ABN AMRO profit seven times higher March 4, 2011 Dutch state-owned bank ABN AMRO, which is being readied for a stock market listing in 2014, said operating profit surged sevenfold in 2010 after loan losses fell. The Dutch state nationalised the local ABN AMRO and Fortis entities in 2008 after the dramatic failure of a three-pronged hostile takeover of ABN AMRO by Royal Bank [...]
Eurotunnel hit by loss after insurance dispute March 4, 2011 Rail operator Eurotunnel has reported a 57m euro (£48m) loss, compared with a net profit of 7m euros a year earlier. The loss was triggered by a dispute with insurers over a fire in the Channel Tunnel in September 2008. The firm also said the cost of servicing its debts had increased by more than [...]
House prices fall at fastest rate for a year March 4, 2011 House prices fell 0.9 per cent in February, and by 2.8 per cent in the three months to February compared with a year ago, their fastest annual pace in more than a year, mortgage lender Halifax said on Friday. Halifax said that February’s drop offset a 0.8 per cent rise in January, but it expects [...]
Ocado sales up 25pc March 4, 2011 Online grocer Ocado posted a 25 per cent rise in first-quarter sales and said it remained profitable, despite a challenging economic backdrop which has hit many retailers hard. The group, which mostly sells the products of grocer Waitrose, said it made gross sales of £146.2m in the 12 weeks to 20 February, in line with [...]
WPP beats forecasts after strong US performance March 4, 2011 A rebound in the United States advertising market allowed WPP, the world’s largest ad group, to follow its peers and post strong full-year results on Friday and a solid outlook for 2011. WPP, whose ad agencies include JWT and Ogilvy & Mather, posted fourth quarter organic revenue growth of 8.5 per cent and said the [...]
Osborne rips up planning rules March 3, 2011 GEORGE Osborne is pushing for sweeping changes to Britain’s planning regime as part of a package of low-cost measures designed to kick-start growth, City A.M. has learned. He wants to make it much easier for companies to obtain planning consent for new projects – even if they go against the wishes of local residents – [...]
News Corp’s BSkyB bid could hit credit rating March 3, 2011 NEWS Corp could have its credit rating cut if it is forced to bid more than 850p a share for BSkyB, according to analysts at Jefferies. Shares in the broadcaster closed last night at a record 823p – far ahead of its pre-recession peak of 713p – on the expectation of a much improved offer [...]
Howard Davies quits over Libya March 3, 2011 FORMER Bank of England deputy governor Sir Howard Davies resigned as director of the London School of Economics yesterday over its links with the Gaddafi family. Davies, who was also the first chairman of the Financial Services Authority, stepped down amid growing pressure on the LSE for accepting a £1.5m funding pledge from a Gaddafi [...]
Pension tax bill rule eased March 3, 2011 HIGH pension tax bills caused by a cut in the annual allowance for final salary pension schemes can be paid directly out of individuals’ pension schemes, Treasury financial secretary Mark Hoban said yesterday. The legislation will help high earners avoid the sting of a high tax bill in April when the annual allowance falls to [...]
Why the young are feeling worse off March 3, 2011 FORGET about class war; we are entering a new era of generational wars. There is a growing sense among younger people that they won’t enjoy as prosperous a life as their parents. It is easy to understand such concerns: powerful economic, technological, demographic and political forces are forcing the generations apart. For a start, the [...]