The Business Matrix: Tuesday 11 September 2012

 

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The Independent Online

Japan Airlines to topple local rival

Japan Airlines is to raise more than £5bn after pricing its initial public offering at ¥3,790 (£30.32), the top of its price range, thanks to strong investor demand for the world's second-biggest IPO this year. The price will give JAL a market value of ¥687bn, toppling its chief local rival All Nippon Airways's ¥633bn.

GeoPost delivers early festive cheer

GeoPost UK, the parent company of DPD and InterLink, said it expects to recruit 900 temporary staff to handle online shopping volumes in the run-up to Christmas. The jobs are on top of 500 full-time posts created this year.

BHP shelves Australian mine

BHP Billiton, the world's biggest miner, is to cease production at its Gregory open cut coal mine in Queensland from next month due to weak coal prices, high costs and a strong Australian dollar. Prices for coal, iron ore and other commodities have been tumbling in recent weeks due to slowing growth in top consumer, China.

Economy rocked by imports slump

China's economy is showing more signs of wobbling after a shock 2.6 per cent slump in imports last month. The decline – which is bad news for Australia, Brazil and other countries that feed the Red Dragon's economic machine – comes after factory output hit a three-year low.

Beijing has cut interest rates twice since June.

Investment bank central to Barclays

Barclays' new chief executive has promised bold action to tackle big bonuses at its investment bank and to cut businesses that suck up too much capital, as he reforms a culture regulators have criticised as too aggressive. But Antony Jenkins yesterday also said investment banking has a central place within the group.

Drouet a shoe-in at LK Bennett

Upmarket clothing and footwear chain LK Bennett has appointed luxury retail veteran Didier Drouet as its new chief executive. Mr Drouet, who started his career at L'Oreal in 1984, has held senior roles at Cartier and LVMH.

Chariot blow sees shares plummet

Chariot Oil & Gas lost more than half its stock market value after explorer said a keenly-awaited well located off the shore of Namibia had come up dry. The shares, which are popular with retail investors, plunged 66 per cent to 33p. They hit 125.8p last week on speculation about the well result.

BG finance chief to take sick leave

BG Group's finance director Fabio Barbosa is to take a medical leave of absence until the end of the year for a recently diagnosed condition. The company, which is a leading player in the global energy market, said the role would be covered by its financial controller, Den Jones, who has been with BG since 2010.

FSA boost on market abuse

The Financial Services Authority has struck a deal with US firm Nasdaq OMX to use the exchange's system for spotting market abuse. The regular FSA has selected Nasdaq's Smarts Integrity software system to help to detect market abuse on British markets.

Cala Group profits raise the roof

Cala Group, the housebuilder focused on Scotland and the South-east, has announced its highest annual profits since it was taken private in 1999. The near six-fold increase to £11m was achieved after a 35 per cent rise in completions to 875 homes lifted turnover to £254m.

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