UK trade gap widens March 9, 2010 THE UK’s goods trade deficit with the rest of the world has grown to its widest since August 2008, official figures have shown. Exports in January plummeted by almost 7 per cent leaving the deficit at £7.987bn compared with £7.01bn in December. The figures were disappointing because the weak pound was expected to boost exports. [...]
Shanks pulls out of Carlyle takeover talks March 9, 2010 SHARES in waste management group Shanks slumped by as much as 20 per cent after it pulled out of takeover talks with US private equity group Carlyle. The FTSE 250 group says it is unwilling to recommend a final price of 120p cash per share, claiming the £475m offer undervalues the company and its prospects. [...]
Aer Lingus losses shoot up as cuts loom March 9, 2010 AER lingus has announced that its operating losses quadrupled to €81m (£73.5m) last year. The Irish carrier’s revenue plummeted 11 per cent to €1.2bn. It has fended off two hostile bids by low-cost rival Ryanair but is locked in a dispute with cabin staff over its cost-cutting programme. The company’s board will meet to adjust [...]
Eurotunnel profits down after weather chaos March 9, 2010 EUROTUNNEL’S profits for last year were hit by snow disruption to services, the company said. The Channel Tunnel operator posted a profit of 1.5m euros (£1.36m) for 2009, down from 44m euros in 2008. Eurostar train services timetables were badly hit in December when snow played havoc with timetables. And a fire in September 2008 [...]
City hits out at speculation ban March 8, 2010 CONTROVERSIAL proposals to impose strict curbs on speculators using credit default swaps to bet against troubled states like Greece were yesterday widely slammed by the City as misguided and unworkable. Greek Prime Minister George Papandreou will today meet with US President Barack Obama to drum up support for his campaign, after he claimed at the [...]
Readers: we back the Tories March 8, 2010 AN outright Conservative victory at the next general election would be best for the British economy, according to the inaugural poll of City A.M.’s readers. Seventy-three per cent of panellists on the City A.M./PHI?Panel said the Tories were the best party to get the economy back on track. Just ten per cent of respondents wanted [...]
No change in FSA bank law March 8, 2010 THE Financial Services Authority (FSA) will not immediately increase the liquidity requirement for banks. The regulatory body said it will wait until results for the first two quarters of 2010 are available before “tightening the screws” on banks. The statement said: “The FSA believes that it would be premature to increase liquidity requirements across the [...]
Global house prices still far too high March 8, 2010 IF you want to find a really cheap house, the best place to go is Detroit, home to America’s crumbling car industry. One in five properties lies empty; the city appears to be in terminal decline, its population dwindling by the day, hit by an exodus of unemployed and despondent citizens desperate for better prospects [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 8, 2010 FINANCIAL TIMES C&W ARM EYES ASIA EXPANSION AFTER LISTING Cable & Wireless’s UK business is stepping up its efforts to achieve growth in emerging markets as it secures a stock market listing later this month. The business, called C&W Worldwide, will focus on opportunities in Asia, Jim Marsh, its chief executive, told the Financial Times [...]
MPs slam venture funding March 8, 2010 THE government’s track record for investing in small businesses came under fire yesterday by the Committee of Public Accounts. A report by the Committee said that the government’s management of its venture capital funding initiative for young businesses with prospects for growth needed improvement. Some of the concerns listed by chairman Edward Leigh included a [...]