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Tech leader takes Rolls-Royce helm as UK champion seeks to revive fortunes
A celebrated technology executive is to take on one of the trickiest jobs in UK industry – reviving the fortunes of Rolls-Royce, a company that symbolises British manufacturing prowess but which has been hit by a string of profit warnings and questions over strategy.
Angola seeks $10bn from overseas to boost infrastructure projects
Angola, Africa’s second-largest oil producer, is seeking to raise up to $10bn from foreign creditors as it attempts to push ahead with key infrastructure projects in the face of severe headwinds triggered by the collapse in crude prices.
Companies and Markets
Persson hits end of the road with Volvo
Volvo Group has ousted its chief executive and replaced him with the boss of rival Scania as the truckmaker looked for someone with “deeper experience” of the industry to help complete its turnaround after a fall in profitability.
Amazon and Audi test car boot delivery service
Amazon customers will be able to order parcels delivered directly to the boot of their car under a pilot scheme launched in Germany with carmaker Audi. A select group of Audi customers in the Munich area who use Amazon’s Prime Service will be able to test the scheme from next month.
Rolls-Royce chief’s exit fuels takeover speculation
The unexpected departure of John Rishton as chief executive of Rolls-Royce after a tumultuous period at the leading aerospace engine maker has fuelled speculation that the UK group could soon be a takeover target.
Labour rules out SNP deal after Salmond’s budget joke
Ed Miliband hardened his opposition to working with the SNP yesterday as he suffered the ignominy of Alex Salmond boasting that he would write Labour’s budget. The Labour leader declared that his party would not strike an “agreement” with the Nationalists, rejecting for the first time the kind of post-election deal for which the SNP has been calling.
Europe levels market abuse charges at Gazprom
Gazprom is facing charges of abusing its dominant market position in central and eastern Europe. The European Commission said that its “preliminary view” was that the Russian energy group had broken European competition rules by pursuing an overall strategy to partition the gas markets of central and eastern Europe, which could reduce the state controlled group’s wholesale customers’ ability to resell gas abroad.
Rolls-Royce shares rev 4% as Rishton retires
Rolls-Royce’s chief executive, John Rishton, quit the British engineering gaint yesterday, saying “it was time for a change in lifestyle”. Mr Rishton, who has been criticised by some investors over company strategy, is to be replaced by Warren East, the former chief executive of Arm Holdings.
PM to unveil the first manifesto just for England
The Tories will tomorrow inflame the row over a potential Labour-SNP power sharing deal by unveiling the party’s first ‘manifesto for England’. The Prime Minister and the outgoing Leader of the Commons William Hague will launch the English document, which follows traditional Scottish, Welsh and Northern Irish manifestos.