Chinese tycoon to raise new $1bn fund January 25, 2010 NEW HORIZON CAPITAL, whose co-founders include the son of Chinese Premier Wen Jiabao, will raise a $1bn (£616m) private equity fund. The fund will be solely focused on investing in domestic industry leaders who are ready to make an IPO, according to sources close to the matter. This would be the third and largest private [...]
Peugeot eyes China growth January 25, 2010 FRENCH carmaker Peugeot Citroen wants to grow 30 per cent in China this year, with a long-term goal of obtaining an eight per cent share of its booming market by 2016, a senior executive said yesterday. Several 408 sedans rolled into a cavernous Beijing showroom yesterday for a gala launch ceremony dominated by young Chinese, [...]
Chinese carmaker to manufacture MGs for European market by end of this year January 25, 2010 SAIC Motor, China’s biggest automaker, plans to sell its UK-made MG cars in Europe at the end of the year as it moves to revive the British vintage brand it took over three years ago. SAIC, which has had initial success selling its own-brand cars domestically, has joined the rush of Chinese automakers, including Geely [...]
Mining and energy stocks drag the FTSE lower for the fourth day in a row January 25, 2010 BRITAIN’S top share index closed lower yesterday for a fourth straight session, dragged down by miners and energy stocks on continued market unease over the uncertain demand outlook. The FTSE 100 closed down 0.8 per cent, or 42.68 points at 5,260.31, having ended 0.6 per cent lower on Friday, pressured by financial issues following President [...]
FTSE hits a one-month low as financial stocks plummet January 21, 2010 ASHARP retreat in miners on sinking metal prices and worry about a tax from Australia and weakness in banks on fears about US curbs pushed Britain’s top share index 1.6 per cent lower by the close on Thursday. The FTSE 100 index ended 85.70 points lower at 5,335.10, its lowest since 22 December. The index [...]
Ad revenues help Google to buck slump January 21, 2010 Google yesterday said its revenues had increased by 17 per cent between October and 1 December, showing the internet search giant is weathering the advertising recession. “Given that the global economy is still in the early days of recovery, this was an extraordinary end to the year,” said Google chief executive Eric Schmidt. But shares [...]
Powerhouse China slams on the brakes January 21, 2010 BLISTERING growth in the fourth quarter saw China easily beat its 2009 growth target, putting it on course to overtake Japan to become the world’s second largest economy. GDP surged an annualised 10.7 per cent between October and December, compared with a year earlier. This fell slightly short of market forecasts of 10.9 per cent, [...]
Dow suffers worst 2010 trading drop January 20, 2010 THE Dow suffered its worst drop of 2010 yesterday day as US stocks succumbed to fears that China’s curbs on bank lending might jeopardize the global economic recovery, while IBM’s outlook sparked caution about the technology sector. Chinese authorities have ordered some major banks to curb their lending over the rest of this month after [...]
Flat sales dog SAB Miller as volumes wane January 19, 2010 Brewing giant SABMiller yesterday reported flat underlying beer volumes for the third quarter as subdued consumer spending continued to take the fizz out of its sales. Shares in the London-listed company ended the day more than two per cent down on the news that volumes for the three months to the end of December were [...]
Greece woes spoil continental party January 18, 2010 EUROPEAN shares rose in early trade yesterday, recovering some of Friday’s losses, with miners gaining on higher metals prices. In morning trading, the FTSEurofirst 300 index was up 0.6 per cent at 1,058.15 points. Miners were among early gainers, as copper rose on hope that strong Chinese demand could cut inventories. Precious metals were also [...]