Robust economic data buoys Wall St November 2, 2009 US STOCKS rose yesterday after another round of solid economic reports, but pulled off session highs after a Fed official’s warning about banks’ loan losses. The three major indexes had previously risen about 1 per cent earlier in the session as stronger-than-expected data on manufacturing and pending home sales spurred a broad-based advance and soothed [...]
Sky’s rivals want to punish it for being a success October 29, 2009 BACK in 1997, Japanese carmaker Toyota took a gamble and spent $1bn (£603m) developing the Prius, its hybrid fuel vehicle. At the time, the panic over global warming had yet to develop and there was little call for a mass-market green car. In its first year of production, it sold just 300 units. Now the [...]
CITY MOVES WHO’S SWITCHING JOBS October 29, 2009 MarshThe insurance broker and risk adviser has hired Simon Curtis as chief operating officer of its UK operations, based in London. He succeeds Ian Clarke, who continues as a board member and a member of the firm’s international executive group. Curtis joins from Jardine Lloyd Thompson, which he joined in 2000 after its acquisition of [...]
Ford picks Geely as Volvo frontrunner October 27, 2009 FORD named Zhejiang Geely Holding Group as preferred bidder for its loss-making Swedish unit Volvo in what could lead to the biggest overseas acquisition by China’s fast-growing auto sector. Ford and privately owned Geely did not disclose a possible sale price for Volvo but it is thought to be closer to $2bn (£1.3bn) than the [...]
Economic downturns can lead to more innovation October 26, 2009 IT’S A well-known fact that an economic downturn corresponds with an innovation upturn. Change means winners and losers. Are you going to sit at the dinner or be the duck which is served? It comes largely down to your attitude, to whether you are going to embrace the change or resist it. Henry Ford said [...]
Ace Wilko brings a halt to Sarries run October 15, 2009 TOULON (31) vs SARACENS (13)FIT-AGAIN fly-half Jonny Wilkinson gave England onlookers something to think about as he inflicted a first defeat of the season on Saracens in the Challenge Cup. The 30-year-old kicked 16 points to help ambitious French outfit Toulon to a 31-23 victory against the Premiership leaders. It completed a satisfactory night for [...]
Ford in drive for vehicle recall October 14, 2009 Ford has widened the US car industry’s -biggest-ever recall by 4.5m vehicles due to a faulty cruise-control switch linked to hundreds of fires. So far 14.3m vehicles have been recalled.
Reuters buys finance site in 13m deal October 14, 2009 THOMSON Reuters consolidated its expansion into the opinion business yesterday as it acquired the financial commentary business Breakingviews. Breakingviews was founded 10 years ago by Hugo Dixon, a former Financial Times journalist, who will make £2.6m from the deal. Dixon was backed by a number of well known City figures, including Roland Rudd, the Finsbury [...]
New cars to have digital radio installed from 2014 October 7, 2009 CAR makers have agreed to make digital radios standard in cars from the start of 2014, following the Digital Britain White Paper in June which anticipates FM stations being switched off after 2015. “We’re really encouraged that both industries are positive. It will be a big logistical challenge but we have finally take the first [...]
Jaguar gets 500m new bank funding October 7, 2009 BELEAGUERED carmaker Jaguar Land Rover (JLR) yesterday revealed it has secured £500m of new funding, easing the pressure on the company after a dramatic slump in car sales during the recession. JLR, which is owned by India’s Tata Motors, said the monies included a £175m loan from the State Bank of India and a new [...]