Don’t worry: it’s worse than you think August 12, 2009 MERVYN King had just two words to say to those teenage scribblers in the City who have been getting carried away about the prospect of interest rates being raised soon: calm down. The Bank of England governor, introducing the much anticipated Inflation Report, argued that although an imminent VAT rise and the recent depreciation of [...]
E.ON UPS FORECAST August 12, 2009 E.ON, the German power giant, said yesterday it was seeing signs that demand for energy was stabilising after a prolonged slump, and upped its 2009 outlook after first-half profits beat forecasts. The recession has cut power consumption rates, notably among industrial users, and many utilities have said they expect the downturn to continue. But E.on [...]
City hit by more strikes August 12, 2009 THOUSANDS of City commuters will face further misery today and tomorrow, as a third 48-hour strike begins on National Express’ East Anglia line. The situation is set to escalate, as union bosses announced that a full week of strikes – planned for next month – will follow the four planned walk-outs that have disrupted journeys [...]
Balfour books rising profits despite slump August 12, 2009 SHARES in construction firm Balfour Beatty jumped yesterday after it reported a 14 per cent rise in first-half pre-tax profits. The group reported pre-tax profits of £108m for the six months to 27 June, up from £95m in the same period last year, and raised its dividend by eight per cent to 5.5p. Chief executive [...]
Grainger: Property sector is over the worst of the slump August 12, 2009 GRAINGER, the residential property developer, yesterday added its voice to the growing number of firms who think the worst of the slump could be over, after it reported a rise in house sales turnover. Grainger, which has around £3bn of assets under management, said tough trading conditions in the residential sales market had eased in [...]
RBS paying pair of bankers 12m a year to jump ship August 12, 2009 ROYAL Bank of Scotland (RBS) is understood to have spent more than £12m hiring two bankers, in a move which comes as City watchdog the Financial Services Authority (FSA) published its new code on banker’s pay yesterday. RBS, which is 70 per cent owned by the taxpayer, has poached Antonio Polverino, a star bond trader [...]
RECKITT COULD FLEE UK August 12, 2009 RECKITT Benckiser, the company which makes Dettol, could flee the UK, its chief executive Bart Becht has said. The household goods giant, which is looking at relocating its tax headquarters overseas, would be the most high profile company to leave the UK for tax reasons. United Business Media and drugs firm Shire both decided to [...]
UK boss in shock Aldi departure August 12, 2009 Discount retailer Aldi said yesterday its UK chief was stepping down “by mutual consent”, as sales growth at the company tailed off dramatically. Paul Foley, who has spent the past 20 years with the German group, will be replaced by Aldi executive Armin Burger. The budget supermarket had benefited from the slump, as consumers cut [...]
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 [...]