UK factories still upbeat June 21, 2012 MANUFACTURING output is set to rise in the coming months, as orders improve and confidence grows in the sector, according to industry data out yesterday. The industrial trends survey from the Confederation of British Industry (CBI) also found companies expect price pressures to ease further. Demand showed a solid improvement, with 17 per cent reporting [...]
MPs call for swaps probe June 21, 2012 BACKBENCH MPs have urged the financial watchdog to quickly crack down on the mis-selling of interest rate swaps to small businesses. Conservative MP Guto Bebb told parliament that thousands of small firms have bought products to insure against interest rate changes without a proper explanation of the risks, with evidence of hard-sell tactics and misrepresentation. [...]
Firms call for new nuclear plants June 21, 2012 Increased investment in nuclear power will help provide cheap, safe and popular energy, according to a report out today from the Institute of Directors. The business group argues electricity from new nuclear plants would cost £70 per megawatt hour, compared with £95 from gas generation and £130 from coal. Wind is even more expensive – [...]
Millionaire pensions fail to save June 21, 2012 Men on average have earned about £1m before tax when they reach the age of 51, while women need to keep working until 72 to become millionaires, revealed a survey published by Prudential today. Yet only 37 per cent have saved enough during their working years to enjoy a comfortable pension. Prudential’s Vince Smith-Hughes said: [...]
£800m Olympic spending boost June 21, 2012 The Olympic games will bring London an £800m consumer spending boost, a Visa report claims today, with international visitors spending about £749m. The profit made by hotels, supermarkets, high street retailers and the travel sector is expected to create an additional £1.21bn for the economy. The Olympics may have a long-term benefit as increased international [...]
Irish minister says Ryanair’s bid for Aer Lingus is too low June 21, 2012 SHARES in Aer Lingus dipped 3.2 per cent yesterday after the firm’s board and the Irish government dismissed Ryanair’s takeover bid for the former flag carrier. Aer Lingus stock closed at €1.05, below Ryanair’s €1.30 per share offer price, as investors and analysts looked at the next steps for the firm.” The Irish government, which [...]
Opel commits to new investment June 21, 2012 OPEL, the European arm of General Motors, will keep up its product investments and will return to its mass-market roots, its chief executive said yesterday, a week before he is scheduled to present a restructuring plan. “We will make a significant investment in Opel’s product portfolio,” Karl-Friedrich Stracke said at an automotive industry event yesterday, [...]
Air France will cut 5,000 jobs June 21, 2012 AIR France yesterday unveiled plans to cut more than 5,000 jobs by the end of next year as part of an effort to slash costs and debt to return to growth in the face of tough market conditions in Europe and political pressure at home. Air France pledged to try to avoid forced layoffs by [...]
Go-Ahead sees a difficult year ahead for rail June 21, 2012 SHARES in transport group Go-Ahead slipped 1.9 per cent yesterday as a disappointing outlook for its rail business overshadowed a good overall performance last year. Go-Ahead said its bus network was growing well, and the firm expects a four per cent like-for-like revenue rise in the year to the end of June, thanks in part [...]
Daimler in deal with Deripaska to produce more cars in Russia June 21, 2012 DAIMLER has announced a major new deal that will see its vehicles manufactured in Russia for the first time. The contract with the German car firm will see hundreds of vehicles made at the main plant of Russia’s GAZ company. Daimler is to invest more than €100m and Gaz €90m in the project. Start of [...]