Saturday 18 May 2013

European car sales in first rise for 18 months


New car sales across Europe rose in April for the first time in 18 months, helped by strong demand in the UK and by the early Easter break.
Registrations rose 1.8% to 1.08 million in April, compared with a year ago. The last rise was in September 2011, said the industry association, ACEA.
While the figure was an improvement on last year, it was the third lowest total for April on record.
However, UK sales were 15% higher and were the best for April in five years.
Without the UK figures, registrations would have recorded another fall.
Seasonal factors, in that most of Europe had two more selling days last month thanks to the Easter holiday falling in March this year, also flattered the figures.
Downturn
Demand for new cars across Europe fell to a 17-year low last year, with most economies weak, or in recession, and unemployment hitting record highs.
For the first four months of the year, overall volumes were down 7%, compared with the same period a year ago.
Car manufacturers have seen sales of their smaller, mass-market models fall off, with lower income buyers unable to afford new cars in the economic downturn.
Peugeot Citroen saw both of its main brands lose sales, with Peugeot sales falling 7.5% and Citroen down 13%.
Fiat saw sales fall 4%, but its Alfa Romeo brand saw sales collapse by a third.
Seat, which is owned by Volkswagen, saw sales jump by 35%. Most of Seat's sales are in Spain, a country that saw car sales rise 10.8% despite the torpid state of its economy.
Regionally, results varied widely across markets.
As well as strong growth in the UK and Spain, Germany's sales rose by 3.8%. But in France sales fell by 5.3% and Italy saw a drop of 10.8% in registrations.
"We are pleased to see a rise in European new car registrations in April after such a long period of depressed demand," said Mike Baunton, SMMT Interim Chief Executive.
"We note it is only a small increase with year-to-date figures still lower than last year, but it is certainly very welcome as half of all UK vehicle exports go to the continent.
"Here in the UK, the picture has been positive for some time with confident consumers attracted to dealerships by new, innovative, fuel-efficient vehicles and affordable finance deals.
"The UK new car market has grown for 14 consecutive months and in April, registrations recorded their best performance since 2008."

Tata Tele (Maharashtra) share sale cancelled


(Reuters) - Tata Sons Ltd, the promoter of Tata Teleservices (Maharashtra) Ltd (TTML.NS), cancelled a share auction it had launched in the telecommunications carrier on Friday after most bids were below a floor price set by the company.

HPCL shuts CDU unit after fire at Visakhapatnam refinery


MUMBAI (Reuters) - A fire broke out late on Thursday at state-run refiner Hindustan Petroleum Corp Ltd's Visakhapatnam refinery on the east coast, said officials at the unit.

Thursday 16 May 2013

China's Sina sees loss narrow as revenues rise


Sina Corp, which runs China's biggest micro-blogging service, saw losses narrow in the first three months of the year as non-advertising revenues rose.

Google challenger in Vietnam redirecting queries

HANOI: A Russian-financed search engine seeking to challenge Google's dominance inVietnam is redirecting queries for some politically sensitive terms to the American company's search engine, apparently as a way of avoiding government anger or legal liability for sending surfers to sites containing criticism of the ruling party. 

Mercedes to invest Rs 250 cr to double India capacity

NEW DELHI: German luxury carmakerMercedes Benz plans to infuse a fresh investment of Rs 250 crore into its Indian arm to double its production capacity to 20,000 vehicles by the end of this calendar.

Dell's profit dives as billionaire battle rages on

SAN FRANCISCO (Reuters) - Dell Inc , the subject of a takeover battle between activist investor Carl Icahn and the company's billionaire founder, reported a 79 percent slide in profit as personal computer sales continued to shrink.

Wal-Mart profit misses Street as U.S. sales weak


REUTERS - Wal-Mart Stores Inc's quarterly profit just missed Wall Street expectations on Thursday, with sales down 1.4 percent at itsWalmart U.S. stores open at least a year.

Five Indian firms chosen by global accelerator 500Startups for its new international batch

500Startups, one of the word's largest accelerators, has announced its new international batch, which has 28 startups from about 15 countries in the world, with the highest number from India. 

RBI to issue inflation linked bonds to attract household savings


Mumbai, May 16 (ANI): The Reserve Bank of India (RBI) will launchinflation-linked bonds every month to attract household savings of up to Rs.15,000 crore in fiscal 2013-14, so as to discourage investments in gold.

Subsidised grain for non-poor families to continue


New Delhi, May 16 (IANS) The Cabinet Committee on Economic Affairs (CCEA) Thursday approved the continued allocation of subsidised grain to above poverty line families during 2013-14 under the Targeted Public Distribution System (TPDS), an official statement said.

JM Financial surges after tie-up with Vikram Pandit


MUMBAI (Reuters) - Shares in JM Financial Ltd rose as much as 13.6 percent early on Friday after the company said on Thursday formerCitigroup Chief Executive Vikram Pandit is buying a stake in the Indian financial services company.

China, India to be world's two biggest investors by 2030: World Bank


WASHINGTON (Reuters) - The percentage of global investment that goes to developing countries should triple in the next two decades as emerging economies catch up to richer nations and become more integrated into financial markets, the World Bank predicted in a report on Thursday.

Fed hawks unite in call to retreat from mortgage stimulus


HOUSTON/MILAN (Reuters) - A trio of hawkish regional Federal Reserve officials are calling for the U.S. central bank to stop buying mortgage-backed bonds, citing recent improvement in the housing market.

UK's Actis ends $2billion road JV with Tatas

MUMBAI: Private equity major Actis is ending a high-profile road projects joint venture with the Tata Group, selling its 35% stake to the salt-to-software conglomerate's private equity arm, said a person with direct knowledge of the matter.

Drug company plea, settlement worth $500 million; Maryland getting a share


A pharmaceutical manufacturer has pleaded guilty to felony charges that it distributed adulterated drugs in the United States, agreeing to pay $500 million in fines and settlement claims that are expected to yield Maryland nearly $850,000.
Ranbaxy USA Inc., a subsidiary of the Indian company Ranbaxy Laboratories Ltd., pleaded guilty to three felony violations of the federal Food, Drug and Cosmetic Act and four felony counts of making false statements to the Food and Drug Administration, federal prosecutors announced Monday.

Eurozone inflation falls to three-year low


Official figures show inflation in the 17-strong eurozone bloc has fallen to an average of 1.2% - a three-year low.
The figure, for April, was dragged down by falling prices in the face of weak demand across the eurozone.

BP to seek Cameron's help as oil spill costs escalate


BP wants Prime Minister David Cameron to intervene over the escalating cost of compensating US companies for the Gulf of Mexico oil disaster in 2010.
BBC business editor Robert Peston has learned that BP feels its financial recovery is in jeopardy because the compensation system is being abused.

Google boosts photo offerings to rival Facebook

SAN FRANCISCO: Google is digging deeper into its technology toolkit to turn its social networking service into a more formidable threat to Facebook, sprucing up its photo features at a time when sharing snapshots online and on mobile gadgets is growing more popular.

Struggling Singapore Airlines fights back to boost growth


SINGAPORE (Reuters) - Singapore Airlines, caught between the rapid emergence of Gulf carriers and low cost Asian rivals, is attempting a big strategy overhaul to revive growth, pushing into the low-cost segment and expanding its regional network.

Wednesday 15 May 2013

Japan's economy shows recovery signs in boost for Abe


Japan's economy, the third largest in the world, expanded at its quickest pace in a year, showing signs of an economic recovery.
Gross domestic product grew 0.9% in the three months to March compared to the previous quarter, indicating an annualised rate of 3.5%.

Rich-poor divide accelerating, says OECD


The gap between rich and poor widened more in the three years to 2010 than in the previous 12 years, the OECD group of industrialised nations has said.
It says the richest 10% of society in the 33 OECD countries received 9.5 times that of the poorest in terms of income, up from nine times in 2007.

Amazon UK paid £2.4m tax on £4bn sales last year


Amazon's UK subsidiary paid £2.4m in corporate taxes last year on sales of £4.3bn - a rate of less than 0.1% - the online retailer's accounts show.
The tax bill was almost as much as the £2.5m in government grants Amazon received over the same period, according to a Companies House filing.
The taxes are relatively low compared to sales because the company earns its profits in Luxembourg.

Barclays 'let down society' says Church of England


The Church of England has criticised the conduct of Barclays in its annual report, after a year dogged by scandal and resignations at the bank.
The church, which holds a small stake in Barclays, said the bank had "repeatedly let down society with its conduct" during 2012.

Maruti Suzuki to drive out LCV codenamed Y9T from Gujarat plant


MUMBAI: The board of Maruti Suzuki, India's largest passenger carmaker, has just cleared a proposal to start manufacturinglight commercial vehicles (LCV). SeniorMaruti Suzuki executives communicated this decision at an offsite with its vendors inMalaysia last week.
A new LCVcodenamedY9T is already under development and will compete head-on with the Tata Ace. It will be powered by a new 2-cylinder 800cc diesel engine, now in advanced stages of development. People close to the development said MarutiSuzuki's first LCV will roll out of its Gujarat plant, which goes on stream in FY16.