Tony Hayward, who resigned as boss of British energy giant BP over the Gulf of Mexico spill disaster, on Thursday launched a bid to raise £1.0 billion in his new role as part of an investment vehicle.
Hayward has helped to set up Vallares, which on Thursday said it plans to raise £1.0 billion (1.13 billion euros, $1.64 billion) via a stock market flotation in London later this month.Full Story
German car maker BMW reinforced its claim to be the world's leading premium auto maker ahead of Audi and Daimler, which owns Mercedes-Benz, after releasing figures for May on Wednesday.
BMW, which also owns the Mini and Rolls-Royce brands, said it delivered a total of 147,563 vehicles last month, for an annualized gain of 21 percent.Full Story
Singapore is set to overtake Las Vegas as the world's second-largest gambling hub this year, a U.S. gaming industry head said Tuesday, as Asia cements its place as a major betting market.
Singapore has emerged as Asia's hottest new gambling destination with a revamped cityscape and billions of dollars pouring into the economy, after the opening of two resort casinos in 2010.Full Story
Growing inflation worldwide is casting a pall over the global economic recovery and risks hurting the financial system, China's top banking regulator has been quoted as saying.
Liu Mingkang, chairman of the China Banking Regulatory Commission, said inflation was soaring in both developed and emerging economies as a result of monetary easing in the United States, the European Union and Japan, which had sent a flood of liquidity into global commodity markets, pushing up prices.Full Story
Louis Vuitton may have lost prime advertising space in China when its giant suitcase was torn down in Shanghai, but it is now wooing customers in the hallowed halls of the national museum in Beijing.
The Louis Vuitton Voyages exhibition, marking the French fashion house's 20th year in China -- the world's fastest growing market for luxury goods -- features hundreds of canvas trunks and leather handbags dating back to the 1860s.Full Story
Italian luxury fashion house Prada is set to raise as much as $2.6 billion after setting the price range for its highly anticipated offering in Hong Kong on June 24, a report said Monday.
The Milan-based company plans to sell 423.28 million shares at an indicative price range of HK$36.50-HK$48.0 ($4.70-6.20) each, Dow Jones Newswires reported, quoting an unnamed source familiar with the deal.Full Story
Oil prices fell on Monday as traders took profits and geared up for this week's key OPEC meeting in Vienna.
New York's main contract, light sweet crude for delivery in July, sank 78 cents to $99.44 per barrel.Full Story
German auto group Daimler and Britain's Rolls-Royce said Monday they had succeeded in a takeover of motor and turbine maker Tognum, having acquired 59.87 percent of its shares.
"Following the expiration of the public offer's term, Daimler and Rolls-Royce together hold 59.87 percent of the shares in Tognum via their joint company Engine Holding," a statement said.Full Story
German lighting company Osram, which is owned by industrial giant Siemens, said Monday that it had filed suit against Samsung and LG of Korea for patent violations.
Osram filed complaints in Germany and the United States in connection with alleged violations regarding patents for light emitting diode (LED) technology and plans to file another on Tuesday against LG in China, a statement said.Full Story
Iconic American carmaker Chrysler officially came under the Italian flag Friday when Fiat announced it had obtained a majority share after buying out the U.S. government's stake.
The takeover comes two years after Fiat took a 20 percent stake in exchange for sharing its technology and providing trusted leadership as Chrysler emerged from a government-backed bankruptcy.Full Story