Air India bailed out by government February 19, 2010 THE Indian government has agreed to pump in $173m (£110m) to struggling national carrier Air India. The money is part of an estimated £277m lifeline for the company. Air India reported a loss of $875m in the financial year ending in March 2009. The government has ordered the carrier’s management to slash costs. But plans [...]
Barker to step down from the MPC February 19, 2010 BANK of England Monetary Policy Committee (MPC) member Kate Barker will step down when her term ends on 31 May. The Treasury said that Barker, who has served on the MPC since 2001, will not seek reappointment for a fourth term. It added that there would probably be a short period in which the spot [...]
Union loses legal scrap with BA February 19, 2010 THE Unite union has failed in a High Court action against British Airways over a shake-up up in the way they work. It claimed the changes – including freezing pay and cutting crew on long-haul flights – were introduced without consultation. The union had been set to strike over the issues over Christmas, but a [...]
Retail sales down by 1.8pc February 19, 2010 UK retail sales fell by 1.8 per cent between December and January – the biggest drop in 18 months – according to official figures. The reduction in sales volumes in the month after the Christmas period plunged three times faster than analysts had forecast. The Office for National Statistics (ONS) report said unusually heavy snow [...]
Rentokil profits soar after cuts programme February 19, 2010 RENTOKIL profits have surged after a cost-cutting programme. The company had an adjusted pretax operating profit of £166.5m in 2009 – an increase of 54 per cent compared with the previous year. Despite the rise Rentokil said it would not pay a final dividend because of the continuing economic uncertainty. Chief Executive Alan Brown said: [...]
Nestle predicts growth spurt February 19, 2010 NESTLE has reported a net profit of 10.4bn Swiss francs (£6.2bn) for 2009. The profit below the 18bn francs the company reported in 2008, which included profits from the sale of part of its stake in eye care company Alcon. Sales rose by 4.1 per cent to 107.6bn francs while analysts had predicted the figure [...]
Anglo American profits halved February 19, 2010 MINING powerhouse Anglo American saw its profits plunge in 2009 after metal prices dropped amid the global economic crisis. Its profit was $2.43bn (£1.57bn) – down by 53.5 per cent from $5.2bn in 2008. The London-based company said in a statement: “Platinum group metals, iron ore, coal, nickel and diamond prices has been the key [...]
Fed takes steps towards higher rates February 18, 2010 THE US Federal Reserve last night took a major step towards a more normal monetary policy when it hiked the rate it charges banks for emergency loans. In a surprise move announced after the stock market closed, America’s central bank increased the discount rate by a quarter percentage point to 0.75 per cent in response [...]
Optimism returns as flood of firms set for London flotations February 18, 2010 GOLD mining giant Barrick Gold yesterday led a spirited charge by companies back into the London initial public offering (IPO) markets, after quavering demand from investors sank prospects for three new flotations in the space of just over a week. Barrick announced plans to spin off its African assets into a new company, African Barrick [...]
Darling’s £3bn Icesave punt February 18, 2010 ALISTAIR Darling rejected advice from the civil service when he controversially went ahead and guaranteed all the UK deposits of those who had savings with Icesave, the Icelandic bank, it emerged yesterday. Darling was advised by permanent secretary Nick Macpherson that bailing out Icesave carried with it the prospect of having to do the same [...]