GE wins $750m contract October 25, 2010 General Electric (GE) yesterday said it won a $750m (£475.9m) contract to supply gas-fired electric turbines to India’s Reliance Power. The turbines will be part of a 2,400-megawatt expansion of an existing power plant in the Samalkot region of India. Reliance is expanding the plant to take advantage of a large recent natural gas find [...]
Best Buy bullish over the UK’s consumer climate October 25, 2010 US electricals giant Best Buy has said its UK launch has been a success with new stores trading ahead of expectations. The retailer opens a new store in Croydon on Friday and insisted it was upbeat about the long-term prospects for the consumer sector, despite data showing a bleak picture as the government’s cuts hit [...]
IHG boosted by new look Holiday Inn October 25, 2010 InterContinental Hotel Group (IHG), the world’s largest hotelier, said yesterday revenue per available room (revpar) in the Americas region was boosted by the ongoing relaunch of its Holiday Inn hotels and the return of business travellers. The company, whose brands include namesake hotels along with the Crowne Plaza and Holiday Inn, said revpar, a key [...]
Puma forced into writedowns after fraud claims at Greek joint venture October 25, 2010 GERMAN sporting goods maker Puma said yesterday it would bring criminal charges against its partners in a Greek joint venture after discovering an alleged swindle that could cost it as much as €130m (£115.3m). Puma said it suspected that its “Greek joint venture partner, along with members of the Greek local management, has committed a [...]
Higher business spending aids Intercontinental October 25, 2010 DESPITE talk of a double-dip recession in the US, the noises coming from corporate America are increasingly positive. Take technology giant Intel, which recently said firms were beginning to ramp up their IT spend, despite nearly two years of hibernation. Now Intercontinental is hailing the return of the business traveller, leading to a dramatic recovery [...]
Cameron hints at softer migrant cap October 25, 2010 DAVID Cameron yesterday gave his strongest hint yet that a new immigration cap would not stop firms from recruiting highly-skilled foreign talent. Business leaders have been lobbying the government relentlessly over the issue, after a temporary cap – which put a limit of 24,000 on non-EU workers – caused huge problems for firms. In his [...]
Cable: Banks should be wary of handing out lavish bonuses October 25, 2010 BANKS should think twice before paying out lavish bonuses this year and must start to refocus on longer-term investment to avoid a repeat of the financial crisis, business secretary Vince Cable said yesterday. Chancellor George Osborne last week confirmed he would impose a tax on banks’ balance sheets as part of measures to insure the [...]
UKFI to delay bank stake sale to influence lending October 25, 2010 PRIME Minister David Cameron yesterday indicated that the government will opt to retain its stakes in the banks for a while longer in order to influence their SME (small and medium sized enterprise) lending policies, rather than selling them off as soon as possible to maximise value for the taxpayer. Cameron, speaking at the CBI’s [...]
ANALYST VIEWS: DID THE PRIME MINISTER PROVE THAT THE GOVERNMENT IS PRO-BUSINESS IN HIS FIRST CBI SPEECH? October 25, 2010 MARK LITTLEWOOD | INSTITUTE OF ECONOMIC AFFAIRS If the coalition is serious about improving the prospects of the private sector, it needs to produce a lengthy list of burdensome rules and regulations it will abolish. This can’t come soon enough. RICHARD LAMBERT | CBI The Prime Minister demonstrated a real passion for business and an [...]
Labour: Britain biased against manufacturing October 25, 2010 ED MILIBAND yesterday said that Britain’s political classes suffered from an “anti-manufacturing bias” and called for a return to industrial interventionism to recalibrate the economy. Making his first speech to the CBI since becoming Labour’s new leader, Miliband said: “Despite all the talent in engineering and work in our universities, I fear Britain still suffers [...]