Tepco sees £4.5bn quarterly loss August 9, 2011 Tokyo Electric Power Co, the operator of Japan’s stricken nuclear plant, reported a £4.5bn quarterly loss, nearly as big as its market value, due to a massive provision to compensate victims of the nuclear disaster, soaring fuel costs and a dive in sales. For April to June, Tepco reported a net loss of 571.8bn yen [...]
Deloitte sees UK revenue rises return August 9, 2011 UK REVENUES at Deloitte, one of the City’s big four accountancy firms, have risen by seven per cent over the past year, it said yesterday, returning to growth after seeing contraction since 2008. The global firm posted UK revenue of £1.9bn for the year to 31 May, up from £1.78bn in 2010. Chief executive and [...]
How BA’s rivals measure up August 9, 2011 WITH the holiday season in full flow we’ve taken a look at how airlines are perceived. The top six airlines on the BrandIndex index score (combined for six key measures) are Virgin Atlantic, Emirates, British Airways, Qantas, Singapore Airlines and Cathay Pacific. The detail reveals an interesting pattern. While UK and Australian firms perform well [...]
Virgin pilots reach a truce with the airline over pay August 9, 2011 VIRGIN Atlantic pilots voted yesterday to accept a pay offer from the airline founded by Richard Branson, putting an end to the threat of strike action. The British Airline Pilots’ Association (Balpa) said the deal had provided “some improvement on pay”, included a profit share scheme and a programme to review pilot lifestyle as well [...]
CITY MOVES | WHO’S SWITCHING JOBS August 9, 2011 Baker & McKenzie The law firm has appointed Marc Fèvre as a partner in its energy, mining and infrastructure (EMI) group. Fèvre joins from Freshfields Bruckhaus Deringer, and is an expert in energy and infrastructure project development and finance. He also brings recent experience of the Middle East, having worked in Abu Dhabi since early [...]
BEST OF THE BROKERS August 9, 2011 BRITISH LAND UBS has upgraded the real estate investment trust from “neutral” to “buy” with a 12-month target price of 610p. The broker thinks the group’s strategy has become more appealing in the current low growth, risk averse environment, coupled with a strong dividend yield. While the firm slightly missed estimates with its first quarter [...]
RIGHTMOVE IN WRONG MOVE AFTER RIOTS GAFFE August 9, 2011 RED FACES at Rightmove, after the property website waded into the online chatter about the London riots with a horribly misjudged Facebook and Twitter message about house prices. “Are the riots affecting where you live?” Rightmove asked its 13,600 followers as buildings burned, shops were looted and families feared for the safety of their children. [...]
US Fed pledges two years of low rates August 9, 2011 The US Federal Reserve has said it will keep its hefty monetary policy stimulus for at least another two years in an effort to support a flagging economy and fragile global markets. It was unclear whether the decision, which involved no new committment of funds for bond purchases, would be enough to put a floor [...]
Insurers say London riot losses “well over £100m” August 9, 2011 Damage from riots in London has cost the capital “well over £100m” in insured losses, an insurance industry group has said. The Association of British Insurers has raised its estimate of the damage from three nights of violence and looting across swathes of London from “at least tens of millions” to more than£100m after it [...]
Markets bounce back ahead of Fed statement August 9, 2011 Britain’s top share index bounced back above the 5,000 level and US markets opened higher as investors hoped for some soothing words from the US Federal Reserve on the global debt and growth problems. Wall Street has gained ground since opening, with major indices climbing more than two per cent ahead of the Fed’s policy [...]