Chinese fines foreign car makers as price fixing probe continues September 11, 2014 CHINESE regulators announced major fines worth nearly £30m for large western car makers yesterday, as a probe into alleged price fixing continued to hit foreign auto firms in the country. Two of the biggest car companies in the world, Volkswagen and Chrysler, will see their local operations in China hit by fines totalling 281m yuan [...]
Reds’ warning over earnings September 10, 2014 FOOTBALL giant Manchester United saw its revenues rise to a record level in 2014, but poor results on the pitch are likely to cut earnings by nearly £50m in 2015, the club warned yesterday. The club revealed its seventh place finish last season and subsequent lack of European football would hit its finances, as the [...]
London listing to raise $2.1bn for AngloGold September 10, 2014 SOUTH African mining giant AngloGold Ashanti yesterday announced plans to raise $2.1bn (£1.3bn) in a rights issue and spin its international assets into a new London-listed company. The Johannesburg-based mining firm, created by a merger between AngloGold and Ashanti in 2004, revealed it would focus on its core South African operations after the asset spin [...]
Ferrari chief zooms off into the sunset after 23 years at the wheel September 10, 2014 ITALIAN supercar maker Ferrari yesterday announced the resignation of chairman Luca di Montezemolo. The move brought to an end “23 unforgettable years”, he said yesterday. Montezemolo’s departure follows recent poor F1 racing results at Ferrari, which led to criticism from chief executive Sergio Marchionne of parent company Fiat, who will take over as Ferrari chairman. It [...]
Lufthansa pilots’ strike today will hit Munich flights September 9, 2014 LUFTHANSA passengers face further disruption as a strike by pilots will seriously affect flights to and from Munich airport today, the third strike to hit the German airline in a fortnight. Lufthansa pilots who are members of the Vereinigung Cockpit union will strike for eight hours, between the hours of 10am and 6pm Munich time [...]
Petra Diamonds share price soars as it discovers a 232-carat white diamond September 9, 2014 Petra Diamonds saw its shares reach for the stars yesterday, after it revealed it had found an “exceptional” 232-carat white diamond at its Cullinan mine. Shares in the FTSE 250-listed South Africa-focused mining company soared 8.65 per cent yesterday on the positive discovery, finishing the day on 192.10p. Analysts at Numis said they expected the [...]
Japan mulls power plants at sea September 9, 2014 Floating power plants are being considered by the Japanese government after it expressed interest in proposals from Norwegian firm Sevan Marine, maker of cylindrical vessels for the offshore oil and gas industry. Yesterday, Sevan chief executive Carl Lieungh told City A.M. “A delegation from the company met government officials and industry partners earlier this year [...]
Bank of England likely to extend De La Rue money printing licence September 8, 2014 A licence to print money looks set to continue at banknote printer De La Rue, as the Bank of England (BoE) yesterday announced the Basingstoke based firm was its preferred bidder for a contract to print sterling banknotes. De La Rue, which first printed banknotes in 1860 for Mauritius, began printing banknotes for the BoE [...]
Oil below $100 for first time since mid 2013 September 8, 2014 THE PRICE of oil slipped under $100 (£62) a barrel yesterday for the first time since June 2013, with signs of weakening demand amid high supply. The price of Brent crude oil, the global oil benchmark, fell as low as $99.36 a barrel during trading yesterday, the lowest level since May 2013. The oil price [...]
Genel Energy sends staff back to Kurdistan as security improves September 8, 2014 GENEL Energy, the oil group focused on the Kurdistan Region of Iraq (KRI), announced yesterday it would return workers to the area because the security situation has improved “significantly”. The AIM-listed oil company, whose chief executive is former BP boss Tony Hayward, had withdrawn some non-essential personnel from the area, but staff levels would begin [...]
