ECB holds interest rate at 1pc low February 4, 2010 The European Central Bank (ECB) kept interest rates at a record low of one per cent yesterday and reaffirmed its view that the eurozone’s economic recovery would be modest and uneven this year. All 86 economists in a recent Reuters poll had expected the ECB to keep rates unchanged this month and only two had [...]
Four politicians to face charges over expenses February 4, 2010 FOUR politicians will face criminal charges over their expenses, the Crown Prosecution Service (CPS) has said. MPs Elliot Morley, Jim Devine, David Chaytor and peer Lord Hanningfield will face charges under the Theft Act. In a joint statement the MPs said they denied any wrongdoing and would “defend our position robustly”. Police have investigated a [...]
US jobless and productivity rise February 4, 2010 The number of US workers filing for jobless benefits unexpectedly rose last week, but productivity in the fourth quarter rose. Initial claims for state unemployment benefits increased 8,000 to a seasonally adjusted 480,000 in the week ended 30 January, the Labour Department said yesterday. In another report, the department said non-farm productivity grew at a [...]
IMF chief hints at early exit February 4, 2010 Dominique Strauss-Kahn, the French politician who heads the International Monetary Fund (IMF), yesterday said he might cut short his tenure, stoking speculation he wants to run in France’s 2012 presidential election. His term as managing director of the IMF expires in October 2012, several months after the election, which means the Socialist veteran would have [...]
Shell sees its profits plunge February 4, 2010 ROYAL Dutch Shell posted a 75 percent fall in fourth-quarter profits to $1.18bn (£720m) yesterday as falling output and depressed refining and natural gas businesses took their toll. Oil prices recovered in the quarter but gas prices were much lower than in the same period a year earlier, while refining margins collapsed to their lowest [...]
BP sells French petrol outlets to Delek in £157m transaction February 4, 2010 BP has sold its French retail business for €180m (£157m) to Israeli conglomerate Delek Group, the latest move by a major oil company to reduce exposure to low-margin fuel retailing. BP said yesterday it had entered exclusive talks with Delek’s European unit, after receiving an offer for its 416 French petrol stations. The sale also [...]
Voser could still win long game February 4, 2010 IF investors were surprised by BP’s sub-par results earlier in the week, they should have been prepared for Royal Dutch Shell’s dismal numbers. Still, the near $1bn net loss at its refining business was eye watering. It is struggling against the worst downstream conditions in twenty years, as a slump in demand comes hot on [...]
Unilever falls on fears over competition February 4, 2010 FOOD and household goods giant Unilever reported forecast-beating sales growth for 2009 yesterday, but saw its shares slide on doubts over increased competition in Europe. The company, whose brands include Persil detergent and Lipton tea, increased full-year sales to 3.5 per cent – 10 basis points ahead of analyst expectations. Fourth quarter sales expanded 1.8 [...]
Tesco staff to cash in with share plan February 4, 2010 Thousands of Tesco employees who invested in the company’s saving scheme have each netted a share of £144m. After 12 months’ employment, the supermarket allows staff to invest between £5 and £50 a month in its Save As You Earn share scheme. Those who saved the maximum for the five-year scheme gained a 100 per [...]
Fuller’s tops expectations with record beer volumes February 4, 2010 London brewer and pub operator Fuller, Smith & Turner announced yesterday that it would exceed financial expectations for the year, having ridden out the recession well. The company reported a like-for-like sales boost over the festive period for its managed division, which covers directly owned pubs and hotels. The division’s sales rose 2.6 per cent [...]