Vestas workers lose battle August 12, 2009 Danish wind turbine maker Vestas confirmed yesterday that it will cease production at its blade factory on the Isle of Wight and in Southampton, leaving 425 employees jobless. The closures follow a sit-in protest by 11 employees which began on 20 July and ended on 7 August after the company obtained a repossession order and [...]
Playboy Hefner loses mansion August 12, 2009 Hugh Hefner became the latest celebrity to be hit by the global recession, after Playboy owner sold his English Manor-style mansion in Los Angeles for $10m (£6m) less than the asking price. Hefner had purchased the seven-bedroom manor with his wife and ex-Playboy Playmate, Kimberley. It is thought that Daren Metropoulos, a 25 year old [...]
Deflation fears rule out early rate hikes August 12, 2009 INFLATION is forecast to remain well below the Bank of England’s two per cent target until at least 2011 if interest rates were to rise in line with market expectations, the Bank of England said yesterday in its quarterly Inflation Report. But should interest rates remain at 0.5 per cent and quantitative easing (QE) at [...]
Unemployment rate hits 13-year high with young adults worst affected August 12, 2009 UNEMPLOYMENT was at its highest rate in 13 years in the three months to June while the number of unemployed hit a 14-year high of 2.435m, official figures showed yesterday. The Office for National Statistics said that Britain’s jobless rate reached 7.8 per cent in the three months to June, slightly above consensus expectations of [...]
Regulators force review on Citi August 12, 2009 US regulators have told Citigroup to enlist external consultants to decide whether its management is suitably qualified to lead the ailing bank out of the financial crisis. The news puts increased pressure on the group’s management and board, as chief executive Vikram Pandit comes under fire from the Federal Deposit Insurance Corporation and his fellow [...]
Nestl profits fall two per cent August 12, 2009 The world’s biggest food company Nestlé yesterday said first half profits fell by two per cent thanks mainly to a strong Swiss Franc. The group said its net profit was SFr5.1bn (£2.9bn) in the first half of 2009, down from SFr5.2bn in the same period last year. But sales grew by 3.5 per cent, stripping [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 12, 2009 FINANCIAL TIMES BHP CALLS FOR MARKETS TO SET IRON ORE PRICESBHP Billiton, the world’s biggest miner, has made a plea for the “emotion and anxiety” to be taken out of the iron ore business with a shift to market-based pricing like oil or coal. The plea by Marius Kloppers, chief executive of BHP, came a [...]
COLOURFUL WORLD OF CHRISTINA DOMECQ August 11, 2009 EVERYONE wants a piece of colourful entrepreneur Christina Domecq. Since her SpinVox voicemail-to-text conversion company appeared in 2003, Domecq has run the full gauntlet of whimsical public opinion – first championed by venture capitalists, then hounded by critics, and now slated by past and current employees. Don’t get me wrong, Domecq still has plenty of [...]
CITY EYE August 11, 2009 The City sprawls out in the sunshine below the balcony at the top of Tower Bridge
Cash calls up, dividends fall August 11, 2009 UK COMPANIES raised more capital than they paid out in dividends in the first half of 2009, according to research to be published by Capita Registrars today. The Dividend Monitor will show that falling profits have led firms to pay out just £28.3bn in dividends in the period, nine per cent lower than in the first [...]