BP closes second pipeline in Georgia as conflict subsides August 13, 2008 British oil giant BP shut down the second of the three pipelines it runs through Georgia yesterday – hours after Russia ended military operations against the former soviet state. BP, part of a 10-strong consortium, that runs a series of pipelines from the Caspian Sea into Georgia, said it cut production in one pipeline as [...]
Property fillip for Mapeley August 12, 2008 Property outsourcing and investment firm Mapeley bucked the trend in the battered property market and saw its funds from operations (FFO) rise 129 per cent to £63.1m yesterday. The firm, which counts HM Revenue & Customs as one of its clients, posted the large rise in funds from operations – a key measure that demonstrates [...]
Record investment for private equity August 12, 2008 Private equity invested a record $686bn (£343bn) globally last year, over a third more than was invested in 2006, according to think tank International Financial Services London (IFSL). The UK buyout market is the most developed in the world, outside the US, managing nine per cent of global investments and 12 per cent of funds [...]
Smurfit profits rise despite higher costs August 12, 2008 Shares in Smurfit Kappa, the Irish cardboard packaging group, spiked yesterday after the firm reported better-than-expected results for the first half of the year. Operating profit at Smurfit Kappa, which floated in Dublin in March 2007, rose four per cent to €312m (£244m) despite rising energy costs and increased competition from US rivals benefiting from [...]
Blackberry on the up despite Apple iPhone August 12, 2008 The BlackBerry has cornered 10 per cent of the American mobile phone market for the first time, a research firm said yesterday – despite concerns about its ability to give Apple’s iPhone 3G a run for its money. Strategy Analytics said that BlackBerry maker RIM had increased its share of both the consumer and corporate [...]
Triple blow for battered UK economy August 12, 2008 Retail sales and housing market suffer as struggling consumers rein in spending Britain’s battered economy will be dealt a triple whammy today, with fresh evidence that the housing market and consumer spending are continuing to contract and that manufacturers are being hammered by soaring costs. This summer has been the worst on the high street [...]
Credit crunch wipes out £600bn August 11, 2008 Around £600bn worth of wealth may have been wiped out in the UK because of the credit crunch, an analysis by PricewaterhouseCoopers has revealed. The study, conducted by PwC economists, focused on the impact of the credit crunch on the British economy over the twelve months to June 2008. The report estimates that the downturn [...]
Struggling retailers can’t just blame the downturn August 11, 2008 The threat of recession is an excellent excuse for retailers to blame someone else for their poor performance. Things are certainly getting tougher out there, but retailers whose sales are falling faster than average are losing market share. Simple as that. Monthly retail sales are wildly volatile, but look at it this way – in [...]
UPS plans to deliver £8bn bid for TNT August 11, 2008 American delivery service United Parcel Service (UPS) is understood to be preparing a €10bn (£7.8bn) bid for Dutch rival TNT, in a long-heralded move that would create a new global delivery giant. Early-stage talks about a deal are thought to have been ongoing in the last few days, after years of speculation about a takeover [...]
The firms the credit crunch has favoured August 11, 2008 The news about the worsening economy seems relentless and yet it is not all bad. As the credit crunch celebrates its first birthday, it’s clear that some companies are benefiting from a trend towards trading down. Consumers might be feeling the the pinch but budget options are becoming more appealing and companies such as Dominos, [...]