WPP continues shopping spree December 20, 2012 ■ WPP has purchased a majority stake in Australian digital communications firm Bienalto for an undisclosed sum. The FTSE 100 ad giant’s acquisition is the latest in a shopping spree, which also includes Chinese communications agency ArtM and entertainment marketing agency Filmworks China. WPP boss Sir Martin Sorrell has set a target of 35-40 per [...]
Hopes rise for black cab firm after new bid December 20, 2012 VOLVO Car Corporation’s owner Zhejiang Geely has entered the race to take over stricken UK black cab maker Manganese Bronze, after it emerged the Chinese company was in talks to buy the Coventry-based manufacturer. Manganese, which has been making the iconic black cabs through its London Taxi Company since 1948, fell into administration in October [...]
China Gas snaps up Fortune Oil gas business December 17, 2012 CHINA-focused Fortune Oil yesterday said it is to sell its natural gas business to China Gas Holdings for $400m (£247m). The deal, to be approved by shareholders, will net Fortune Oil $200m in cash on completion of the transaction and a further $200m as a deferred consideration, which could be taken as shares. The oil [...]
WPP outlines China expansion with new chief executive role December 13, 2012 SIR MARTIN Sorrell’s advertising company, WPP, yesterday signalled further expansion into the East, in appointing WPP veteran Bessie Lee to the new role of chief executive for its Chinese operations. The move follows an acquisition spree in the country, which is now WPP’s third-largest market after the UK and US. Sir Martin expects China to [...]
Bolton backs Chinese economic upswing December 11, 2012 ONE of the UK’s most successful money managers has forecast a reversal of fortunes for the Chinese economy next year. Anthony Bolton, the star fund manager of the £510m Fidelity China Special Situations, said increased political certainty in China following the appointment of new leaders and an upswing in investor sentiment will open the door [...]
Jaguar signs deal to build a Saudi plant December 11, 2012 JAGUAR Land Rover (JLR) has signed a preliminary deal to build a plant in Saudi Arabia, extending its expansion in fast-growing markets having already started work on a plant in China. The British luxury marque, owned by India’s Tata Motors, signed the deal to look at the possibility of making 50,000 Land Rovers a year [...]
AIG to sell lease firm to Chinese group at a loss December 10, 2012 AMERICAN International Group will sell nearly all of aircraft leasing business ILFC to a Chinese consortium for up to $4.8bn (£2.9bn), in a deal that gives the fastest growing aviation market easier and cheaper access to planes. But the sale is at a far cheaper price than AIG sought and will lead to a substantial [...]
FTSE looks set to drop as global trends accelerate December 10, 2012 IT’S pretty much the same routine every December. The Christmas decorations go up, office parties are in full swing and market analysts are asked to pontificate on where they think the FTSE will finish at the end of next year. The problem is that the FTSE 100 is such a broad-based index that it can [...]
Chinese firm to list in the UK December 9, 2012 CAMKIDS Group, a Chinese outdoor clothing retailer for kids, is set to list on London’s Alternative Investment Market with a market value of around £65m. The Jinjinag-based group, which makes everything from waterproof trousers to backpacks and hiking boots, announced today it has raised around £6m to invest in its expansion in its home market [...]
Apple hit by Chinese iPhone sales worries December 6, 2012 APPLE’S market capitalisation fell below $500bn yesterday following news that the iPhone maker had fallen behind competitors in the crucial Chinese market. Although the stock recovered to finish slightly up yesterday, Apple has still lost more than eight per cent of its value this week, and is far below September’s $659bn value. Researchers IDC said [...]