Senior sees more 787 delays August 3, 2009 Senior, the engineering group, said its pre-tax profit fell by 22 per cent in the first half of the year to £21.1m as a result of the sluggish aerospace market, including the deferred delivery of Boeing’s 787 Dreamliner aircraft. The 787, for which Senior supplies air ducts and other parts, is already two years late [...]
Profits jump at MillerCoors August 3, 2009 MillerCoors, the second largest brewer in the US, yesterday reported a 16.4 per cent rise in second-quarter net income while accelerating the timing of its merger savings. The firm, which consists of the combined US operations of SABMiller and Molson Coors, produces brands such as Miller Lite and Coors Light, and said underlying net income [...]
IT’S OFFICIAL: BANK PROFITS ARE BACK August 2, 2009 BRITAIN’S biggest banks will this week herald a return to the gilded banking days of old as they post bumper interim profits, despite the impact of their mounting bad debts. Barclays is this morning expected to reveal a first-half pre-tax profit of £3.5bn, boosted by a stellar performance in its investment banking division, Barclays Capital, [...]
House dip to last two more years August 2, 2009 THE HOUSE price slump will continue apace this year and next, according to a starkly bearish annual forecast from the National Housing Federation (NHF) released today. In a gloomy report the group has warned of a sharp 12.2 per cent fall in total in England during this year, and a further 4.6 per cent fall [...]
Geithner eyes more stimulus August 2, 2009 US Treasury Secretary Timothy Geithner yesterday said more actions may be necessary to firm up economic recovery, including extended unemployment aid, and he declined to rule out future tax hikes to reduce massive budget deficts. Geithner also said the government needed to show the will to reverse massive deficits after the recovery, including raising tax [...]
How finance can salvage its reputation August 2, 2009 FINANCIAL institutions almost never win the PR wars. When banks lose money, politicians and the media are angry. When they make money, politicians and the media are equally angry. The only time this golden rule breaks down is at the height of a bubble, when everybody – even the industry’s fiercest critics – gets drunk [...]
Ford in July sales uptick August 2, 2009 BELEAGUERED US carmaker Ford said last night it sold more cars in July than the same month last year, its first year-on-year sales rise since November 2007. The group will today become the first major US automaker to report a sales rise since the financial crisis kicked off, thanks to a surge of orders under [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 2, 2009 THE SUNDAYSThe Sunday TelegraphDSG CHAIR ABANDONS CRYSTAL BALLThe outgoing chairman of DSG International, the Currys owner, has described the reduction in the retailer’s market size as “painful” and admitted he failed to see the downturn coming. Sir John Collins said he told John Browett, the electrical retailer’s chief executive, not to worry about the prospect [...]
AstraZeneca plans move to W2 August 2, 2009 Pharmaceutical giant AstraZeneca is ditching its Mayfair offices to move to Paddington, it is thought, as it looks to slash its costs to weather the downturn. The firm is set to join Rio Tinto and Norwegian oil firm Statoil at the W2 hub, as FTSE 100 giants like J Sainsbury also consider moving their offices.
WTO calls signs of trade revival August 2, 2009 The World Trade Organisation, the Geneva-based international trade regulator, said a $250bn (£150bn) package of financial aid to revive the global system is starting to take effect, especially in Asia. Director-general Pascal Lamy said trade is picking up, although the WTO is maintaining its forecast of a 10 per cent contraction this year.