Oracle to cut 1,000 European jobs July 2, 2009 Oracle plans to lay off up to 1,000 workers in Europe, or about one per cent of its global staff, as the recession erodes the giant software compans earnings, it emerged yesterday. The world’s second biggest listed software maker would be one of the last major technology companies to undertake significant layoffs in this economic [...]
Greene King sales boosted by sunshine July 2, 2009 BREWER and pub owner Greene King yesterday said warmer weather had boosted trading in the last eight weeks as drinkers flocked to sunny beer gardens. The group, which owns City pubs Golden Fleece and The Old Tea Warehouse, said like-for-like sales were up 5.2 per cent at Greene King’s managed pubs in the first eight [...]
Game Group shares fall as trading gets worse July 2, 2009 COMPUTER games retailer Game Group yesterday posted an accelerating decline in sales, only partly offset by better profit margins, sending its shares as much as 11 per cent lower. The UK-based group, which trades from 1,367 stores, concessions and franchises in nine European countries and Australia, said like-for-like sales fell 15.4 per cent in the [...]
Trinity Mirror to close nine of its Midlands titles July 2, 2009 DAILY Mirror owner Trinity Mirror said yesterday that it plans to close nine local newspapers in the Midlands, putting 120 jobs at risk. The firm said that it will close a clutch of weekly newspapers in the region, as well as two niche publications, the Earlsdon Blog and Farm Ad, resulting in the closure of [...]
FSA revamps its structure July 2, 2009 THE FINANCIAL Services Authority said yesterday it had completed reforms of its operational structure designed to help it identify risks in the financial sector. The FSA, which has been criticised for failing to spot the signs of the banking crisis, has created a new international division, led by director Verena Ross, which it said would [...]
Timis group to raise 63.8m July 2, 2009 AFRICA Minerals Limited, the exploration group chaired by the colourful Frank Timis, has raised £63.8m after a placing of shares with institutional investors. Africa Minerals says it is placing 25.54m shares at a price of 250p each to help it undertake further drilling at its iron ore project in Sierra Leone. “The group has got [...]
Usmanov waits on the touchline as Arsenal board mulls over rights issue July 2, 2009 THE BOARD of Arsenal football club was yesterday locked in talks over major stakeholder Alisher Usmanov’s proposal that the club should launch a £75m-£150m rights issue, to pay off some of its £320m debt and fund player transfers. Despite having significant influence through his 25 per cent stake in the company, the Uzbeki billionaire was [...]
Chris Hohn’s TCI reveals a 73 per cent jump in profits July 2, 2009 THE activist hedge fund firm TCI, which is run by Chris Hohn, has seen profits surge 73 per cent, according to accounts published yesterday. The Children’s Investment Fund Management (UK) LLP reported profit available for sharing among members of £555.8m for the year to end-August 2008, up from 320.8m a year before. The firm paid [...]
StanChart plumps for John Peace July 2, 2009 EMERGING markets bank Standard Chartered, which has enjoyed healthy revenues and profits, confirmed yesterday it had appointed John Peace as the group’s new chairman with immediate effect. Peace, 60, is set to receive £650,000 a year and a further £500,000 in shares, which will vest over the next three years. He is also chairman of [...]
Postal staff set to walk out as Royal Mail fails to deliver July 2, 2009 ROYAL MAIL yesterday condemned plans by London’s postal workers to strike over job cuts and modernisation next week, causing further chaos for Royal Mail. A Royal Mail spokesman said: “Customers will not understand how the union can claim to support modernisation but then announce strike action to halt existing efforts to modernise Royal Mail in [...]