Business

KKR to buy Hitachi’s power tools unit for $1.3 billion

U.S. private equity firm KKR & Co LP (KKR.N) has agreed to buy Japanese conglomerate Hitachi Ltd’s (6501.T) power tools unit, Hitachi Koki Co Ltd (6581.T), for about $1.3 billion, the companies said on Friday. KKR will launch a tender offer for Hitachi Koki at 870 yen per share, costing it 88.2 billion yen. Including a special dividend of 580 ... Read More »

Japan November machinery orders seen falling on U.S. policy uncertainty

A Reuters poll on Friday found Japan’s machinery orders were expected to fall in November, the first decline in two months, suggesting firms remain cautious about capital spending. Core machinery orders, a highly volatile data series regarded as a leading indicator of capital spending, were expected to have slipped 1.7 percent in November following a 4.1 percent rise in October, ... Read More »

Exclusive: Venezuela’s PDVSA sees 2017 oil output stuck near historic lows – document

Venezuelan state energy company PDVSA projects oil production will remain near 23-year lows in 2017, an internal document shows, suggesting more hardship ahead for the crisis-wrought OPEC member country. Cash-squeezed PDVSA, which accounts for nearly all of Venezuela’s export revenues and is the socialist government’s financial motor, saw production tumble by nearly 10 percent in 2016 due to an unraveling ... Read More »

Australia predicts dramatic fall in iron ore prices

Shares in Australian mining companies have fallen after the government forecasted a dramatic decline in iron ore prices. The government forecast an iron ore price of $46.70 a tonne by 2018, almost half the current level of $80. The current price is supported by resurgent demand from China. But the Department of Industry, Innovation and Science said that demand was ... Read More »

Jamie Oliver to shut six Jamie’s Italian restaurants amid ‘tough trading’ after Brexit

Jamie Oliver has announced he is to close six of his Italian restaurants, blaming tough trading amid rising Brexit cost pressures. The celebrity chef’s company said outlets in Aberdeen, Cheltenham, Exeter, Richmond, Tunbridge Wells and Ludgate Hill, London, will close by the end of March. Simon Blagden, chief executive of Jamie Oliver Restaurant Group, said: “As every restaurant owner knows, this is a tough ... Read More »

Jaguar Land Rover sells record 583,313 cars in 2016

Britain’s biggest carmaker Jaguar Land Rover (JLR) (TAMO.NS) sold a record 583,312 cars last year as the Indian-owned firm continues its rapid expansion with the aim of building 1 million vehicles a year at the turn of the decade. Sales were up 20 percent from the previous year, although sales growth slowed to 12 percent year-on-year in December, the carmaker ... Read More »

Tesco refuses to ban pyjama-wearing customers from their supermarkets

Tesco has said customers wearing nightclothes in its stores was “not a big issue” after an angry shopper called for a ban on wearing pyjamas and slippers in shops. A “pyjama row” erupted after a customer posted a message on the supermarket’s Facebook page asking mangers to enforce new rules alongside a picture of two women wearing dressing gowns. However, ... Read More »

Fiat Chrysler ups the ante as automakers respond to Trump

Fiat Chrysler Automobiles (FCHA.MI) (FCAU.N) on Sunday said it will invest $1 billion to modernize two plants in the U.S. Midwest and create 2,000 jobs, upping the ante as automakers respond to threats from President-elect Donald Trump to slap new taxes on imported vehicles. FCA’s announcement that it would retool factories in Ohio and Michigan to build new Jeep sport ... Read More »

UK factory bosses see worse economy but better sales in 2017 – EEF

British factory bosses are downbeat about the outlook for the economy after last year’s Brexit vote even though they expect their sales both at home and abroad to improve in 2017, an industry survey showed on Monday. An annual survey by manufacturing association EEF showed 47 percent of executives in the sector predicted a decline in Britain’s economic fortunes this ... Read More »

Mercedes-Benz to overtake BMW as largest premium carmaker

Mercedes-Benz is expected to reach its goal of becoming the largest premium carmaker four years early – a feat achieved, ironically, only after it stopped chasing market share and focused on making stylish high-tech cars loved by consumers. Introducing an elegant, sporty design and establishing itself as a pioneer in new technologies like autonomous driving has helped revive the Mercedes ... Read More »