Google set to win in China July 19, 2010 APPLE may be taking the headlines in Europe with the launch of its iPhone 4, which despite well publicised antenna issues, continues to sell at a blistering pace. But the California-based firm is losing the biggest battle in mobile technology to arch-rival Google – which is to conquer China. Google’s Android software is muscling its [...]
Timis eyeing a switch to LSE July 18, 2010 BUSINESSMAN Frank Timis is working on plans to move his mining company, African Minerals, from the Alternative Investment Market (AIM) to the London Stock Exchange (LSE). Timis has previously described LSE regulators as “a kangaroo court” but now says he is about to hire new directors, auditors, legal firms and an investment bank to satisfy [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 15, 2010 FINANCIAL TIMES CREST ADVISERS SHUN £350M HORIZON BID A £350m offer for Crest Nicholson was in jeopardy on Thursday night after advisers to the debt-burdened housebuilder told its lender-owners to reject the bid as too low. A steering committee representing Crest’s creditors, which took control of the housebuilder following a £630m debt-for equity swap last [...]
Rio ready for growth but still cautious July 14, 2010 RIO TINTO reported a two per cent fall in iron ore production since last year and raised concerns of a possible double-dip recession and slower Chinese growth yesterday. The world’s second-biggest iron ore miner said it was running its mines close to capacity and forecast total annual output of 234m tonnes, slightly up on earlier [...]
Rio Tinto July 14, 2010 THE manacles strangling Rio Tinto’s Australian focus may have been removed, enabling the miner’s $200m (£130.9m) investment in Western Australia to go-ahead, but in reality the 40 per cent super-tax, since reduced to 30 per cent, was just a distraction. The dredging at its Cape Lambert mine in the Pilbara will help to boost production [...]
BMW driven to hike 2010 sales outlook July 13, 2010 Germany’s BMW raised its 2010 pretax profit and sales outlook yesterday, citing better-than-expected earnings at its automotive business and buoyant luxury car markets around the world. Shares in BMW and archrival Daimler jumped on the news as robust demand for high-performance autos like the BMW Z4 roadster and the new 5-series continues to rebound from [...]
FX RECOVERY TRADE STILL UNCERTAIN July 13, 2010 DIRECTOR OF CURRENCY RESEARCH, GFT THE central question facing the currency market is whether the economy will maintain its pace of recovery. Last week the recovery trade received a substantial boost when both Australia and Canada reported better than expected employment numbers. Australia added 45,900 jobs and the country’s jobless rate fell to an enviable [...]
High potential is still at the heart of Africa July 13, 2010 WITH so much uncertainty about the world economy, it is a good time to diversify your portfolio by investing in Africa-facing funds. The recent launch of two such funds adds to a widening range of options: Sanlam Investment Management has started up an ex-South Africa fund, while Silver Street Capital has just set up an [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 12, 2010 FINANCIAL TIMES RIO CLASHEs OVER THE RIGHTS TO MONGOLIAN COPPER MINE Tensions are rising between Rio Tinto and Canada’s Ivanhoe Mines over rights to a world-class copper deposit in Mongolia as the multinational mining group releases hundreds of millions of dollars to develop the mine over which it has limited control. Ivanhoe, which owns the [...]
China’s property market falters July 12, 2010 China’s frothy property market may have peaked after a government clampdown on speculators, new data indicated yesterday. Property prices across 70 cities fell 0.1 per cent in June compared with May – the first monthly fall since February 2009. Despite the monthly fall in June, property prices across China still remained 11.4 per cent higher [...]