Philips seals China TV deal as profit slips April 18, 2011 PHILIPS is offloading part of its TV arm in the first step by new chief executive Frans van Houten to boost flagging profit at Europe’s biggest consumer electronics maker. Philips is moving its loss-making TV business into a joint venture with Hong-Kong based monitor maker TPV and has the option to sell out. The deal [...]
Nestle in deal for stake in China food firm April 18, 2011 Nestle, the world’s biggest food company, agreed to take a 60 per cent stake in China’s Yinlu Foods Group for an undisclosed price, becoming the latest multinational to target China’s fast-growing food and beverage sector. Family-owned Yinlu had sales of about 750 million Swiss francs (£515.9m ) in 2010, Nestle said in a statement on [...]
Return to home ground makes perfect sense for the UK’s traditional outfitter April 17, 2011 COMING after weeks of share price volatility following the Japan earthquake, Ahrendts’ enthusiasm for London could look like a miscalculated retrenchment, especially when Burberry’s Asian sales grew 50 per cent in the first six months of 2010. So has market uncertainty really spooked Ahrendts that much? The answer is a definite no. Far from turning [...]
Price of mangoes shows how inflation is biting April 17, 2011 I finished work the other evening and was in the mood for a mango salad. So, full of anticipation, I stopped by my local grocers only to be met by a horrible sign. Mangoes: £2.40. Each. What? Since when? Since inflation started spiralling out of control, that is. Chinese price rises are the latest big [...]
China inflation jumps to 32-month high April 15, 2011 China’s turbo-charged growth eased just a touch in the first quarter, while its inflation jumped to a 32-month high, putting pressure on the government to do more to rein in prices and keep the economy on an even keel. China’s gross domestic product increased by 9.7 per cent in the first quarter from a year [...]
Float reveals dominance of mining giant April 14, 2011 GLENCORE’S transformation into a publicly listed company has forced the commodities giant to lift the lid on some of its most closely guarded business secrets, revealing the true extent of its dominance in the global supply of raw materials. The newly published financial information shows that the firm has a 60 per cent market share [...]
No European banks for ICBC April 14, 2011 Industrial and Commercial Bank of China, the world’s biggest bank by market value, plans to increase its global footprint by setting up new branches in countries such as Brazil, India and Pakistan, its chairman said yesterday. But ICBC is not considering acquiring European banks in the near term, chairman Jiang Jianqing said. The bank aims [...]
FTSE falls with investors still cautious ahead of US results April 14, 2011 BRITAIN’S top share index fell yesterday, led by Reckitt Benckiser after the company said its chief executive was retiring, and with banks weaker on renewed worries about sovereign debt levels. The FTSE 100 fell 46.64 points, or 0.8 per cent, to 5,963.80, its lowest close since 31 March. The index is up 1.1 per cent [...]
FTSE at two-week low as banks and Reckitt fall April 14, 2011 The FTSE returned to a downward path today to close at a two-week low after household goods giant Reckitt Benckiser broke the news that its chief executive had unexpectedly stepped down. The FTSE 100 lost 46.6 points or 0.8 per cent to close at 5,963.80 as banks and miners also suffered, with fears over Asian [...]
UK companies set to unlock profit out of global growth April 13, 2011 TOM Ewing is the engaging and energetic manager of Fidelity’s UK Growth fund, which has over half a billion pounds under management. The 34 year old scours the country looking for undervalued companies that are able to tap into the increasing wealth of consumers in emerging markets. From the powerhouses of the FTSE, down to [...]