Hurricane Richard bears down on Mexico oil fields October 24, 2010 HURRICANE Richard was yesterday threatening oil fields in Mexico as it wreaked havoc in Honduras and bore down on the nearby tiny Caribbean nation of Belize. The US National Hurricane Centre said the storm packed maximum sustained winds of 85 miles (140 km) per hour and was about 55 miles east of Belize City. It [...]
Green power group Ener-G mulls flotation October 24, 2010 FAST-growing green power provider Ener-G is mulling a stock market listing in order to fund further expansion, it emerged at the weekend. Ener-G, which is based in Manchester, is around 12 to 18 months away from a possible flotation, managing director Derek Duffill told a Sunday newspaper. If it goes ahead, the float is likely [...]
Co-op finance seeks suitors October 24, 2010 THE Co-operative Group is considering a potential sale of its £18bn life and pensions business, it emerged this weekend. A source close to the company said the group was exploring the possibility of a sale and that an information pack was “doing the rounds.” Two potential bidders include Resolution and Phoenix, firms that specialise in [...]
Ocado to expand delivery area in England and Wales October 24, 2010 RECENTLY-listed online grocery firm Ocado is set to begin delivering to homes in south-west England and south Wales from March, adding 1.5m extra households to its delivery capacity. The company has bought a distribution centre near Bristol to facilitate the expansion, which will create 100 new jobs in the area. The move comes after Ocado [...]
Italy’s Banco Popolare in €2bn rights issue to boost its weak capital ratios October 24, 2010 ITALY’S Banco Popolare yesterday approved the launch of a capital increase of up to €2bn (£1.78bn) to boost its capital ratios, reimburse government-backed bonds, and to support lending. Managing and supervisory boards approved the capital increase, in the form of a rights issue, which will boost its capital ratios by 216 basis points. The issue [...]
Jaguar keen on a joint venture with Chinese October 24, 2010 JAGUAR Land Rover, a unit of India’s Tata Motors, is in talks with a Chinese auto maker to set up a joint manufacturing and sales venture in China. The aim of the move is to boost the company’s presence in China, which last year displaced the US as the world’s biggest auto market. Tata Motors [...]
BP’s Bob Dudley outlines post-spill risk strategy October 24, 2010 THE NEW chief executive of oil giant BP will today use his first official speech in the UK to lay out his commitment to radically shake up the company’s safety and risk operations in the wake of the Gulf of Mexico spill. Bob Dudley, who officially took over from much-vilified former chief executive Tony Hayward [...]
Exodus feared as UK companies lose faith October 24, 2010 COMPANIES are losing patience with rising levels of taxation and regulation and many are plotting to move overseas with disastrous implications for the economy, the Confederation of British Industry will warn today. A survey of business chiefs lifted the lid on growing dissatisfaction with an economic environment which they claim is blunting their competitive edge. [...]
Miliband calls for return to industrial intervention October 24, 2010 THE GOVERNMENT should take a more active role in the private sector, Ed Miliband will say today, as he warns against returning to “business as usual” in the wake of the slump. Speaking at the CBI’s annual conference, Miliband will argue that government should not shy away from pursuing a policy of industrial interventionism. “What [...]
Cameron spends £200m on hi-tech innovation drive October 24, 2010 THE Prime Minister will today unveil plans to invest over £200m in a network of technology innovation centres (TICs), designed to help hi-tech firms access funding and expertise. David Cameron, who is trying to draw a line under last week’s spending review, will say a “new economic dynamism” can create jobs and growth even as [...]