Vince Cable accuses government of ‘lacking vision’ March 6, 2012 Vince Cable has accused the government of lacking “a compelling vision of where the country is heading beyond sorting out the fiscal mess”. The business secretary also called for Royal Bank of Scotland to be split up, saying: “My suggestion is that we recognise that RBS will not return to the market in its current [...]
Lehman surfaces from bankruptcy March 6, 2012 Lehman Brothers Holdings Inc said that it has emerged from bankruptcy and will start paying back creditors on 17 April. A new board of directors will lead the company as it continues to liquidate its holdings and pay back creditors, it said in a statement.
FTSE pegged back by weak resources March 6, 2012 Resource stocks dragged the FTSE 100 backwards in early trading as fears over global growth continued to cast a shadow over markets. Higher oil prices triggered by the West’s tussle with Iran also added to the uncertainty and investor sentiment was weak. London’s blue chip index tracked losses on Wall Street and in Asia with [...]
Japan watchdog files official complaint against Olympus March 6, 2012 Japan’s securities watchdog became the latest authority to file a criminal complaint against Olympus Corp, some former executives and outside advisers over the company’s $1.7bn (£1.1bn) accounting fraud. The Securities Exchange and Surveillance Commission (SESC) said it had requested criminal charges be filed by public prosecutors against individuals involved in dubious mergers and acquisitions used [...]
Meggitt profit surge fuelled by aerospace March 6, 2012 British aircraft parts supplier Meggitt posted a forecast beating 26 per cent rise in full-year profit, helped by growing demand for commercial aircraft. The company, which supplies flight displays and wheels to planemakers Airbus and Boeing, reported a 2011 pre-tax profit of £323m on sales 25 per cent higher at £1.45bn. The FTSE 100 group [...]
Nissan to invest £125m in UK in compact car project March 6, 2012 Japanese carmaker Nissan Motor is to invest £125m to build a new compact vehicle from mid-2013 in Sunderland, northeast England, where its workforce will rise by 600 to 6,000. The company said the move, which will be supported by a $15m loan from Britain, will create a total of 2,000 jobs at Nissan and its [...]
Tullett Prebon profits down March 6, 2012 Interdealer broker Tullett Prebon reported flat 2011 revenues and profits down on the previous year, blaming “unsettled” markets for the performance. The broker, which matches buyers and sellers of currencies, bonds and swaps, said on Tuesday revenue last year was £910.2, compared with £908.5m in 2010. Underlying profit before tax was £136.1m compared with £149m [...]
Boris begs Prudential to stay March 5, 2012 BORIS Johnson has written to the chief executive of Prudential in a bid to convince the insurance giant to keep its headquarters in London, City A.M. has learned. The Mayor sent the letter to Tidjane Thiam last Friday, following the revelation that Prudential was considering moving its headquarters to Hong Kong to avoid tough new [...]
Retail sales on the rise March 5, 2012 RETAIL sales grew strongly in February, continuing the revival seen in recent months and adding to hopes that UK consumer confidence is returning, according to industry figures published today. Numbers from the British Retail Consortium (BRC) revealed total sales rose 2.3 per cent compared with February 2011, an acceleration from the 2.1 per cent rise [...]
US bonuses down 25pc March 5, 2012 WALL Street bonuses fell by a quarter last year, according to the latest official estimate by US regulators. That is twice the rate American officials had suggested only last week, and is set to be followed by 4,300 job cuts on the Street this year, according to New York City’s Independent Budget Office (IBO). The [...]