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Tuesday, 16th March 2010SHELL has announced plans to axe 2,000 jobs across the globe and reduce its refining capacity as part of massive cost-cutting shake-up. The oil giant will pull out of more than a third of its retail markets in the battle top save $1bn (£665.7m) by the close of this year Shell chief executive Peter Voser also said there would be no increase in dividend this year. But on the upside the said it was entering a new period of growth with oil and gas production to rise by 11 per cent this year to the equivalent of 3.5m barrels a day. Voser said: "We are poised to deliver a new wave of financial... [Read more]
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Tuesday, 16th March 2010THE CHIEF executive of the Baltic Exchange Jeremy Penn looks remarkably unruffled for a man who has just seen a rival come back for a second time in a concerted attempt to muscle in on his business.... [Read more]
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Tuesday, 16th March 2010DEBENHAMS has tipped its first-half profit to top last year's as it posted a sales rise. The department store chain saw a 0.3 per cent rise in sales at stores open more than a year for the 26 weeks... [Read more]
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Tuesday, 16th March 2010PRIME minister Gordon Brown will this week receive a direct order to up his game from the European Commission, which is concerned the UK is not doing enough to cut its burgeoning budget deficit. In a... [Read more]
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Tuesday, 16th March 2010BRITISH Airways (BA) last night rejected a last-minute offer from trade union Unite to suspend strikes set to affect thousands of passengers this weekend. Unite joint general secretary Tony Woodley... [Read more]
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Tuesday, 16th March 2010THE Federal Reserve would take on a greatly expanded role in financial regulation under new legislation unveiled yesterday by a top US Senate Democrat, in a push to move ahead with the regulatory... [Read more]
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Tuesday, 16th March 2010Allister HeathAMERICANS are great at producing lengthy, blow-by-blow investigations into crises, debacles and disasters. Last week’s 2,200 pager into the Lehman Brothers collapse from US examiner Anton Valukas is... [Read more]
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Tuesday, 16th March 2010FINANCIAL TIMES RBS eyes £10bn debt buy-back as it plans balance sheet shake-up Royal Bank of Scotland is planning a vast balance sheet restructuring in an attempt to boost its capital strength and... [Read more]
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Tuesday, 16th March 2010There are mixed messages for the Tories today, with a trio of opinion polls differing on the party’s lead over Labour. A YouGov poll in the Sun today has the Tories on a five point lead, but an ICM... [Read more]
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Tuesday, 16th March 2010The chief executive of Intermediate Capital Group Tom Attwood will step down today as Europe’s biggest specialist mezzanine lender places greater emphasis on third-party fund management. The move... [Read more]
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Tuesday, 16th March 2010ERNST & Young (E&Y) has said it will co-operate fully with the Financial Reporting Council (FRC) after it was asked to hand over audit information in relation to Lehman Brothers in the UK.... [Read more]
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Tuesday, 16th March 2010EUROGROUP chairman Jean-Claude Juncker said eurozone finance ministers will help Greece to reduce its debt pile as they studied options facing the struggling country yesterday. Although he did not go... [Read more]
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Tuesday, 16th March 2010BT is allowed to offer free Premier League football as Ofcom has already withdrawn restrictions preventing the firm offering “bundle” deals. The former state operator was governed by strict laws... [Read more]
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Tuesday, 16th March 2010THE Premier League is planning a radical shake-up of its funding for the lower leagues in a bid to help stop clubs hitting the financial rocks. Portsmouth’s woes have dominated the headlines but it... [Read more]
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Tuesday, 16th March 2010Germany’s Daimler and French rival Renault are in talks about a possible equity swap, according to a research note put out yesterday. The two firms are talking about a wide-ranging development deal... [Read more]
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Tuesday, 16th March 2010Consol Energy agreed to buy US rival Dominion Resources’ Appalachian natural gas properties for $3.48bn (£2.31bn) in cash, giving Consol a leading position in the growing Marcellus Shale field.... [Read more]
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Tuesday, 16th March 2010A married couple have been charged with insider dealing as part of the Financial Services Authority’s (FSA’s) clampdown on market abuse just days after the conviction of former Cazenove banker... [Read more]
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Tuesday, 16th March 2010WITH polished marble floors and bright red-and-white logos, high street upstart Metro Bank will try to bring a glitzy experience to deposit taking when it opens in the summer. The first two branches... [Read more]
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Tuesday, 16th March 2010SWISS bank UBS handed its senior executives SFr55m (£34m) in bonuses and awards in 2009, a large increase on 2008’s figure despite a third consecutive year of losses. Including base salaries, total... [Read more]
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Tuesday, 16th March 2010Investec private bank has launched a specialist music and entertainment team to handle the affairs of wealthy people in those industries, such as artists, managers and agents. The move comes after... [Read more]
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Tuesday, 16th March 2010The fund of hedge funds industry shrank by 10 per cent in 2009 but the trend has begun to go into reverse, according to the latest InvestHedge Billion Dollar Club survey. The research found firms... [Read more]
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Tuesday, 16th March 2010BRIAN Myerson, the activist shareholder who has made a name for himself by giving boards a hard time, yesterday got a touch of his own medicine when a lack of shareholder support caused him to quit... [Read more]
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Tuesday, 16th March 2010The former president of New York’s privately held Park Avenue Bank was yesterday arrested and charged with being the first person to attempt to steal from US government bailout funds in the financial... [Read more]
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Tuesday, 16th March 2010Allied Irish Banks launched a bond exchange programme yesterday, which analysts said could contribute up to €400m (£363m) towards its hunt for fresh capital. Allied Irish and rival Bank of Ireland... [Read more]
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Tuesday, 16th March 2010BP will take a majority stake in the Terre de Grace oil sands property owned by closely-held Value Creation for an undisclosed price, in the British oil major’s second oil sands deal in a week. Value... [Read more]
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Tuesday, 16th March 2010UK banks will likely see more revenue disappointment before rebuilding their profitability, Seymour Pierce said yesterday, adding that consensus expectations for banking income growth were far too... [Read more]
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Tuesday, 16th March 2010Best of the BrokersPROVIDENT FINANCIAL Collins Stewart has maintained its recommendation on Provident Financial at “sell”. It said that Provident Financial was trading at the bottom of the trading range and the impact... [Read more]
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Tuesday, 16th March 2010PROPERTY broker DTZ Holdings yesterday said it remains on target to meet market expectations for its full year results, anticipating £70m of cost savings for the period. Boosting hopes of recovery in... [Read more]
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Tuesday, 16th March 2010Top pub and restaurant groups have seen like-for-like sales bounce back, following a dismal January. The 15 major companies participating in the The Coffer Peach Business Tracker, which include... [Read more]
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Tuesday, 16th March 2010SLOWLY but surely, activity is creeping back to the moribund commercial property sector. British Land and Songbird have signed tenants at their landmark developments Drapers Gardens and the Ropemaker... [Read more]
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Tuesday, 16th March 2010New rights secured for credit card users could save consumers almost £300m a year, it was yesterday claimed. The agreement between the government and the credit and store card companies is part of a... [Read more]
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Tuesday, 16th March 2010LONDON continues to lead the fragile national housing market recovery with asking prices in the capital rising 0.3 per cent in March to stand at 8.7 per cent higher than they were a year ago.... [Read more]
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Tuesday, 16th March 2010Young children have been hard hit by the recession but have learned the importance of saving, new research from YouGov commissioned by HSBC and the Personal Finance Education Group. The report found... [Read more]
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Tuesday, 16th March 2010US industrial production braked sharply in February, held back by severe winter storms that slammed parts of the country, while manufacturing activity in New York state stalled this month, figures... [Read more]
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Tuesday, 16th March 2010Britain’s economy may contract again for one quarter, but is unlikely to return to recession, according to Bank of England policymaker Kate Barker. Barker said the harsh winter weather hit retail... [Read more]
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Tuesday, 16th March 2010Canned fizzy drinks are out and small bottles of mineral water are in, according to the Office for National Statistics (ONS) in its latest annual rejig of the “shopping basket” of goods it uses to... [Read more]
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Tuesday, 16th March 2010AIRLINES saw the biggest drop in passenger numbers since World War Two last year, as the global recession wreaked havoc on the fortunes of the industry. According to figures published by the Civil... [Read more]
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Tuesday, 16th March 2010HOWARD WHEELDON | BGC PARTNERS In the short term, I expect small yet hugely important signs of recovery. We should be under no illusions that the industry will return to its former strength in the... [Read more]
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Tuesday, 16th March 2010CONTINENTAL Airlines yesterday unveiled plans to save around $35m (£23.3m) a year by axing its free in-flight meal service on shorter economy flights in the US. Continental was the last among its... [Read more]
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Tuesday, 16th March 2010GATWICK Airport is underway with a workforce restructuring programme under new private equity owner Global Infrastructure Partners (GIP), which could lead to as many as 120 staff losing their jobs.... [Read more]
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Tuesday, 16th March 2010FRENCH Connection is selling its loss-making Nicole Farhi brand and closing most of its US stores, completing a restructuring aimed at returning it to profitability. It said was selling Nicole Farhi... [Read more]
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Tuesday, 16th March 2010BRUCE MCDONAGH | CORVIL LATENCY “Now you mention it no, I’ve stopped. On the one hand, I'm watching the pennies, but also I don’t think anyone wants to be the flash guy at the bar buying champagne... [Read more]
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Tuesday, 16th March 2010IMPORTS of champagne plunged by 5m bottles last year as Britons turned to alternatives such as cava and prosecco. The 15 per cent slump from 35.98 to 30.52m bottles was the lowest since 2002. With... [Read more]
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Tuesday, 16th March 2010PHILLIPS-VAN-HEUSEN will buy fashion brand Tommy Hilfiger in a cash and stock deal for about $3bn (£2bn) in a bid to boost its presence in markets like Europe and Asia, it said yesterday. Tommy... [Read more]
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Tuesday, 16th March 2010PUNCH Taverns directors Fritz Ternofsky and Mike Foster will retire from the board at the end of March, the company announced yesterday. The company said there were no plans to directly replace him... [Read more]
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Tuesday, 16th March 2010THREADNEEDLE has seen two top fund managers exit in recent weeks as the British firm rejigs its investment teams in the aftermath of the financial crisis. William Frewen, head of fixed income, left... [Read more]
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Tuesday, 16th March 2010THE government has been urged to take a stand against proposed rules from Brussels on hedge funds and private equity amid warnings the measures could cost the City £4.7bn. As European Union finance... [Read more]
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Tuesday, 16th March 2010Talks to end a port strike costing export-dependent Finland hundreds of millions of euros will resume today, both parties said yesterday. Juha Mutru, head of the Finnish Port Operators Association,... [Read more]
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Tuesday, 16th March 2010China National Offshore Oil Corp (CNOOC), China's biggest offshore oil explorer, plans a joint venture with Argentina's Bridas Energy Holdings, paying $3.1bn to take a 50 per cent stake in a... [Read more]
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Tuesday, 16th March 2010Kingdom Holding, the investment firm of Saudi Prince Alwaleed bin Talal, wants to buy $375m (£249m) worth of shares in its hotel division listed in Dubai, in a blow to the beleaguered Nasdaq Dubai... [Read more]
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Tuesday, 16th March 2010Upmarket British retailer Liberty is selling its distinctive mock Tudor department store building in London's West End for £41.5m to pay off debt, it said yesterday. The 135-year-old firm, 68-per... [Read more]
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Tuesday, 16th March 2010Europe’s largest computer consultancy Capgemini said yesterday demand is improving but it has yet to see signs of a sustained recovery. The news will be a blow to the IT sector as the firm is seen as... [Read more]
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Tuesday, 16th March 2010Deutsche Telekom wants to support women’s careers and has introduced a quota system to ensure a third of its upper and middle management positions will be held by women by 2015. “Having a greater... [Read more]
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Tuesday, 16th March 2010OFFSHORE banks have provided a tax-free haven for wealthy investors’ cash for more than 70 years. But as HM Revenue & Customs steps up its pursuit of British account holders, several... [Read more]
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Tuesday, 16th March 2010Julie MeyerTEN years ago, at the time of the euphoric dot com boom and bust, we were a “Digital Island” of sorts. The dealmakers were a relatively tiny segment of society: those who saw that the internet was... [Read more]
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Tuesday, 16th March 2010Universal Music Max Hole has been promoted to the position of chief operating officer at Universal Music Group International (UMGI). Hole, who will take up his new role on 1 July, is currently... [Read more]
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Monday, 15th March 2010BANK of England member Kate Barber has warned that the economy could shrink again but a double-dip recession is unlikely. Barker, who sits on the monetary policy committee that sets interest rates,... [Read more]
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Monday, 15th March 2010LIBERTY has confirmed it is selling its West End department store building for £41.5m to help pay off its debt. The company said it had exchanged contracts to sell the freehold interest in the 125,... [Read more]
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Monday, 15th March 2010FRENCH Connection is selling its loss-making Nicole Farhi brand for up to £5m and closing most of its US stores in a bid to return to profit. The group made a loss of £24.9m in the year ended 31... [Read more]
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Monday, 15th March 2010A PLANNED seven-day strike by British Airways cabin crew is "unjustified and deplorable" and should be called off, Prime Minister said. Gordon Brown condemned the seven days of planned walkouts as BA... [Read more]
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Monday, 15th March 2010BT could launch a sensational attack on Sky’s dominance of subscription TV by offering Premier League football for free. Plans are being discussed at board level about how BT Vision could take... [Read more]
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Monday, 15th March 2010PEARL is just days away from ending a long-running battle with its investors. Bondholders are ready to hoist the white flag after months of acrimonious dispute over an unpaid coupon on £500m of its... [Read more]
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Monday, 15th March 2010Allister HeathALL the opinion polls are giving the same message: Britain is on course for a hung parliament, with no political party in overall control come May. Given that this election ought to be a shoo-in for... [Read more]
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Monday, 15th March 2010SHADOW Chancellor George Osborne has joined forces with US economist Jeffrey Sachs to warn about the dangers of not acting fast on the deficit. The two say delaying action on reducing the deficit... [Read more]
