Sberbank misses profit expectations December 7, 2009 Sberbank, Russia’s biggest lender, missed its forecast for its third quarter net profit but analysts took heart from slowing bad loan growth which they said could pave the way for a stronger performance in the coming months. The state-run bank posted a net profit of 4.2bn roubles (£87.4m) in January-September, undershooting analysts’ forecasts of 5.1bn [...]
UK to lose top economy rank December 6, 2009 THE UK is set to slide out of the world’s top 10 economies by 2015, according to the Centre for Economics and Business Research (CEBR). Although the International Monetary Fund and World Bank both ranked the UK sixth in 2008 based on GDP, the CEBR reports that this year the country fell behind Italy to [...]
Peugeot is in talks with Mitsubishi December 3, 2009 PEUGEOT CITROEN, the French carmaker, said yesterday it was in talks with Japanese group Mitsubishi about a “strategic partnership”. The move would see the the pair – who have already teamed up in Russia to develop electric cars and four-wheel drives – focus on designing and manufacturing cars for first-time owners, particularly in emerging markets [...]
Deripaska’s plan for Rusal flotation hits a setback December 2, 2009 RUSSIAN tycoon Oleg Deripaska’s plan to float his aluminium business UC?Rusal hit another hurdle yesterday, when the Hong Kong Stock Exchange delayed a ruling that needs to go in the firm’s favour before it can list. Rusal, the world’s largest aluminium company, is poised to secure a $17bn debt restructuring package that it hopes will [...]
Braving choppy waters: World Cup bids and marketing in a downturn November 29, 2009 ENTREPRENEUR extraordinaire Sir Keith Mills does seem to relish a stiff challenge. Having led the successful bid to bring the Olympic Games to London in 2012, the business brains behind Air Miles and Nectar’s latest goal is to see his sailing team win the America’s Cup – something no British crew has managed. And if [...]
Tata expects improvement for next year November 26, 2009 TATA Steel posted a second consecutive consolidated quarterly net loss yesterday, but the world’s eighth biggest steelmaker by output said it expects a sharp improvement in the second half of the fiscal year to March on reviving demand. Corus, Tata’s European unit, has struggled as the global downturn has hit demand from key industries such [...]
Build United’s future around me, says Vidic November 26, 2009 NEMANJA VIDIC last night angrily scotched rumours he is ready to quit Manchester United, insisting he wants to become an integral part of the club’s next generation. The Serbian’s future at Old Trafford has been thrown into question in recent weeks amid reports his wife Ana is unhappy in the north-west. The rumours followed an [...]
Gold jumps to new heights as dollar dips November 25, 2009 GOLD jumped to another record high yesterday, while the dollar dropped to a 15 month low against a basket of currencies after a batch of US data indicated the economic recovery was strengthening. The data, showing positive trends in the housing and labour markets and in consumer spending, helped lift US and European shares while [...]
Nadal crashes at first hurdle November 25, 2009 WORLD No2 Rafael Nadal was dumped out of the ATP World Tour Finals at the earliest opportunity last night after another straight-sets defeat at London’s O2 Arena. The Spaniard, who has struggled with injuries this season, only showed his trademark grit in the closing stages of a 6-1, 7-6 (7-4) defeat to Russia’s Nikolay Davydenko. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 24, 2009 FINANCIAL TIMESRECOVERY TREND AT ICGIntermediate Capital Group, one of Europe’s largest mezzanine lenders, inched back into profit in spite of further provisions on loans to struggling companies, such as Gala Coral, the betting group. The financial crisis has taken its toll on ICG. The London-listed company was forced to repair its overstretched balance sheet by [...]