Author Archive: Jeremy Parkinson
Glencore says $37bn deal “fair”
Glencore, the globe’s largest commodity trader, said on Monday that the $37bn offer for Xstrata is a fair deal, and is a “logical” next step for the two companies. There was no indication that it was willing to improve its offer to win over hesitant investors. Last month Glencore released estimated 2011 earnings together with […]
New Google privacy policy ‘illegal’ says EU Justice Commissioner
Viviane Reding, the EU’s Justice Commissioner, has announced that Google’s new privacy policy, effective as of midnight on March 1, represented “a breach of EU law”. In the face of entreaties from the EU to cease and desist earlier last week, Google went ahead with the privacy policy update, and issued a statement declaring that […]
Peugeot debt rating cut could hamper GM deal
Shares in Peugeot fell around 7.7 percent following a debt rating cut by Moody’s late on Thursday. The move saw the French car manufacturer’s rating drop to “junk” status, which may hinder a proposed deal with General Motors. According to Moody’s, a GM alliance would possibly weigh on earnings in the short term without yielding […]
US Air Force cancels Embraer aircraft deal
The US Airforce late on Tuesday unexpectedly cancelled a $355m light aircraft contract granted to Sierra Nevada and Brazil’s aircraft manufacturer Embraer. The deal was scraped following objections from a rival US aerospace company. Hawker Beechcraft protested the award, saying its AT-6 plane was unjustly shut out from the competition. The deal for 20 Embraer […]
WPP pre-tax profits up 18.5% to £1.008bn; “a record on whatever measure you care to name”
WPP, the world’s largest advertising and PR network, today reported an annual profit of £1.008 bn, representing not only an unprecedented 18.5 percent rise on 2010’s results, but the first time the communications leviathan has broken the £1bn profit mark – and WPP say they expect their revenue to increase in 2012. A spokesman for […]
Sluggish Indian GDP slows to three-year low
India’s economic growth in the three months to December was at its weakest in over three years due to a slowdown in agriculture, mining and manufacturing, the Federation of Indian Chambers of Commerce and Industry said on Wednesday. Meanwhile, higher interest rates, a decline in domestic demand and an increase in input costs hampered investment, […]
Greece in selective default in spite of German bailout approval
Credit ratings agency Standard & Poor’s late on Monday declared Greece in “selective default” following its private sector involvement deal which will see bondholders take a 70 percent haircut on the net value of their bonds. As part of the agreement an estimated €100bn will be wiped off Greece’s debt. The average maturity of creditors […]
Essar posts 10 percent loss as FTSE 100 down
Indian refiner and power generator Essar Energy on Monday said core earnings had fallen by 10 percent in 2011 due to weaker refining margins and the depreciation of the Rupee in the latter part of the year. Full year earnings before EBITDA stood at $624.8m compared with $696.5 the year before. Shares in Essar are […]
Spain unemployment leads to Telefonica profit fall
Spain’s largest phone company, Telefonica, announced on Friday that its full year operating profit had decreased to €20.2bn from €25.8bn year-on-year. Net profits were down to €5.4bn from €10.1bn in 2010. The fall was caused by lower domestic revenue and costs of cutting jobs amid rising unemployment, which saw customers switch to cheaper rivals, Telefonica […]
BP and Anadarko found liable for US oil spill damages
A Chicago court found on Wednesday that BP and its minority partner Anadarko Petroleum will be liable under federal pollution laws for civil damages and their roles in the Macondo 2010 Gulf of Mexico oil spill. The New Orleans judge ruled that the companies are liable under the Clean Water Act and the Oil Pollution […]
