The Business Matrix: Wednesday 12 June 2013

Tokyo refuses more stimulus

Japan’s central bank has refrained from promising more stimulus for the world’s third-largest economy despite equity and bond market turbulence in recent weeks. The Bank of Japan said the rise in Tokyo’s long-term bond yields this year was yet to pose any threat to the economy’s recovery prospects. The Nikkei slid 1.5 per cent

Workspace profits rise by 58 per cent

New and growing companies are being encouraged to spread out across the capital thanks to better transport links, London’s leading landlord for entrepreneurs Workspace revealed yesterday. Chief executive Jamie Hopkins hailed a “transformational” year for the company, which has raised pre-tax profits 58 per cent to £76.4m.

Google buys Waze navigation app

Google has bought the community-driven navigation app Waze, setting the stage for an expansion of its already market-leadng maps business. The search engine giant did not disclose how much it had paid for the Israeli company behind the app but the price tag likely to have been around the $1bn mark.

Broker Xcap rapped by FCA

The Aim-listed broker and fund manager Xcap Securities has been fined £121,000 by the Financial Conduct Authority for failing to keep its clients’ and own money separate. The offences date from when Xcap started trading in June 2010 through until August 2011. The fine is the first imposed under the FCA’s tougher regulatory regime

Charles Stanley profits up 8%

Stockbroker Charles Stanley’s pre-tax profit rose 8 per cent to £13.5m last year as funds under management gained 15 per cent to £17.7m. Shares jumped 11.5p to 397.625p. Chairman Sir David Howard said he looks to the coming year with “a touch more optimism” than a year ago.

SoftBank dishes it out for deal

Japan’s SoftBank has secured the backing of a major Sprint shareholder after raising its bid for the American wireless carrier to to $21.6bn (£13.9bn) to counter a rival offer by Dish Network. US hedge fund Paulson & Co, second largest shareholder in Sprint, said it would support SoftBank’s proposal.

Heathrow customers take off

Heathrow passenger numbers reached 6.1 million last month, up 4.7 per cent on last May, despite disruption caused by the forced landing of a British Airways plane after its engine caught fire. Most markets grew, with transatlantic traffic up 6.9 per cent.

Phillips disposes of Irish assets

Phillips 66 is selling its assets in Ireland, including the country’s only refinery, the 71,000- barrels-per-day Whitegate facility in Cork, the American refiner said. Other assets on sale include an oil and refined products storage terminal in Bantry Bay.

Hertz snaps up UK accident firm

Hertz has acquired CCL Vehicle Rentals Ltd, a leading national accident management provider based in Dorset. The company said the acquisition positions Hertz for huge growth potential in the £1bn UK car and van insurance replacement market.

DK Solar in debt restructure talks

Chinese solar manufacturer DK Solar Co Ltd yesterday reported its eighth quarterly loss in a row and said it was in talks with its lenders and investors to refinance its roughly $3bn of debt, sending its shares down more than 10 per cent.