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…
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…
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, 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…
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,…
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…
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’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…
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…
Mexico’s largest retailer, Wal-Mart de Mexico or Walmex, late on Monday announced a 26 percent rise in fourth quarter profits to MXN$8.23bn compared to MEX$6.54bn during the final quarter of 2010. Results were achieved through an aggressive expansion and a major holiday sales event in the last months of 2011. Revenues according to retailer climbed…
