Corus boss to quit the firm he rescued June 27, 2010 CORUS boss Kirby Adams has announced his shock departure from the steel giant after turning around its fortunes in the wake of the financial meltdown. He will be replaced in October by Corus’ parent company Tata Steel’s chief financial officer Dr Karl-Ulrich Köhler. Adams was responsible for overseeing a sweeping restructuring of the business, which [...]
Insurance industry pleads to be excluded from bank levy June 27, 2010 IT WOULD be unfair to include insurance companies in the European Union’s proposed banking levy, industry supervisors said yesterday. Yoshihiro Kawai, secretary general of the International Association of Insurance Supervisors, said the insurance industry should not be caught up in efforts to clamp down on banks in the wake of the financial crisis. EU leaders [...]
Boeing to probe 787 jet fleet June 27, 2010 Boeing will inspect its entire test fleet of 787 Dreamliners before further flights after identifying a “workmanship issue” that affects the jet’s horizontal stabilisers, the company said yesterday. Boeing said it expects the issue will be addressed within the existing programme schedule and that the 787 remains on track for the first delivery to All-Nippon [...]
WPP revenue up from World Cup June 27, 2010 The World Cup is expected to deliver strong revenue for WPP, the world’s largest advertising company, according to an interview with Bloomberg. Speaking at the Fortune Global Forum in Cape Town yesterday, chief executive officer Sir Martin Sorrell said that audiences have generally been strong and that sponsorship had been stronger than people had anticipated, [...]
Toy Story wins film battle June 27, 2010 The cartoon heroes of “Toy Story 3” crushed new releases from Adam Sandler and Tom Cruise to lead the North American box office for a second weekend, according to studio estimates issued yesterday. Toy Story 3, from Walt Disney’s Pixar Animation unit, sold about $59m (£39m) in tickets across the United States and Canada during [...]
Cable is cool on NewsCorp BSkyB probe June 27, 2010 VINCE Cable has said there “would need to be a lot of evidence” for him to become involved in NewsCorp’s attempt to acquire BSkyB, in remarks that are sure to alienate anti-Murdoch Liberal Democrats. As business secretary, Cable could announce an investigation into the takeover on public interest grounds. He would then have the ultimate [...]
IDS asks jobless to relocate June 27, 2010 IAIN Duncan-Smith yesterday defended plans to relocate unemployed council house tenants to areas where they can find work, dismissing claims he was returning to the “on yer bike” approach of the 1980s. The work and pensions secretary said the policies would help the jobless escape “ghettos of poverty” and find work in more economically active [...]
Support for Nick Clegg crumbles June 27, 2010 SUPPORT for the Liberal Democrats has collapsed, leading to fears of a split in the coalition government. An ICM poll for the Sunday Telegraph shows support for the party has fallen to 16 per cent – its lowest rating in 18 months and well below the 31 per cent it enjoyed during the campaign. Conversely, support for [...]
Firms win exemptions from immigration cap June 27, 2010 BUSINESSES have convinced the Home Office to water down plans that will limit the number of economic migrants allowed entry to the UK each year. Firms have been lobbying hard against the cap since it was first mooted, fearful it could stop them recruiting top talent from abroad. Business secretary Vince Cable has taken up their [...]
Wall Street’s great escape as bank rules are softened June 27, 2010 AFTER a year of lobbying, the big beasts of American banking could only sit and watch in the early hours of Friday morning as Congress finalised its finance reform bill. A marathon 20-hour session sealed the draft version of the Dodd-Frank act, named after representative Barney Frank and senator Chris Dodd. Even as Dodd hailed [...]