Network Rail staff to vote on a strike March 10, 2010 NETWORK Rail maintenance workers will vote today on whether they will take industrial action and launch the largest rail strike in 16 years. Up to 12,000 maintenance crew will vote this morning on a possible strike, according to a spokesperson from the National Rail, Maritime and Transport (RMT) Union, which is representing the workers. Similarly, [...]
Boris threatens to sue Tube Lines over price March 10, 2010 MAYOR Boris Johnson has threatened to take legal action against Tube Lines, after Private Public Partnership (PPP) arbiter, Chris Bolt said the rail contractor can charge? £4.46bn for its services. The decision followed a dispute between Tube Lines and Transport for London (TfL) over the cost of London’s underground rail system. The mayor, along with [...]
Laird cuts payout on profit fall March 10, 2010 Electronics group Laird yesterday posted a 56 per cent fall in 2009 profits and cut its dividend after a year in which customer demand slumped and it was forced to carry out a rights issue. The FTSE 250 firm, which supplies companies such as Samsung and Nokia, reported underlying pre-tax profit from continuing operations of [...]
Melrose trumps forecasts March 10, 2010 Manufacturing investor Melrose beat forecasts for the full year thanks to a strong performance from crane, cable and hooks maker FKI and said it would focus on acquisitions rather than disposals this year. For 2009, the firm posted pre-tax profit of £118.6m, compared with a restated £73.1m for the previous year. It increased its final [...]
Terra prefers CF Industries’ bid March 10, 2010 Fertiliser producer Terra Industries said yesterday it plans to accept a “superior” $4.68bn (£3.13bn) takeover bid from rival CF Industries unless Yara International boosts its competing offer. Yara, which bid $4.1bn for Terra, has five business days to either match or exceed CF’s bid, Terra said. Yara said it will have “no further comment” on [...]
Inchcape still cautious, but profit pleases March 10, 2010 INCHCAPE, the international car dealer, posted a smaller-than-expected fall in 2009 profit, helped by cost cutting and market share gains, but said it did not see a recovery in its markets until late this year. The British firm, which sells and distributes cars for manufacturers including BMW, Mercedes-Benz, Honda and Toyota in 26 countries, said [...]
Bank of America to scrap overdraft fees for customers March 10, 2010 BANK OF AMERICA said yesterday it will no longer charge overdraft fees on debit card purchases as of this summer, a move that may cost millions in fee income. The change will eliminate one of the most common overdraft charges for Bank of America customers. More than 60 per cent of all overdraft fees charged [...]
Decline in prices hurts Glencore March 10, 2010 GLENCORE, the commodity trader, which recently took the first steps towards a possible stock market flotation, warned of a bumpy recovery yesterday after posting a 43 per cent fall in 2009 net profit on a slide in prices. The Swiss group said its net income, excluding exceptional items, fell to $2.72bn (£1.81bn) last year, down [...]
Higher rates hit Costain’s results March 10, 2010 COSTAIN, construction firm, posted a 22 per cent fall in full-year pre-tax profit yesterday, hurt by higher pension interest charges and lower interest rates, but said it was looking to the future with confidence. The company posted a pre-tax profit of £18.1m, compared with £23.1m a year ago. Sales climbed 6.5 per cent to £1.06bn. [...]
Industrial production down March 10, 2010 INDUSTRIAL production in the UK fell by 0.4 per cent in January, official figures showed. The drop came after a relatively strong performance in December. Manufacturing output fell 0.9 per cent, according to the Office for National Statistics (ONS). However year-on-year manufacturing output recorded its first rise since March 2008, up 0.2 per cent. The [...]