Google profit fails to excite July 16, 2009 GOOGLE’S quarterly profit beat Wall Street expectations, but the weak economy and slump in advertising spending took a toll on sales growth and the price of its search ads. Shares in Google, led by chief executive Eric Schmidt, fell 3 per cent after the results which exceeded average forecasts but failed to live up to [...]
Walker’s way: evolution, not revolution July 16, 2009 WHENEVER anything goes wrong in British business, governments wheel out the corporate governance experts. Most of the time, this achieves absolutely nothing. Yesterday’s report by Sir David Walker, which is far from revolutionary, will achieve some – but not much – good. There are two main reasons why Walker won’t satisfy the ridiculously high ambitions [...]
Paulson holds his ground July 16, 2009 HANK Paulson, the former US Treasury Secretary, defended his role in pressuring Bank of America (BofA) executives to complete the takeover of Merrill Lynch that saved the investment bank. In a second gruelling day at a hearing over the deal Paulson once again stood firm, stating that allowing BofA to back out of the takeover would [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 16, 2009 FINANCIAL TIMES CLARKE WARNS CAMERON NOT TO CHALLENGE ‘PRO-BUSINESS’ STANCEKen Clarke, the outspoken former Conservative chancellor, has warned David Cameron not to translate his “standing up to big business” rhetoric into policies in government. However, the shadow business secretary said he “overwhelmingly approved” of Cameron’s transformation of the Tory party. “So long as Mr Cameron [...]
Swine flu could kill 65,000 in UK July 16, 2009 As many as 65,000 people could die due to swine flu in the UK, according to chief medical officer Sir Liam Donaldson. The government yesterday launched a service allowing patients with the virus to obtain drugs over the phone and internet. In the UK, 29 deaths have now been linked to the disease.
IBM boosts outlook for full-year July 16, 2009 US technology giant IBM surprised markets by sharply raising its full-year earnings forecast yesterday, saying its growing software and services arms have boosted profit margins. Shares of the firm rose over 3 per cent as the optimistic statement boosted hopes of an end to the worst of the technology downturn.
Arcandor restructurer quits July 16, 2009 Bankrupt German retailer Arcandor has been hit by the resignation of its re-structuring officer, who quit accusing the firm’s main shareholder, German private bank Sal. Oppenheim, of failing to provide support. Horst Piepenburg said there is no foundation to the firm’s plans to emerge from bankruptcy.
Rio staff quit China after four arrests July 16, 2009 MINER Rio Tinto told its overseas employees in China to leave the country yesterday, as concerns grew over four of its workers who have been detained by the state on espionage and bribery charges. Rio said it was “still operating” in the country, and refused to comment on the withdrawal of its foreign staff. Rio Tinto’s China [...]
IMF: UK must act to reduce debts July 16, 2009 THE GOVERNMENT has been warned it has to come up with “credible and consistent policies” to prevent the economy from destabilising, in a report by the International Monetary Fund (IMF). Ajai Chopra, the IMF’s mission chief to the UK, said “significant vulnerabilities” exist in the financial sector and warned the pound could be destabilised if the [...]
Blackstone help for Terra Firma July 16, 2009 TERRA Firma, Guy Hands’ private equity firm, is being advised by US rival Blackstone on plans to issue bonds to pay off loans accrued by its music group EMI. All or part of the £2.6bn of loans, owed to US banking giant Citigroup, might be paid off via a bond issue backed by JPMorgan and Morgan [...]