GDF could sweeten Power offer February 7, 2010 French energy giant GDF Suez is believed to be considering tabling a revamped offer for British rival International Power (IP), the FTSE-listed company valued at £5bn. Talks between the pair broke down last month after GDF offered to transfer assets into International Power in return for a majority stake. But IP’s chief executive Philip Cox [...]
Defender of business says a hung parliament would be disastrous February 7, 2010 HE MIGHT have parted company with the CBI four years ago, but Lord Digby Jones is still one of the staunchest defenders of the private sector. When he gives me his business card at the opening of a Vodafone store in the City, it is emblazoned with a motto that sums up his philosophy: “Only [...]
G7 reassures on Greek debt conundrum February 7, 2010 REASSURANCES about debt-strapped Greece and agreement that banks should pay for future rescue funds capped an international meeting in Canada’s Arctic, as European policymakers sought to convince jittery markets that they have things under control. Ministers and central bank governors said economies were recovering from recession but stuck to their view that it was too [...]
Big City banks must be allowed to grow again February 7, 2010 TOMORROW, Barclays chief executive John Varley will become the latest business leader to appear before the Treasury Committee’s inquiry into how to solve the problem of banks that are deemed too important – or too large – to fail. Following President Obama’s recent proposals, this is a hot topic at the moment and the committee’s [...]
MAJOR ISSUES AT THE G7 MEETING IN CANADA February 7, 2010 EURO ZONE FISCAL CRISIS European G7 countries told the US, Japan and Canada they would ensure Greece delivered on its promises to slash its budget deficit by the end of 2012. FINANCIAL REGULATION Last September, world leaders asked the IMF to come up with proposals for a levy on banks to help pay for financial [...]
BAE Systems fined £280m over corruption charges February 5, 2010 BAE Systems is to pay a fine of $400m (£250m) after pleading guilty to a charge of conspiring to make false statements to the US government. The UK’s largest defence group has also reached agreement with the UK Serious Fraud Office (SFO) to plead guilty to breach of duty to keep accounting records. That case [...]
BA reports ‘better than expected’ £50m loss February 5, 2010 BRITISH Airways has reported a £50m pre-tax loss for the third quarter as passenger numbers fell. The result for the three months to December 31 was better than the £151m forecast by analysts. The airline’s deficit for the first nine months of its financial year was £342m. BA boss Willie Walsh said the better-than-expected results [...]
Waitrose sales jump by 15 per cent February 5, 2010 WAITROSE sales jumped by 15 per cent in the second half of last year. The figures mean Waitrose is fastest growing supermarket chain in Britain and come as Ocado – the online grocer that delivers Waitrose products – set a new record for the number of deliveries in a single day, of 17,500. New M&S [...]
Cadbury to delist from stock exchange February 5, 2010 KRAFT Foods has secured 75.41 per cent acceptances from Cadbury Plc shareholders in its takeover of the British confectioner and will now move to delist Cadbury form the London Stock Exchange. Kraft said in a statement that assuming it gets 90 per cent acceptances from Cadbury shareholders it intends to move toward the compulsorily purchase [...]
Bellway urges caution over housebuilding February 5, 2010 HOUSEBUILDER Bellway today said it remains cautious over the prospects for the housing market despite a modest pick-up in sales in first-half trading. The Newcastle-based group sold 2,247 homes in the six months to the end of January, up 12 per cent on the previous year. Its order book stood at £390 million or 2,506 [...]