Broadcasting boss Allen takes centre stage March 10, 2010 THE former boss of Britain’s biggest commercial broadcaster will add troubled record label EMI to his list of top jobs when he takes over the role of executive chairman at the end of this month. Charles Allen’s media career began in 1991 when the catering group Compass took over Granada, in a merger that finally [...]
US-based ICE touted as the Tullett bidder March 10, 2010 AMERICAN exchange operator IntercontinentalExchange (ICE) has been touted as the most likely bidder for Tullett Prebon, the inter-dealer broker headed by Terry Smith, which yesterday confirmed it was in early-stage talks with an unnamed potential buyer. Tullett said it was in preliminary discussions which “may or may not lead to an offer being made for [...]
BP tipped as frontrunner to buy Devon’s $5bn assets March 10, 2010 BP has emerged as a frontrunner to buy $5bn (£3.3bn) of oil assets from Devon Energy, the independent US oil and gas producer, according to sources. BP is looking at Devon’s position offshore Brazil, as well as Gulf of Mexico and Canadian assets, according to one source. BP is believed to be the leading contender [...]
Tesco hires new clothing chief March 10, 2010 TESCO has hired the former head of non-food at J Sainsbury in a bid to revive its £1bn clothing business. Richard Jones will replace Terry Green as Tesco’s clothing chief – running the clothing business in the UK, as well as taking charge of its home furnishings division. Green, whose five-year contract for Tesco is [...]
US and Europe tense over deal March 10, 2010 THE US and Europe face growing tensions over restrictions on export deals involving BAE Systems while European politicians protest the collapse of efforts to sell aerial tankers to the United States. The US said on Tuesday it would delay action on any new export license requests by BAE after it pleaded guilty to violating US [...]
BA strike looms as negotiations crash March 10, 2010 STRIKE talks between British Airways (BA) and Unite have fallen apart after the airline rejected a package of proposals from the union. BA said the proposed 2.6 per cent staff pay cut, which Unite estimated would have saved BA £60m, “fell significantly short” of the £62.m savings they needed. As a result of the failed [...]
May election seems certain as Brown sets a budget date March 10, 2010 GORDON Brown yesterday said there will be a budget on 24 May, making a 6 May election a racing certainty. He yesterday set out his vision for guiding the UK through its tentative economic recovery. He vowed the UK would avoid the ignominy of losing its AAA credit rating and set out plans to cut [...]
US February deficit hits a record $221bn as it spends to aid recovery March 10, 2010 THE US posted a record $220.91bn (£147bn) budget deficit in February, Treasury Department data revealed yesterday. The February deficit was in line with analysts’ consensus forecast in a Reuters poll for a $222bn budget gap but well above the $193.86bn for the same period a year ago. The department said the budget gap for fiscal [...]
Shell stops selling oil to Iran March 10, 2010 Oil major Royal Dutch Shell has stopped gasoline sales to Iran, it said yesterday, the latest addition to a growing list of firms that have halted supplies under threat of future US sanctions. The Anglo-Dutch oil firm will join the likes of BP, Reliance Industries, and independent Swiss trader Glencore, among suppliers that have either [...]
Yule Catto boosts sales by 27pc March 10, 2010 British chemicals maker Yule Catto reported a 27 per cent rise in full-year pre-tax profit yesterday, helped by cost cuts and a weaker pound, and said it was comfortable with the 2010 market consensus view. For the year to the end of December, the company posted a pre-tax profit of £41.5m before special items, compared [...]