New York picks Bill de Blasio as next city mayor November 6, 2013 NEW YORKERS yesterday chose liberal Democrat candidate Bill de Blasio to succeed Michael Bloomberg as the city’s mayor next year, delivering him a landslide victory over Republican rival Joe Lhota. De Blasio – the first Democrat to be elected as mayor in two decades – grabbed 73.3 per cent of Tuesday night’s vote after a lengthy [...]
The lawyer who has built his career breaking down barriers November 3, 2013 Stephen Kon, the new co-deputy chairman of King & Wood Mallesons, tells Elizabeth Fournier how years at the forefront of European law have left him ready to take on China LAST Friday, Stephen Kon joined a new law firm, one with a very, very long name. Overnight, the senior partner of London-based SJ Berwin (SJB) [...]
Total’s income plunges in third quarter due to refining margins October 31, 2013 FRENCH oil major Total yesterday posted a 19 per cent decline in net income for the third quarter, hit by narrow refining margins in Europe and a larger exploration expenditure. Income fell to €2.7bn (£2.3bn), with a $400m rise in its exploration bill compared to the same period a year ago weighing on profits. “The [...]
Volkswagen posts higher profit despite tough trading conditions October 30, 2013 Volkswagen have posted an operating profit of €2.77bn (£2.38bn), despite difficult market conditions. That's up from last year's €2.32bn. Group deliveries increased by 4.8 per cent to 7.2m vehicles worldwide. In spite of negative conditions in Europe and exchange rate impacts, sales revenue increased to €146bn in the first nine months of 2013. Volkswagen's share [...]
Nokia Lumia sales hit 8.8m in third quarter ahead of devices arm sale to Microsoft October 29, 2013 Finnish tech company Nokia has seen higher profits in the third quarter of 2013, posting €118m (£101m) operating profit for the group as a whole, up from a loss of €564m in the third quarter of 2012. Nokia chief financial officer and interim president Timo Ihamuotila said that the third quarter has been "among the [...]
The City A.M. guide to keeping fit, fresh and healthy in the City October 27, 2013 The City is bursting with different ways of getting you back in shape – and most of these activities can be enjoyed in your lunch break 1. Take intensive bursts of exercise LAX St Botolph’s, the City’s largest gym, opens today with a fitness programme specifically aimed at reflecting the lives of busy City workers, [...]
Kering’s Gucci posts weakest revenue growth for four years October 24, 2013 GUCCI, one of the world’s biggest luxury brands in terms of sales, yesterday posted its weakest growth in four years with a 0.6 per cent rise in like-for-like revenue in the third quarter. Gucci, which accounts for more than half of the valuation of parent Kering, has been hit like arch-rival LVMH’s Louis Vuitton by [...]
AT&T delivers as $3.8bn profit beats forecasts October 23, 2013 THE SECOND largest US mobile service provider posted its results for the third quarter after trading finished yesterday, with profits of $3.81bn (£2.36bn) revealed. AT&T’s earnings per share excluding significant items were slightly above expectations, at $0.66 against the $0.65 that was predicted. In the same quarter of 2012, the comparable figure was $0.63 per [...]
Evercore bullish as sees strong third quarter October 23, 2013 INVESTMENT bank advisory firm Evercore posted their third quarter results last night, with revenues up 23 per cent on the comparable period during 2012. The company announced net revenues of $188m (£116.23m), and profit of $14m, up 163 per cent over the 12-months to September. However, profit was down 15 per cent compared to the [...]
APR Energy to buy GE rental unit for £194m October 23, 2013 TEMPORARY power provider APR Energy yesterday said it has agreed to buy General Electric’s power rental business for $314m (£194m), in a deal which its chief executive called “transformational” for the company. John Campion told City A.M. that the acquisition of GE Power & Water in Houston, which rents mobile gas turbines to provide temporary [...]