US touts case against Airbus September 16, 2009 US Trade Representative Ron Kirk yesterday touted US efforts to prove European support for aircraft manufacturer Airbus is illegal under world trade rules, but stopped short of declaring victory in a high-stakes trade legal battle. Kirk told US Senators that loans given to it by European governments are still “inconsistent with World Trade Organisation rules.”
Next raises forecasts on robust sales September 16, 2009 HIGH street fashion chain Next yesterday lifted its annual profit forecast for the third time in five months after reporting better-than-expected sales growth. The group said that pre-tax profits rose by seven per cent to £185m for the half year to 31 July from £173.3m in the same period the year before. Total sales rose [...]
WHAT IS THE OUTLOOK FOR NEXT? September 16, 2009 KATHARINE WYNNE INVESTECNext remains on of our preferred retail investments, and we would again highlight the cash generation. The interims confirmed the margin control that management retains, as well as the strong cash generation which remains undervalued by the market in our view.RICHARD HUNTER HARGREAVES LANSDOWNNext’s full year profits could yet match those of last [...]
Tullow hits oil at Sierra Leone well September 16, 2009 A CONSORTIUM of oil companies including UK-listed Tullow Oil said yesterday they discovered a deepwater oil well off the coast of Sierra Leone. Houston-based Anadarko Petroleum, which leads the group, said its Venus B well has an “active petroleum system”, and said the find raised hopes for more than 30 other prospects the companies have [...]
Skype founders plan to sue eBay September 16, 2009 The founders of Skype are suing eBay and the consortium that recently agreed to buy the internet phone service. The lawsuit from Niklas Zennstrom and Janus Friis is over theft of peer-to-peer technology. The case comes after a consortium, including venture firm Index Ventures, agreed to pay $1.9bn (£1.2bn) to eBay for a 65 per [...]
Stanford loses private lawyers September 16, 2009 ALLEN Stanford, the Texas cricket financier accused of running a $7bn Ponzi scam, was yesterday appointed a public defender to represent him in his criminal case because he has no money to hire a lawyer. Stanford, who yesterday appeared in court in shackles, is believed to have requested former White House political adviser Karl Rove’s [...]
Keep Cadbury independent, says its chief September 16, 2009 CADBURY chief executive Todd Stitzer yesterday said the Dairy Milk maker should remain independent, as he put his case to a group of shareholders and industry analysts. Stitzer attempted to win shareholder support, stressing that Cadbury was on the hunt for acquisitions and not just the bid target of Kraft’s £10.2bn takeover approach. Stitzer said [...]
EC says it has not told Lloyds to sell Halifax September 16, 2009 THE European Commission said yesterday that it had not struck a deal with Lloyds Banking Group that would see the lender dispose of Halifax in return for approval of the state aid it has received from the government. EC competition commissioner Neelie Kroes has repeatedly signalled that the bank will have to dispose of assets, [...]
ITV execs in the frame for C4’s top job September 16, 2009 TWO ITV executives were yesterday being hotly tipped to succeed Andy Duncan as chief executive of Channel 4 (C4) when he steps down later this year. Peter Fincham, ITV’s director of television, and John Cresswell, the commercial broadcaster’s chief operating officer, are both believed to be favourites for the high-profile role. C4’s Duncan ended months [...]
Yen surges on currency pledge September 16, 2009 THE Yen surged to a seven month-high against the dollar yesterday, after Japan’s incoming finance minister said the government would not interfere to halt the currency’s recent ascent. The Yen reached a high of Y90.16 against the dollar, its best reading since February, when Hirohisa Fuji said the new centre-left Democratic party opposed intervention in [...]