UN approves air strikes on Libya March 17, 2011 BRITISH and international forces were preparing to launch air strikes in Libya last night after the United Nations passed an eleventh-hour resolution to intervene in the crisis. Prime Minister David Cameron is to hold an emergency cabinet meeting today after the 15-member UN Security Council dramatically gave the green light to a no-fly zone and [...]
Ad recovery is boost for Aegis March 17, 2011 Marketing group Aegis beat forecasts yesterday despite suffering a £25m exceptional charge on the threat of bad debts from a Spanish former client. The debt provision pushed its pre-tax profits down 25 per cent from £91.2m to £68m but chief executive Jerry Buhlmann told City A.M. his firm had taken a “very prudent” view on [...]
Inchcape in profit rise as its sales rally March 8, 2011 GLOBAL car dealership Inchcape saw its profit jump by 38 per cent last year as emerging markets performed strongly. Profit before tax and one-off items was £214m, also helped by cost savings across the business. However, Inchcape warned that it expected pressure on gross profit margins this year due to the appreciation of the yen [...]
Latin America drives sales at Michael Page March 7, 2011 RECRUITER Michael Page has posted improved profits for 2010, driven by its expansion into emerging markets. Gross profit for the year rose 23.8 per cent to £442.2m, with 72 per cent of the company’s profit generated overseas. The fastest-growing market was the Americas, driven by expansion into Chile – the firm’s fourth Latin American market [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 6, 2011 FINANCIAL TIMES TESCO PUSH ON MUSIC GROUPS’ CD DEALS Tesco is pushing music companies to accept minimal upfront payments for the compact discs they ship to the Uk retailer, in a renegotiation that will test how record labels’ bargaining power has diminished in line with shoppers’ interest in CDs. Instead of paying £7 or £8 [...]
BP to meet Russian investors March 6, 2011 Oil behemoth BP will meet with its rebel Russian shareholders today in front of three high court judges. Arbitration proceedings between the firm and shareholders inside TNK-BP will take place, in an attempt to settle disquiet over its strategy in Russia. The shareholders are unhappy that BP will deal with state-backed energy firm Rosneft, rather than [...]
Profits up 60pc at Glencore March 3, 2011 GLENCORE unveiled a trading update showing a 60 per cent rise in pre-tax profit yesterday, with the results particularly buoyed by rising prices for metals and agricultural products. The privately owned Swiss commodities trader is currently lining up investors for an initial public offering (IPO), with its chief executive Ivan Glasenberg making a major presentation [...]
Total spends $4bn to tap Novatek’s Arctic gas find March 3, 2011 FRENCH oil giant Total has done a $4bn (£2.46bn) deal to explore gas deposits in the Arctic with Russian independent firm Novatek, it announced yesterday. Total has signed up for a 20 per cent stake in the Yamal liquefied natural gas project, which contains an estimated 802bn cubic metres of natural gas and 31m tonnes [...]
Global output at five-year high March 3, 2011 Global businesses grew at their fastest pace in almost five years last month but also witnessed increasing price pressures, a purchasing managers’ survey has shown. The JP Morgan Global All-Industry Output Index, which combines manufacturing and services data, rose to 59.4 from January’s 58.3, its highest reading since April 2006. “The global economic recovery strengthened [...]
TNK-BP talks up chances of Rosneft deal March 1, 2011 EXECUTIVES at TNK-BP are keen to join BP’s Arctic drilling deal with Russian oil company Rosneft, its chief financial officer confirmed yesterday. “In relation to Arctic opportunity it has been accurately reported that management at this point has proposed that the board consider participation in the Arctic opportunity,” Jonathan Muir told a conference call, adding [...]