Why we musn’t fear the rise of emerging market state-backed champions July 28, 2013 WHAT do Airbus, Michelin, Hyundai, NEC, Samsung, Singapore Airlines, Volkswagen, and LG have in common? They all started life as national champions, companies supported by the state while their countries emerged from the ravages of war. Although advanced economies have rightly shifted away from the model, the achievements of these firms in the global marketplace [...]
Snowden stays put July 24, 2013 US INTELLIGENCE fugitive Edward Snowden will remain in transit in Russia after his lawyer said he had not received documents allowing him to travel. Snowden, who has been living in a Moscow airport since 23 June, has been given permission to stay in the country by President Putin.
US spy fugitive Snowden may have been granted temporary asylum in Russia July 24, 2013 State-owned Russian news agency RIA Novosti has reported that former NSA contractor and US fugitive Edward Snowden has been given an official pass to leave Moscow’s Sheremetyevo airport. Snowden has been living in the transit zone since arriving from Hong Kong on 23 June 2013. He has requested asylum in a number of countries and [...]
McDonald’s cautious as tough economy eats into food sales July 22, 2013 MCDONALD’S yesterday said it expects the rest of the year to be tough for fast food sales, after posting a four per cent rise in net income to almost $1.4bn (£911m) for the second quarter. Shares in the world’s biggest restaurant chain lost 2.7 per cent yesterday after chief executive Don Thompson said “the informal [...]
Philips cheers strong demand from China as earnings treble July 22, 2013 ELECTRONICS group Philips beat forecasts yesterday by more than trebling its quarterly net profits to €317m (£272m). The Dutch firm said orders at its healthcare division – now its most profitable after a strategic overhaul – rose more than expected in the second quarter thanks to new ultrasound and scanning products and strong demand from [...]
McDonald’s revenues miss expectations as European sales remain suppressed July 22, 2013 McDonald’s has reported second quarter revenues of $7.08bn, or $1.38 per share, missing analyst expectations of $1.41 per share (release). Year-on-year, second quarter revenues were up 2.4 per cent, and earnings per share rose by seven per cent. Net profits were up five per cent to $1.40bn. In the US, comparable sales were up one [...]
Row breaks out over Open course as big names wobble July 18, 2013 GOVERNING body the R&A last night hit back at suggestions that Muirfield is unnecessarily difficult after stars Ian Poulter and Phil Mickelson criticised the Open course following an eventful first round. Ryder Cup hero Poulter offered the most stinging views, calling pin positioning “a joke”, while four-time Major winner Mickelson called on the R&A to [...]
Russian revenues boost ITE July 16, 2013 Corporate event manager ITE Group said yesterday that its third quarter revenue rose 25 per cent, helped by contributions from the biennial Moscow International Oil & Gas exhibition and revenue from the acquisition of an event organiser in Malaysia. The British company, which organises around 200 trade exhibitions and conferences each year in 14 countries, [...]
Our current membership of the EU is stifling British dreams of free trade June 29, 2013 CHAMPIONING transatlantic free trade at last week’s G8 summit, David Cameron saw off a rearguard action from European governments desperate to cocoon Mediterranean farmers and French film-makers from competition. Tory veteran Ken Clarke claims British dreams of free trade can only be realised through the EU. In reality, the EU’s ebbing value as a free [...]
Lord Browne to advise $20bn oil and gas fund June 18, 2013 LORD Browne, the former boss of oil giant BP, has joined forces with Russia’s Alfa Group to advise the company on a new $20bn (£12.7bn) global oil and gas fund. The fund, known as the L1 Energy Fund, will be seeded with the proceeds of Alfa’s sale of its stake of TNK-BP, which netted it [...]