Government to sell-off Royal Mail September 10, 2010 The government has said it planning legislation this year to privatise state-owned postal delivery company Royal Mail, despite opposition from trades unions. The commitment came following an updated independent review of the sector conducted by former regulator Richard Hooper who said that private sector capital was required to help ensure the survival of the service. [...]
Dubai World seals $25bn debt restructure deal September 10, 2010 State-owned conglomerate Dubai World on Friday reached a formal deal to restructure around $24.9 bn (£16.1bn) of liabilities, partly easing recently heightened concerns over the Gulf emirate’s debt woes. While Dubai World’s agreement with most of its creditors is seen as a positive step for Dubai, the announcement comes just days after a unit of [...]
Mayor Boris confirms he will stand for second term September 10, 2010 London Mayor Boris Johnson has confirmed he would be seeking re-election for a second term. Johnson said he wanted to stay on beyond the election date of May 2012 because he had “more to do” improving the capital and overseeing the Olympics. He told LBC radio’s Nick Ferrari show.“It is my intention and indeed I [...]
BP delays results in wake of oil spill crisis September 10, 2010 BP said it would delay the release of its third quarter results by a week because of added complexities in its accounts due to costs associated with the Gulf of Mexico oil spill. BP said in a statement that its third quarter results, normally reported on the last Tuesday of the month after the end [...]
Arden warns over profit and job cuts September 10, 2010 Stockbroker Arden Partners said it was likely to disappoint investors when it publishes full-year results, pointing to tough equity trading conditions and the cost of laying people off. “Since our interim announcement on 22 June 2010, the equity trading environment has been challenging,” the company said. “In addition, in recent months the company has taken [...]
Nokia appoints new chief executive September 10, 2010 Nokia has appointed Microsoft business manager Stephen Elop as its new chief executive. Elop will replace the outgoing Olli-Pekka Kallasvuo, who has been chief executive since 2006. Nokia reported a 40 per cent slump in second quarter profit as it struggles in the smartphone market. Elop will take up his new position at Nokia on [...]
BAA passenger numbers fall September 10, 2010 Passenger traffic at BAA airports fell 0.6 per cent in August year-on-year, hit by the continued weakness of the leisure market, which has led to casualties among small British tour operators. BAA, which is majority owned by Spain’s Ferrovial, said 10.6m passengers flew from its UK airports last month, down from 10.7m in the same [...]
Wetherspoon sees record profit after breakfast boost September 10, 2010 Pub chain Wetherspoon has reported record results with sales increasing by £41.2m to £996.3m for year to the end of July. Profit before tax and exceptional items increasing by 7.3 per cent to £71m, compared with the same period last year. The company said it was selling more 400,000 breakfasts and 600,000 coffees each week [...]
Deutsche poised to raise capital September 9, 2010 DEUTSCHE Bank (DB) is set to announce the City’s biggest rights issue of the year next week, coinciding with talks to finalise the Basel III banking capital rules. The German giant has made plans for a share offering worth up to €9bn (£7.4bn), people close to the situation said yesterday, in what would be its [...]
Osborne to slash £4bn off benefits September 9, 2010 CHANCELLOR George Osborne said he will clamp down on the “completely out of control” welfare state yesterday, and promised to gut £4bn from the annual benefits budget. He said the choice to sit at home “with the blinds pulled down” is coming to an end, in an interview with the BBC. “The money won’t be [...]