TRAFIGURA LIFTS VEIL TO REVEAL $1BN PROFIT
Trafigura, one of the world’s leading oil and metals traders, has told bond investors it earned almost $1bn last year, revealing the extraordinary profitability of the publicity-shy Swiss-based trading houses which dominate commodities markets. The company raised €400m ($438m) recently on its first Eurobond issue after receiving bids for €1bn from European institutional investors attracted by high interest rates.
SENIOR EXECUTIVES POISED TO QUIT GAME
Game Group is likely to announce that its two most senior executives are quitting the business when it reports its annual results on Wednesday. Lisa Morgan, chief executive, is thought to be stepping down immediately, while Terry Scicluna, the chief operating officer, is also likely to leave following the appointment of Chris Bell, former chief executive of Ladbrokes and senior independent director, as interim chief executive.
CIRQUE STRIKES JACKSON STAGE SHOW DEAL
The Michael Jackson estate has arranged for the late singer to follow in the footsteps of the Beatles and Elvis Presley after striking a deal with the Cirque du Soleil performance group to create a stage show based on his music.
US REPORT CALLS FOR DRASTIC CUTS TO SALT IN FOOD
US food companies are bracing themselves for tough new regulations that will force them to cut drastically the level of sodium in processed food following the release of an influential report yesterday. Kraft, General Mills and other large manufacturers of processed food have anxiously been awaiting the report.
STUDENTS FORCED DEEPER INTO DEBT AS INFLATION SURGES TO 4.4 %
More than 3.5m students and graduates face a hefty increase in their student loan rates later this year after an unexpected surge in inflation last month. Interest rates on student loans are linked to the retail price index (RPI) each March.
ICELANDIC ASH CLOUD THREATENS MANUFACTURING BY CAUSING PARTS SHORTAGE
The impact of the ash cloud has been felt on the economy for the first time, with manufacturing companies warning that they will have to shut down production because of a shortage of components. Airbus, the aircraft manufacturer, said yesterday that its wing assembly facility in North Wales would have to slow or shut production within days if the airspace did not reopen.
The Daily Telegraph
THE MORTGAGE THAT DOESN'T REQUIRE A CREDIT SCORE
Legal & General Mortgage Club has launched a new mortgage where applicants do not need to be credit scored. The two-year fixed-rate mortgage, which has a rate of 3.35 per cent, is the only offer of its kind available to borrowers.
VALUE OF 10 DOWNING STREET PLUMMETS UNDER GORDON BROWN
The value of 10 Downing Street has plummeted in value while Gordon Brown has been in residence, new figures suggest. The property is valued at £4.5m , a drop of 9.18 per cent since he became Prime Minister in June 2007, costing the taxpayer more than £460,000, according to data compiled by property website Zoopla. It is in sharp contrast to Tony Blair who saw the property’s price climb from £1.65m when he took office.
WALL STREET JOURNAL
NEW DATA WILL GIVE CLUES TO U.K. ELECTION
An already volatile British election battle could take a further twist as new data gives a fresh view of the state of the economy's recovery from a deep recession.
VOLCANO PUTS A COMPLICATION INTO UK PLANS FOR 6 MAY VOTE
The Icelandic volcano ash cloud is toying with the efforts of some British voters hoping to cast a ballot in the May 6 general election. Tuesday was the deadline both to register to vote and to apply to vote by mail. That means some travelers stranded overseas lost their opportunity to register. The situation brightened Tuesday, after Britain’s government said some U.K. airports would reopen that evening. Because of the disruption, some may not receive their absentee ballots in time.