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 [...]
US jobless and productivity rise February 4, 2010 The number of US workers filing for jobless benefits unexpectedly rose last week, but productivity in the fourth quarter rose. Initial claims for state unemployment benefits increased 8,000 to a seasonally adjusted 480,000 in the week ended 30 January, the Labour Department said yesterday. In another report, the department said non-farm productivity grew at a [...]
IMF chief hints at early exit February 4, 2010 Dominique Strauss-Kahn, the French politician who heads the International Monetary Fund (IMF), yesterday said he might cut short his tenure, stoking speculation he wants to run in France’s 2012 presidential election. His term as managing director of the IMF expires in October 2012, several months after the election, which means the Socialist veteran would have [...]
Shell sees its profits plunge February 4, 2010 ROYAL Dutch Shell posted a 75 percent fall in fourth-quarter profits to $1.18bn (£720m) yesterday as falling output and depressed refining and natural gas businesses took their toll. Oil prices recovered in the quarter but gas prices were much lower than in the same period a year earlier, while refining margins collapsed to their lowest [...]