Tories at sea, says Mandy February 1, 2010 LORD Mandelson yesterday said a Tory government would “strangle the recovery at birth” as the opposition accused Labour of being in “chaos” over its policy on spending cuts. He also accused David Cameron of “bobbing around like a cork in water”, after the Tories softened their stance on spending cuts over the weekend. “What we [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 1, 2010 FINANCIAL TIMES VANTIS FALLS £10.7M INTO THE RED Vantis, the AIM-quoted company acting as a liquidator to Stanford International Bank, fell £10.7m into the red in its first half to 31 October. The accountancy and professional services group incurred £11.7m of exceptional charges, mostly an impairment of current and intangible assets after a review following [...]
Kappler to leave Premier Foods February 1, 2010 David Kappler, the chairman who steered Premier Foods through its refinancing in 2009, is to move on later this year. Kappler said he will be seeking a board role elsewhere after six “hugely enjoyable” years at Premier.
Lombard to exit France Telecom February 1, 2010 France Telecom chief executive Didier Lombard will step aside after a string of suicides at its native operation hurt staff morale. Lombard will hand over to Stéphane Richard, his deputy, on 1 March. Richard is expected to steer the firm away from bolt-on acquisitions and instead focus on improving core activities. The France Telecom brand [...]
Blank makes comeback as UKTI adviser February 1, 2010 FORMER Lloyds Group chairman Sir Victor Blank has been brought in to advise the government on attracting overseas investment to the UK. Sir Victor, who resigned from the Lloyds board last year in the wake of its ill-fated takeover of HBOS, has taken a seat on a panel set up by Prime Minister Gordon Brown [...]
Obama warns on surging US deficit amid spending on jobs February 1, 2010 US PRESIDENT Barack Obama yesterday pledged to halve a record 2010 budget deficit by the end of his first term in office, but made tackling double-digit unemployment his immediate priority with a spending plan that risked public ire and a rough battle in Congress. Criticised by Republicans for raising taxes on wealthy Americans, Obama is [...]
South Korean pension fund to up its Gatwick stake to 12 per cent February 1, 2010 SOUTH Korea’s National Pension Service (NPS) plans to increase its stake in Gatwick airport to 12 per cent. The fund, which at $240bn (£150bn) is the fifth-largest pension vehicle in the world, wants to up its exposure to Britain ahead of the London Olympics in 2012. Gatwick is seen as a growth asset which stands [...]
BNP Paribas offloads Artemis February 1, 2010 Asset management boutique Artemis has been sold to 17 of its fund managers and US-based Affiliated Management Group for an undisclosed sum by owner BNP Paribas. The deal puts an end to nearly two years’ uncertainty after the firm was first put on the market by Fortis, the European bank that owned a majority stake, [...]
ExxonMobil beats profit expectations February 1, 2010 ExxonMobil yesterday reported a fourth-quarter profit that topped Wall Street expectations as natural gas projects boosted results at the largest US oil company’s exploration arm. Still, Exxon’s net income fell 23 per cent as weak demand for fuel in the global economic slowdown caused a loss in its refining business. Oil and gas production increased [...]
Ryanair ups annual profit forecast February 1, 2010 BUDGET airline Ryanair increased its profit forecast for the year after posting a smaller than expected third-quarter loss yesterday. Europe’s biggest low-cost airline said a drop in fuel prices had helped to improve the company’s figures. Ryanair’s loss of €10.9m (£9.5m) in the three months to the end of December compared with a €118.8m net [...]