Minister tells BBC to halt its expansion September 16, 2009 CULTURE Secretary Ben Bradshaw yesterday hit out at the BBC, saying its dramatic expansion needed to be stopped and its governing body should be reformed. Speaking at the Royal Television Society’s biennial conference in Cambridge, Bradshaw said the £5bn state-funded broadcaster had “probably reached the limits of expansion” and suggested its “multimedia empire” should be [...]
Bank of New York Mellon settles $22.5bn Russia case September 16, 2009 RUSSIA expects to get costs of at least $14m (£8.5m) in an out-of-court settlement of a $22.5bn lawsuit against Bank of New York Mellon, finance minister Alexei Kudrin said yesterday. The deal should bring to an end Russia’s more than two-year quest for compensation from the bank over alleged laundering of $7bn from Russia in [...]
FSA and SECjoin forces to boost hedge fund rules September 16, 2009 THE TOP financial regulators in the UK and US, Hector Sants and Mary Schapiro, have joined forces to bring in new standardised hedge fund reporting rules between the nations. Sants, chief executive of the UK Financial Services Authority (FSA) and Schapiro, chairman of the US Securities and Exchange Commission (SEC), said in a joint statement [...]
THE ONLY WAY IS UP September 16, 2009 THE FTSE 100 hit its highest closing level in a year yesterday, as investors remained bullish about the pace of global recovery and appetite for risky assets showed no sign of diminishing. The index, led by banks and miners closed up 82 points, or 1.6 per cent, at 5,124.13 – its highest close since late [...]
Blockbuster to shut 960 stores September 16, 2009 Movie rental giant Blockbuster plans to close up to 960 stores by the end of next year, the company said. In a regulatory filing yesterday it said that along with the conversion of certain stores to bigger outlets, and lease mitigation or termination efforts, total store closures would be in the range of 1,335 to [...]
Ford on track in $15bn cost cut September 16, 2009 Ford is on track to have cut structural costs by up to $15bn (£9.1bn) since 2005, but has room to make further reductions, the carmaker’s chief financial officer said yesterday. Ford, which remains on track to reach at least break-even in 2011, has focused in its cost-cutting on producing higher volume global platforms to take [...]
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 [...]