GM sells steering unit to China as it focuses on cars July 7, 2010 GENERAL Motors (GM) said yesterday it has agreed to sell its Nexteer Automotive unit to a group backed by the Beijing government to focus on its core car-making business. GM said it reached a definite agreement to sell the maker of steering systems to Pacific Century Motors, a joint venture between Chinese auto parts supplier [...]
SOLVED: MYSTERY OF VANISHING FORMER PM July 5, 2010 IT WAS a rip-roaring ride for those who turned up at the swanky Renaissance Chancery Court Hotel in Holborn yesterday to hear Mayor Boris Johnson exercise his notoriously sharp tongue. Boris, the guest of honour at the Cities of London and Westminster Conservative Association’s annual lunch, certainly knows how to play to an audience including [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 22, 2010 FINANCIAL TIMES GUINEA THREAT OVER RIO DISPUTE The government of Guinea has raised the stakes in a dispute with Rio Tinto by threatening to strip the mining group of more of its rights to one of the world’s biggest undeveloped iron ore deposits. Officials in Guinea have been angered by what they see as Rio’s [...]
CITY MOVES | WHO’S SWITCHING JOBS June 20, 2010 Aviva The insurance giant has appointed Dipak Warren as a corporate risk solutions director. Warren joins from Mitsui Sumitomo Insurance in London, which she joined in 2000. In her last role as active underwriter and director of the firm, she was responsible for the syndicate business plan and performance across property, casualty, motor, PI, marine, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 20, 2010 FINANCIAL TIMES GOOGLE DEBATES OVER FACE RECOGNITION TECHNOLOGY Google executives are wrestling over whether to launch controversial facial recognition technology after a barrage of criticism over its privacy policies. Eric Schmidt, chief executive, said a series of public disputes over privacy issues had caused the management team to review its procedures and the launch of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 16, 2010 FINANCIAL TIMES HEDGE FUNDS HIT BY MAY VOLATILITY Some of the world’s biggest hedge funds have suffered significant losses this month after high levels of volatility across markets and the shortlived stock market plunge in New York combined to wipe billions from portfolios. Losses in the first week of May alone erased all gains made [...]
SOC GEN’S ROGUE TELLS HIS SIDE OF THE STORY May 4, 2010 MILLION-dollar profits and banking “orgies” sound nice and juicy at the best of times, but especially so when they involve a tell-all book penned by a man at the centre of some of the most high-profile rogue trading allegations ever to rock the financial world. Jerome Kerviel has made a household name of himself after [...]
Ford reports a $2.1bn profit April 27, 2010 FORD posted a stronger-than-expected $2.1bn (£1.38bn) quarterly profit and said it would be “solidly profitable” in 2010, a year ahead of schedule, driven by strong US sales and market share gains. Ford raised its North American production plan for the current quarter as well as the 2010 outlook for its Ford Motor Credit financing arm. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 19, 2010 FINANCIAL TIMES HCL FUELS DEBATE The head of one of India’s biggest IT outsourcing companies has waded into the debate on UK public sector efficiency savings, complaining of an “old boys’ network” in government procurement. Vineet Nayar, chief executive of HCL Technologies, hit out at the “stranglehold of a few companies” in Britain’s £17bn market [...]
GM SEES LIGHT AT END OF TUNNEL April 12, 2010 General Motors expects to report “solid” operating results for the first quarter, which will show progress towards its goal of returning to profitability in 2010, chief executive Ed Whitacre (left) said yesterday. A profit in 2010 would end a five-year streak of losses and mark a turnaround for the US carmaker, which emerged from a [...]