ANALYST VIEWS: WHAT DO YOU MAKE OF BP’S ASSET SALES SO FAR? October 18, 2010 TONY SHEPARD | CHARLES STANLEY It seems to be going well for BP, with this sale following on nicely from the Apache deal. BP offloads non-core assets regularly, so has had some practice. TNK would like to expand too, so it’s a good move for it. MARK PRIEST | ETX CAPITAL BP doesn’t particularly want [...]
Thousands of troops to go in defence cuts October 18, 2010 DAVID Cameron will today unveil the most drastic cuts to the defence budget in a generation. In his government’s defence review he is expected to slash the number of army troops by 7,000 and scrap the iconic Harrier jump jet. However, he will argue that the changing national security landscape means that the billions saved [...]
Maude in bid to find savings by delivering services online October 18, 2010 FRANCIS Maude, the cabinet office minister, yesterday said the government would cut waste and introduce radical reforms in a bid to protect jobs and frontline public services from swingeing cuts. Maude has drafted in Martha Lane Fox, the government’s digital adviser and founder of travel site lastminute.com, to see if some services can be delivered [...]
CITY VIEWS: DOES ALAN JOHNSON HAVE THE RIGHT IDEA ABOUT HOW TO CUT SPENDING? October 18, 2010 IAN RANKIN | CANOPIUS “I do think the cuts need to be introduced more slowly, as Labour have suggested. I’m worried that the Conservatives will undo the work done on the NHS and schools by cutting too soon.” JITENDRA BAKSHI | XL INSURANCE “I believe the Conservatives are correct in their approach. It’s the same [...]
Johnson: tax bankers to soften cuts October 18, 2010 ALAN Johnson yesterday unveiled Labour’s strategy for reducing the deficit, backing his predecessor’s plan to halve it within four years but arguing for higher taxes on banks to soften the blow of spending cuts. Speaking to an audience of accountants at KPMG’s headquarters, the shadow chancellor said Alistair Darling was right to plan to halve [...]
NHS should not be shielded from the axe October 18, 2010 SEVERAL commentators recently have noted that public spending is set to rise in cash terms. Even after adjusting for inflation, total managed expenditure is set to fall by only 3.6 per cent. Can this really be so tough? Answer: emphatically, yes. Even at the overall level, a fall of 3.6 per cent is very significant. [...]
Europe lager sales tumble at SABMiller October 18, 2010 BREWER SABMiller yesterday reported a recovery in beer sales boosted by the emerging markets of Africa and Asia – sales of lager dipped by five per cent in Europe. Overall the company beat forecasts with a slim one per cent rise in half-year volumes. The London-based brewer of Peroni, Grolsch and Miller Lite said yesterday [...]
Pernod Ricard sells Lindauer October 18, 2010 PERNOD Ricard has sold its Lindauer New Zealand sparkling wine brand to a consortium composed of brewer and drinks distributor Lion Nathan New Zealand and contract winemaker Indevin. The NZ$88m (£42m) sale includes a number of other minor wine brands from Gisborne and Hawke’s Bay. Lion Nathan produces Steinlager and Speight’s beers and distributes leading [...]
London hotels see rises after summer brings tourists flocking into the capital October 18, 2010 AVERAGE room rates in London hotels have increased for the first time in two years, as the summer weather boosted trade. Revenues per available room (revpar) jumped by 19.8 per cent to £117 in the quarter to 30 September – fuelled by a 15.6 per cent increase in average room rates, according to survey by [...]
Puma sets up new unit as it hunts for acquisitions October 18, 2010 PUMA’S chief executive Jochen Zeitz will head a new “sports and lifestyle” division at parent company PPR, the French luxury goods and retail conglomerate said yesterday. Zeitz will also become executive chairman at Puma and oversee the search for a new chief executive for the company. And PPR said it will continue to hunt for [...]