The biggest Mad Man in the world still retains a close eye for detail April 7, 2010 This downturn is evidently really beginning to get on the nerves of WPP chief executive Sir Martin Sorrell. He says: “People’s expectations have shifted. Company profits were down 30 per cent in 2008, now that they were only down, say, 13 per cent last year, they are calling that good. But if profits keep falling [...]
BA loses up to £45m in strike April 7, 2010 BRITISH Airways has said that last month’s cabin crew strike cost the company up to £45m. The company said in its traffic statement for March, it said that the action hit passenger numbers as scores of flights were grounded. However, BA said it managed to operate 79 per cent of long-haul flights and 58 per [...]
Eurozone growth revised down to zero April 7, 2010 THE eurozone’s economy failed to grow in the last three months of 2009, according to revised figures. European Union official statistics show that the quarter-on-quarter growth in the three months to December was zero – revised down from a previously reported 0.1 per cent. Year-on-year, the economy of the 16 countries using the euro contracted [...]
Marston’s sales up after food boost April 7, 2010 PUB group Marston’s saw first half revenues rise after being fuelled by strong food sales. The company, which has over 2,200 pubs across Britain, said sales at its managed pubs open for more than a year were up 1.4 per cent in the 26 weeks to 3 April. During the half year, food sales were [...]
Heritage given green light in Tullow deal April 7, 2010 BRITISH oil explorer Heritage Oil today tempered the prospect of five-month delays at its latest well in its Iraqi operations with news it has the backing of the Ugandan government in the sale of two oil fields to Tullow Oil. The Miran West-2 appraisal well in Kurdistan will need to be deepened to 4,600 metres [...]
Cider tax hike shelved April 7, 2010 PLANS for a ten per cent tax hike on cider have been shelved. The rise, announced in the Budget, was fiercely opposed by the Conservatives and Liberal Democrats. With Parliament dissolved the Government has insufficient time to squeeze the law through. However, the Government said the rise would be re-instated if it wins back power. [...]
AOL to sell or close Bebo April 7, 2010 AOL has confirmed it is looking to offload its social networking site Bebo, for which it paid $850 million (£557m) in 2008. Competition from social networking including Facebook and MySpace has left behind Bebo which has been a hit in the UK but slumped elsewhere. The company will close the site, which is targeted at [...]
Ready, Steady, Go April 6, 2010 GORDON BROWN and David Cameron hit the campaign trail yesterday, after the Prime Minister announced an election on 6 May. Brown kicked off what aides called a “kitchens and canteens” campaign by visiting shop workers at a Rochester branch of Wm Morrison. And Cameron tried to prove his party’s commitment to the NHS by visiting [...]
GREEK SCARE SENDS BOND YIELDS UP April 6, 2010 GREEK borrowing costs soared yesterday after Athens was forced to deny suggestions it had tried to renegotiate the rescue package hammered out by eurozone countries last month. The spread between Greek and German 10-year Treasuries hit 406 basis points before falling back to 377 basis points, soothed by a statement from the government insisting it [...]
Fed says rates could stay low April 6, 2010 THE Federal Reserve could keep interest rates ultra-low for even longer than investors expect if the economic outlook worsens or inflation drops, minutes from the central bank’s last meeting suggested. The minutes of the Fed’s March gathering showed lingering concern about the economy’s prospects, with policymakers indicating they were in no hurry to raise interest [...]