Euro crashes as investors baulk at debt laden states February 4, 2010 SHARES across the eurozone tumbled yesterday as investors reacted to fears over spiralling Spanish, Portuguese and Greek debt. The euro plunged to a seven-month low against the dollar as investor fears over mounting public debt undermined confidence in the ability of the European countries to fund their budget shortfalls. The head of the International Monetary [...]
CPS to decide if it will charge six politicians February 4, 2010 SEVERAL MPs and members of the House of Lords will today find out whether they are to face criminal charges over their expenses claims. The Crown Prosecution Service, which has been studying the evidence against six parliamentarians, will announce its decision at 11am. Labour MPs Eliot Morley, Jim Devine and David Chaytor have been under [...]
EMI’s survival in doubt as its February 4, 2010 EMI Group, the beleaguered record label behind artists such as Coldplay and Katy Perry, suffered a £1.6bn loss last year. The British company, which is owned by financier Guy Hands’ Terra Firma private equity operation, was hit by a huge impairment charge of £1.03bn. It is understood two thirds of the damage came from EMI’s [...]
Mastercard misses forecasts February 4, 2010 Higher-than-expected costs and rebates caused MasterCard’s quarterly earnings to fall short of Wall Street forecasts yesterday, driving shares of the world’s second biggest credit card network down 10.3 per cent to $222.1. The shares hit a two-and-a-half-month low despite a 23 per cent jump in fourth-quarter profit. A weak US dollar and rebound in global [...]
Glaxo to cut more jobs as it aims to slash spending February 4, 2010 GLAXOSMITHKLINE (GSK) is set to cut hundreds of research and development jobs as it cuts costs and abandons some areas of research — including depression — joining a growing band of big drugmakers taking a knife to previously sacrosanct drug discovery work. GSK, which employs 16,000 in the UK, has already cut more than 2,000 [...]
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).