Renault to cut 7,500 jobs in France by 2016 January 15, 2013 Carmaker Renault aims to cut around 7,500 jobs in France by 2016, as it tries to boost competitiveness amid a slump in its domestic and European markets. The reduction in headcount is equal to 14 per cent of Renault staff in France. Around 5,700 departures are expected to come through natural turnover, according to Renault. [...]
Burberry tops FTSE 100 January 15, 2013 The leading share index was modestly higher in early deals, as Burberry was the star performer following an upbeat trading statement. The British luxury brand soared 5.2 per cent on the FTSE 100 this morning, as investors were cheered by its latest trading statement. Revenue over the third quarter jumped nine per cent, thanks to [...]
Inflation remains unchanged at 2.7 per cent January 15, 2013 Inflation remained unchanged for the third consecutive month in December, as consumer price inflation (CPI) came in at 2.7 per cent. Price hikes in gas and electricity bills were the largest upward pressures on the index over the month, with utility costs rising 3.9 per cent, according to the Office for National Statistics. This was [...]
Amplats in major overhaul of South African operations January 15, 2013 Anglo American Platinum this morning spelled out a radical overhaul of its business, involving the sale of a mine complex and the closure of several shafts. As part of the review commissioned last February, Amplats will trim its Rustenberg operations into three mines, mothballing four high-cost shafts, resulting in a drop of 400,000 ounces of [...]
Rio Tinto hits iron ore production targets January 15, 2013 Global iron ore output hit 253m tonnes over 2012 for miner Rio Tinto, beating guidance as demand from China drove a price recovery. Rio had set a target of 250m tonnes for 2012, after posting output of 245m tonnes over the previous year. Chief executive Tom Albanese said this morning: “Markets remain volatile, but our [...]
Burberry sales jump in third quarter January 15, 2013 Luxury brand Burberry this morning posted a nine per cent jump in underlying revenue over the third quarter, thanks to a strong week of trading before Christmas. The retailer racked up total sales of £613m over the three months to 31 December. Retail revenue from the group, which last year issued a shock profit warning, [...]
Day the music died January 14, 2013 HMV has collapsed into administration after last-ditch attempts to save the crisis-hit music retailer came to an abrupt end last night, putting 4,000 jobs at risk and signalling the end of more than 90 years on the British high street. Deloitte, which has been advising HMV’s consortium of lenders led by Lloyds Banking Group and [...]
Government tackles rising state pension bill with £144-a-week flat rate January 14, 2013 THE STATE pension will be standardised to £144 a week payment for almost all workers, the government confirmed yesterday, claiming the move would encourage individuals to take responsibility for saving towards their own retirement – as well as saving cash that would otherwise be poured into the state’s soaring pension bill. The self-employed and those who have [...]
More snow on the way as cold snap hits London’s transport system January 14, 2013 LONDON woke up to the first snow flurries of the year yesterday, and more is forecast for today and later this week. The icy conditions caused delays on several roads into the city and speed restrictions on some rail routes. The Met Office has forecast more snow heading east across England today, expected to skirt [...]
Pension changes cheered but high earners take a hit January 14, 2013 BUSINESS leaders hailed the government’s plans for a “simple, understandable, state pension” yesterday, but admitted that both employers and staff would have to take a financial hit as part of the proposed reforms. “The introduction of a flat-rate state pension, with an end to means-tested retirement income benefits, is essential if pension saving is to make [...]