Toyota lifts profit forecast despite recall February 4, 2010 JAPANESE car maker Toyota upgraded its full-year profit forecast yesterday even as it emerged it would suffer $2bn (£1.3bn) in extra costs as a result of recalling millions of cars around the world. The automobile manufacturer lifted its 2009 forecast from a loss to a £550m profit, defying bad news over faulty accelerator pedals. For [...]
Centrica cuts energy bills for homeowners February 4, 2010 Britain’s biggest household energy supplier British Gas became one of the first utilities to cut gas prices for residential customers yesterday with owner Centrica announcing a seven per cent cut. The price cut, which partly reflects lower gas wholesale prices, will affect eight million households and save the average gas customer £55 per year, British [...]
January sees new cars surge by a third on scrappage boost February 4, 2010 The government’s scrappage scheme led new car sales to surge by almost a third this January, the Society of Motor Manufacturers and Traders (SMMT) said yesterday. Despite the return of the 17.5 per cent VAT rate, 145,479 new cars were registered over the month, a 29.8 per cent increase on last year. This made January [...]
National Grid is on track for£3.4bn of investment in 2010 February 4, 2010 NATIONAL GRID, which owns Britain’s electricity and natural gas transmission networks, said yesterday the firm made a “very strong” performance in the first half of the year and it expects to raise its full-year dividend by eight per cent. The business, which also owns a large power transmission network in New York and along the [...]
Enel sees hike in core earnings February 4, 2010 Italy’s dominant utility Enel posted an above-expectations rise in core earnings in 2009 despite unfavourable market conditions, boosted by the contribution of its Spanish unit Endesa. Earnings before interest, tax, depreciation and amortisation last year were up 11.9 per cent at around €16bn (£14bn).
Hitachi beats expectations February 4, 2010 Hitachi, Japan’s biggest electronics maker, yesterday exceeded market expectations by swinging to its first quarterly net profit in six quarters. The company, eyeing a recovery in demand from the auto industry and further restructuring, lifted its forecast to a net loss of 210bn yen (£1.5bn)) for the year ending in March, from a previous forecast [...]
Buffett vehicle raises $8bn February 4, 2010 Warren Buffett’s Berkshire Hathaway firm yesterday sold $8bn of debt to help pay for its $26bn acquisition of railroad operator Burlington Northern Santa Fe, in the 11th largest US corporate bond sale ever. The sale came as Standard & Poor’s Ratings Services stripped its top triple-A rating from Berkshire Hathaway and various units, citing the [...]
Housing market rebound starts to run out of steam February 4, 2010 HOUSE PRICES continued to rise in January but the pace of growth fell to its slowest level in six months, mortgage lender Halifax said yesterday, reiterating its view that UK property prices would remain flat in 2010. The monthly survey showed that house prices rose 0.6 per cent on the month in January, taking the [...]
ECB holds interest rate at 1pc low February 4, 2010 The European Central Bank (ECB) kept interest rates at a record low of one per cent yesterday and reaffirmed its view that the eurozone’s economic recovery would be modest and uneven this year. All 86 economists in a recent Reuters poll had expected the ECB to keep rates unchanged this month and only two had [...]
Four politicians to face charges over expenses February 4, 2010 FOUR politicians will face criminal charges over their expenses, the Crown Prosecution Service (CPS) has said. MPs Elliot Morley, Jim Devine, David Chaytor and peer Lord Hanningfield will face charges under the Theft Act. In a joint statement the MPs said they denied any wrongdoing and would “defend our position robustly”. Police have investigated a [...]