Iceland revives broken banking system July 20, 2009 ICELAND is to rebuild its ravaged banking system with a 270bn krona (£1.29bn) capital injection into three new lenders created out of the ashes of the island nation’s former largest lenders. The three new banks, Islandsbanki, New Kaupthing and New Landsbanki, replace Glitnir, Landsbanki and Kaupthing, all of which collapsed last year as the banking [...]
Money supply at its weakest in four years July 20, 2009 BRITAIN’S broad money supply (M4) contracted in June by 0.2 per cent, the weakest reading since June 2005, figures from the Bank of England showed yesterday, putting a question mark over the effectiveness of the Bank’s quantitative easing (QE). The data showed the supply of broad money fell by £3.2bn last month and the annual [...]
Jet Republic cuts prices July 20, 2009 Jet Republic, the business airline, yesterday said it will cut the price of its aircraft hire Jet Card by 14 per cent to €99,000 (£85,192). The business, which launched at the height of the financial downturn last September, said it was able to cut prices because it was in a position “to pass on newly [...]
Tom Hunter faces 250m losses July 20, 2009 Sir Tom Hunter faces losses of more than £250m, according to accounts filed at Companies House. Hunter’s two companies, West Coast Capital Trading and West Coast Capital investments made a combined loss of £253m last year after a series of write downs on investments, including troubled retailer USC. He also lost stakes in two property [...]
Swine flu could hit UK economy in 2009 July 20, 2009 INCREASED nervousness about the damaging effects of a swine flu pandemic briefly shook travel stocks yesterday, after the the respected Ernst & Young (E&Y) Item Club warned that the virus could drag Britain’s economy into its worst recession since the early 1930s. The influential think tank said a pandemic reaching 100,000 cases a day by [...]
Nissan to build new electric car battery factory in Britain July 20, 2009 NISSAN, the Japanese carmaker, said yesterday it will invest £200m in a new factory in the North East to produce batteries for electric cars, which is expected to create 350 new jobs. The UK plant, to be based in Sunderland near Nissan’s Wearside car plant, will be its main site for battery production in Europe. [...]
Ameritrade cuts fraud deal, focus shifts to Schwab July 20, 2009 NEW YORK’S attorney general, who is probing illegal marketing and sales of auction rate securities, said yesterday he intends to charge US brokerage Charles Schwab with civil fraud and has reached a settlement with rival TD Ameritrade. Schwab denied the allegations calling them “without merit.” But TD Ameritrade agreed to return $456m (£276m) to investors [...]
CITY VIEWS: ARE YOU WORRIED ABOUT THE EFFECTS OF SWINE FLU ON THE ECONOMY? July 20, 2009 MARK WOOLRIDGE HOME & LEGACY“I think companies will be hit very hard, especially in service-related businesses. If 20 or 30 per cent of staff are off ill, then it will hit the firm’s ability to provide a good service. And if lots of train and tube drivers become ill, then it will really affect transport [...]
HOT TICKETS July 20, 2009 FAN-to-fan ticket exchange Seatwave posted strong growth in the second quarter of 2009 ahead of an action-packed summer of sport and live entertainment. Seatwave said its UK sales grew by 86 per cent compared to the same three months of 2008, while European sales grew 125 per cent in the period. Founder and chief executive [...]
Hambro posts surprise gain in gold output July 20, 2009 PETER Hambro Mining yesterday said its gold production jumped 54 per cent in the first half and noted that output, which is traditionally higher in the second half, will be boosted by one of its biggest mines, the Pioneer deposit. The second-biggest gold producer in Russia said its output rose to about 222,600 ounces. The [...]