Peugeot says it will post a big 2009 loss June 23, 2009 PEUGEOT Citroen said it expected to lose as much as €2bn (£1.7bn) in 2009 as it launched a convertible bond to raise €575m yesterday – but its European sales will fall less sharply than feared. Peugeot Citroen said that while the European car market was still down compared with 2008, the company’s “best current estimate” [...]
Russian shares drop sharply June 23, 2009 Shares in Russia slid further yesterday, extending losses to more than 20 per cent this month, confirming its reputation of one of the world’s most volatile markets. While the FTSE All World Emerging index fell 9.7 per cent from its 1 June peak, Russia’s RTS has tumbled 21 per cent since 2 June, including a [...]
MySpace says it will axe two thirds of international staff June 23, 2009 STRUGGLING social networking site MySpace said yesterday that it will cut about two thirds of its international work force and close at least four of its offices outside of the US, putting dozens of UK staff at risk. The News Corp-owned firm has proposed a restructuring plan that would see its international staff cut from [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 22, 2009 FINANCIAL TIMES BRAMDEAN FUND POSTS HEAVY FALLBramdean Alternatives, the listed fund of alternative funds, has posted its worst monthly fall in net asset value in sterling terms since its inception two years ago. The fund, which is managed by Nicola Horlick’s Bramdean Asset Management, suffered a 7.7 per cent fall in net asset value to [...]
Chambers’ double helps GB rally to Euro bronze June 21, 2009 FORMER outcast Dwain Chambers came to his team’s rescue to help Great Britain to a third place finish in the inaugural European Team Championship in Portugal. After winning the 100 metres in the opening session, Chambers then completed an impressive sprint double in the 200m after stepping in to replace the injured Rikki Fifton. Victory [...]
BAE vies for Indian jet fighter contract June 21, 2009 BAE Systems is in the running to supply India with over 130 fighter jets, in a deal which could win the company over £10bn. If India buys the controversial Eurofighter Typhoon plane, which is built by a four-nation consortium including the UK’s BAE, it will be one of the largest international arms deals in the [...]
Investors are turning to ETFs as uncertain times continue June 17, 2009 WHEN American private equity firm Blackrock recently acquired Barclays Global Investors in a deal worth $13.5bn it was seen as a smart move by some industry analysts, largely because of BGI’s involvement in the exchange-traded-funds (ETFs) industry through its £375bn iShares business. ETFs have been big in the US for many years, and the financial [...]
China offers $10bn loan to its key allies June 16, 2009 CHINA will offer a $10bn (£6bn) credit loan to Russia and other key allies to help them through the financial crisis, Chinese President Hu Jintao said yesterday. Speaking at a summit in the Russian city of Yekaterinburg, Jintao said China would provide monetary aid to Russia, Kazakhstan, Uzbekistan, Tajikistan and Kyrgyzstan, who are all members [...]
Wall Street hit by poor factory data June 15, 2009 US STOCKS tumbled yesterday, marking their worst slide in a month after regional manufacturing data dented optimism about the economy’s health and resource shares fell alongside commodity prices. After a series of signs the economy may be stabilising, investors are looking for more definitive signals of its improving health. Analysts also said a pullback was [...]
Deripaska appoints GM chief June 15, 2009 Russian indebted carmaker GAZ said yesterday it had invited a former General Motors executive to head its board of directors. The group, owned by tycoon Oleg Deripaska, said former purchasing chief Bo Andersson had expressed his agreement to take the post. GAZ, along with Russia’s largest lender Sberbank and Canadian car parts group Magna is [...]