Ryanair to add routes to Oslo July 16, 2009 Budget airline Ryanair said yesterday it was adding seven new routes to and from Oslo airport, as it seeks to avoid passing on fuel surcharges to passengers. Ryanair’s new routes from Oslo (Rygge) to Alicante, Barcelona (Girona), Brussels (Charleroi), Bremen, London (Stansted), Madrid and Milan (Bergamo), will take off in October, and will fly more [...]
Berlin and US at loggerheads over GM July 16, 2009 GENERAL MOTORS (GM) and Berlin were at loggerheads yesterday, as the debate over who should buy the US company’s European arm, made up of Opel in Germany and Vauxhall in the UK. Germany said yesterday it may renege on its offer of state aid if the US company, which came out of bankruptcy last week, [...]
Airlines hit by premium slump July 16, 2009 AIRLINES, deserted by premium class passengers, are gloomy about the prospects for the coming year and some do not expect recovery until early 2011, according to a trade body. The International Air Transport Association said fears of a prolonged recession and resurgent fuel prices had caused “renewed pessimism” for operators, which delivered their gloomiest ever [...]
Lloyds cuts a further 1,200 jobs July 16, 2009 LLOYDS Banking Group said it is cutting 1,200 jobs in its group operations and insurance business, taking its layoffs to over 8,000 since it bought rival HBOS in January. Lloyds, 43-per cent owned by the government, yesterday announced a net reduction in staff of around 650 permanent roles by the end of March 2010. The [...]
Tesco slams Competition Commission July 16, 2009 TESCO, Britain’s biggest retailer, yesterday hit back at plans by the Competition Commission to introduce a new test into the planning system to combat the dominance of big supermarket chains. Tesco supermarket director Lucy Neville-Rolfe said the move “will cost jobs by deterring investment in the areas that need it most, in what is already [...]
Mothercare cheers boom in home delivery baby products July 16, 2009 BABYCARE chain Mothercare yesterday showed it was shrugging off the retail gloom, reporting a 9.4 per cent jump in group sales, as shoppers flocked to stock up on summer lines of baby products due to the warm weather. Underlying UK sales rose 5.1 per cent for the 15 weeks to 10 July, while sales at [...]
Enterprise to support pubs July 16, 2009 ENTERPRISE Inns, Britain’s second biggest pub company, said yesterday it was raising the level of support it gives to struggling tenants after the number of closures across its estate rose by 50 per cent. Enterprise, which has around 7,500 leased and tenanted pubs, said it had increased the assistance, which is given through rent concessions [...]
Bluebay shares boosted after assets rise 35pc July 16, 2009 SHARES in fixed income manager BlueBay Asset Management rose yesterday, after it reported strong assets under management (AUM) for its fourth quarter to June. The company said end-June assets were up 35 per cent on end-March to $24.3bn (£14.8bn) — 16 per cent better than a UBS forecast of $21bn, and 17 per cent better [...]
Sports Direct axes dividend as profits fall July 16, 2009 SPORTS direct, the retail chain controlled by Mike Ashley, yesterday said it was scrapping its final dividend to slash debt after its profits collapsed. The sportswear retailer reported a 91 per cent nose-dive in pre-tax profits to £10.7m from £118.9m the year before. It was forced to write off £53.1m of shares held in rival [...]
BEST OF THE BROKERS July 16, 2009 CAPITA GROUPDeutsche Bank upped its target price for Capita Group from 635p to 678p, but retained a “hold” rating, saying the stock deserves a premium but there may be better times to buy. The broker said the outsourcing group is well placed to grow and will remain a premium stock in its sector. It also [...]