Li Ka-Shing: the Superman who soared from the factory floor February 20, 2012 LI Ka-Shing, Hong Kong’s richest man and chairman of Cheung King Infrastructure, is one of the largest foreign investors in the UK following two major acquisitions over the past two years. Last year, the octogenarian billionaire snapped up Northumbrian Water for £2.4bn, in the largest takeover of a UK publicly listed company since Kraft bought [...]
AXA income up 50pc due to disposals February 16, 2012 AXA, Europe’s second-biggest insurer, yesterday announced that full-year 2011 net income rose by 49 per cent, mainly due to asset sales. Earnings rose to €4.32bn (£3.58bn) last year, assisted by €2.3bn of income from the sale of its stake in Chinese insurer Taikang Life and other disposals in Canada, Australia and New Zealand. Total revenue [...]
Baidu beats Street forecasts as more surfers in China use its site February 16, 2012 CHINA’S top search engine, Baidu, beat Wall Street’s earnings estimates last night as its revenue grew more than 80 per cent year-on-year in the fourth-quarter. Shares of New York-listed Baidu were up more than two per cent in after-hours trading. Baidu reported fourth-quarter net income of $326.3m (£206.5m), on revenues of $710.9m. The firm has [...]
Apple sets court on Kodak as the fate of Chinese iPads hangs in the balance February 16, 2012 APPLE has launched a legal campaign against Kodak, asking the New York federal bankruptcy court for permission to sue the bankrupt camera company for intellectual property theft. A successful suit would see Kodak banned from importing various products that Apple claims infringe its patents – including printers, the area in which the once-successful photographic film firm [...]
Pernod lifts earnings on high demand February 16, 2012 FRENCH spirits giant Pernod Ricard has raised its full-year guidance after reporting a rise in profits, boosted by strong demand from Asia and France. The owner of Absolut Vodka and Jameson Irish whiskey said underlying profits growth from recurring operations would be “close to eight per cent” in the full year to June after previously [...]
RBS launches China desk February 16, 2012 Royal Bank of Scotland has formed a new London-based team focusing on helping European and Chinese companies tap into each other’s markets, as Britain aims to boost London’s role as a key offshore trading hub for China’s yuan currency. RBS, which is 83 percent owned by the British government following a state bailout during the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 15, 2012 FINANCIAL TIMES FOREIGN OFFICE PLANS £240M WORTH OF PROPERTY SALES The Foreign Office has drawn up plans to sell hundreds of embassies and homes worth nearly a quarter of a billion pounds as it increases its presence in fast-growing countries such as China and Brazil. The Foreign Office has hired property agents CBRE and DTZ [...]
Weir stock is most shorted on FTSE 100 February 15, 2012 ENGINEERING firm Weir has become the most shorted stock on the FTSE 100, as investors bet the company’s share price will be dented by weak demand for specialist mining equipment. Information provided by Data Explorers showed that 13.48 per cent of shares are out on loan – double the amount that were shorted only three [...]
UK car factories rev back into life February 14, 2012 JAGUAR Land Rover underlined the rebound in the British car industry yesterday when it posted a record quarterly profit. Just three years after it turned to the European Investment Bank for a £340m crisis loan, JLR reported a 57 per cent rise in net profit to £440m for the final three months of 2011. Demand [...]
IHG banks on China to spur its expansion February 14, 2012 INTERCONTINENTAL Hotels Group, the world’s largest hotel operator, said it was is looking to emerging markets and especially China to drive future growth as a recovery in the US helped the group post a surge in full-year profits. The owner of brands including Holiday Inn and Crowne Plaza said US and Chinese demand helped boost [...]