M&B toasts a dining uplift November 26, 2009 PUBS group Mitchells & Butlers yesterday said it was optimistic about Christmas trading as it switched to a food focus to compensate for slower drinks revenue. The group said that it has recently introduced its “winter menu” to take advantage of the rise in consumer confidence, which has sparked people to splash out on good [...]
ANALYST VIEWS: IS THERE HOPE FOR THE PUB INDUSTRY? November 26, 2009 JAMES DAWSON CHARLES STANLEY SECURITIES“M&B has echoed the positive news from most of the other players in the market – Capital, Young’s and Fullers – and its result has reinforced this confidence. But the consumer market is quite fickle and until they are sure about the state of their personal wealth then drinkers will still [...]
Hitachi eyes up France’s TGV November 26, 2009 JAPANESE train manufacturer Hitachi is expected to bid against the French-built TGV in its home country for a rolling stock contract in a move that would target the world’s biggest rail market. The Tokyo-based manufacturer of the 186 mph (300 kph) Bullet Train is expected to offer the latest Shinkansen-series model in a bid to [...]
BHPchairman says talks with Rio are still on track November 26, 2009 DON ARGUS, chairman at mining giant BHP Billiton, said yesterday the company’s proposed iron ore tie-up with Rio Tinto was progressing and dismissed suggestions talks could fall apart. At the group’s annual meeting in Australia he said he was optimistic because “while we believe the global recovery will be sluggish, we also continue to believe [...]
Tata expects improvement for next year November 26, 2009 TATA Steel posted a second consecutive consolidated quarterly net loss yesterday, but the world’s eighth biggest steelmaker by output said it expects a sharp improvement in the second half of the fiscal year to March on reviving demand. Corus, Tata’s European unit, has struggled as the global downturn has hit demand from key industries such [...]
GM CUTS LUTON JOBS November 26, 2009 GENERAL MOTORS (GM) is slashing 354 jobs at its Vauxhall plant in Luton, the car giant said yesterday, in the latest stage of its restructuring since emerging from bankruptcy. Vauxhall employs 5,000 people in the UK at the Luton and Ellesmere Port plants. The Ellesmere plant that makes the Astra will see production increase, meaning [...]
GIP gets EU approval for Gatwick November 26, 2009 Private equity fund Global Infrastructure Partners, controlled by Credit Suisse and General Electric, won permission from the European Commission yesterday to buy London’s Gatwick Airport. Spain’s Grupo Ferrovial, under pressure to reduce its dominance of UK airports, has agreed to sell Gatwick for a smaller-than-expected £1.51bn. The Commission, the executive arm of the 27-nation European [...]
EasyJet boss sees blue skies November 26, 2009 The chief executive of low-cost airline EasyJet believes the worst of the recession is over for the airline industry, but warned recovery would be slow. “I think the worst is over but I don’t see any improvement either and expect demand to be stable for the next nine months at least,” chief executive Andy Harrison [...]
Porsche set to be fined by Magna November 26, 2009 Canada’s Magna International wants at least €400m (£289m) in compensation from sports car maker Porsche for cancelling a contract, it is understood. The compensation was for development work already done by Magna, which was due to assemble Porsche's Boxster and Cayman models from 2012 in its Austrian factory. But Porsche wants to cancel the deal.
CITY MOVES WHO’S SWITCHING JOBS November 26, 2009 PZ CussonsThe personal care firm has appointed Richard Harvey, the former chief executive of insurance giant Aviva, as its new chairman-elect. Harvey became group chief executive of Norwich Union in 1998 and took up his role at Aviva after the merger of Norwich Union with CGU, initiating the re-branding of the group under the Aviva [...]