012 The FTSE 100 fell in early trading with investors cautious ahead of key US jobs data and still absorbing moves by three central banks to get their country’s economies back on track. Banks in China, Europe and Britain loosened monetary policy in an attempt to boost flagging global growth but ended up spooking investors, who [...]
Factory gate inflation eases July 6, 2012 British factory gate inflation eased in June as lower oil prices pushed input costs down at the fastest annual pace since September 2009, data showed. With inflation falling the Bank of England voted on Thursday to pump an extra £50bn into markets to revitalise an economy that fell back into recession at the turn of [...]
IMF’s Lagarde warns over global economy July 6, 2012 The head of the International Monetary Fund expressed concern on Friday at a deterioration in the global economy, saying the outlook has become more worrying as developed and big emerging nations show signs of slowing down. The comments by IMF Managing Director Christine Lagarde came after the European Central Bank, the Bank of England and [...]
Aviva raises $494m from Aviva Delta stake sale July 6, 2012 Britain’s second-biggest insurer Aviva has kicked off plans to sell or close more than a quarter of its businesses by selling part of its stake in Dutch rival Delta Lloyd for £318m. Aviva, which is aiming to regain the support of investors unhappy with its flagging share price, said it had sold 37 million shares [...]
GROUNDHOG DAY AT CENTRAL BANKS July 5, 2012 CENTRAL banks desperately tried to push the world economy out of its downward spiral yesterday, with the Bank of England turning on the printing presses yet again, and the European Central Bank (ECB) and the People’s Bank of China (PBoC) cutting interest rates further. Denmark’s central bank even cut one key interest rate to minus [...]
Lasers and light show as Shard is opened July 5, 2012 CROWDS gathered across London last night to get a peek of a lit-up shard, to celebrate the official inauguration of Europe’s tallest building. The developer behind the Shard described the tower as a compass “pointing towards a new financial era” as he opened the 1,016ft-tall skyscraper. Irvine Sellar, whose firm Sellar Property Group built the [...]
Aviva trashes Moss as it sells off weak businesses July 5, 2012 INSURANCE giant Aviva yesterday unveiled radical plans to dispose of a quarter of its business units in a damning indictment of the strategy pursued by former chief executive Andrew Moss. Aviva said it will sell or close down 16 underperforming divisions, including its South Korean business and several of its Italian partnerships. Although it declined [...]
