Tube staff threaten strike March 24, 2010 LONDON Underground has been given until the end of today to withdraw plans to axe 800 jobs or workers will walk out of the job. The Rail, Maritime and Transport (RMT) union, which is representing workers facing job cuts said it will call a ballot for strike if management doesn’t comply. “We have already warned [...]
Resolution says deals will come after cash injection March 24, 2010 INSURANCE acquisition vehicle Resolution insisted its takeover strategy was on track as it announced a £180m boost to its war chest. Clive Cowdery’s firm yesterday used its first set of results since absorbing Friends Provident to allay investors’ impatience for another deal, which has caused its share price to slide since November. Describing Resolution’s demotion [...]
ANALYST VIEWS:?HOW WELL IS RESOLUTION PLACED TO PICK UP MORE INSURANCE ASSETS? March 24, 2010 TOBY LANGLEY | SANFORD C BERNSTEIN The only reason Resolution exists is to do deals in the?UK life sector. The UK life market is unattractive because it is unprofitable and struggles to grow – a number of players appear to ignore this dynamic. Resolution feels this creates an opportunity to generate value by consolidating businesses. [...]
Sainsbury’s sales hit by slowing growth March 24, 2010 SAINSBURY’S has reported its smallest rise in underlying quarterly sales in almost five years. Britain’s third biggest grocery chain said stores open at least one year rose 1.7 per cent, excluding fuel, in the fourth quarter. That was down from 3.7 per cent in its third quarter and the smallest rise since the first quarter [...]
Starbucks set to pay its first dividend as its overhaul succeeds March 24, 2010 STARBUCKS announced its first dividend yesterday joining companies like McDonald’s and Coca-Cola in making payouts to shareholders. Starbucks set a quarterly dividend of 10 cents per share to be paid on 23 April to shareholders at the close of business on 7 April. The payout is part of a new plan to return 35 to [...]
SABMiller nets World Cup Castle beer contract March 24, 2010 BREWER SABMiller will provide beer at fan parks during the 2010 World Cup, after reaching an agreement with the organisers of the tournament in South Africa. The decision will enable SABMiller’s South Africa unit to sell between 8-10m beers. SABMiller’s spokesman Nigel Fairbrass said: “We will be supplying Castle Lager and Castle Lite in the [...]
Mitchell’s & Butlers shifts focus to food March 24, 2010 PUBS group Mitchells & Butlers said yesterday it planned to transform into a food-led business. The group has pledged to expand its Harvester, Toby Carvery, Crown Carveries, Sizzling Pub Co, Premium Country Dining and Vintage Inns. These brands currently trade from 913 outlets but the company believes there is potential for up to 1,900 outlets. [...]
Darling and Cameron slug it out March 24, 2010 LISTENING to Alistair Darling speak for almost an hour was never going to be an exciting experience, but yesterday he was political diazepam. At one point I expected the whips to come round handing out Pro Plus. John Denham, the local governments minister, in particular appeared to be battling with unconsciousness. The only person who [...]
Tories hit out over allowances March 24, 2010 THE Tories yesterday accused the government of hiding a £2.2bn stealth tax in the small print of the Budget. The chancellor introduced a freeze on all income tax bands in his Budget instead of following normal practice and raising them in line with inflation. With retail inflation at 3.7 per cent, the tax-free personal allowance [...]
NHS productivity falls as cuts loom March 24, 2010 THE National Health Service (NHS) was one of yesterdays biggest losers in the Budget as health secretary, Andy Burnham, announced £4.35bn in cuts for the department by 2013. The NHS plans to make the savings by moving civil servants out of London, reducing the amount of consultants used and driving down the cost of procurement. [...]