Military will get smaller February 3, 2010 THE Army could be merged with the Royal Air Force, under radical new plans put forward by the government yesterday. Defence secretary Bob Ainsworth also said that a cull in the number of top officers and a coalition with the French army were on the cards ahead of a post-election spending review that will put [...]
Munich Re ups dividend after solid year in 2009 February 2, 2010 MUNICH RE posted forecast-beating full-year results yesterday boosted by a fortuitous combination of unusually low disaster claims and the momentum from a post-crisis revival on financial markets. The world’s biggest reinsurer, in which US investor Warren Buffett has amassed a stake of more than five per cent, reported preliminary 2009 net profit of €2.56bn (£2.24bn), [...]
Ryanair ups annual profit forecast February 1, 2010 BUDGET airline Ryanair increased its profit forecast for the year after posting a smaller than expected third-quarter loss yesterday. Europe’s biggest low-cost airline said a drop in fuel prices had helped to improve the company’s figures. Ryanair’s loss of €10.9m (£9.5m) in the three months to the end of December compared with a €118.8m net [...]
When divorcees turn private detective February 1, 2010 TWO recent, high-profile divorce cases have highlighted long running issue of what are the acceptable lengths a party can go to when they are convinced that their ex is hiding or undervaluing assets which they believe should be part of a divorce settlement. The first involves the chef Marco Pierre White, who has been given [...]
City firms at heart of new venture fund January 31, 2010 THE Government is putting City investment firms at the heart of revised proposals to boost small businesses, it emerged at the weekend. In a change from previous plans that would have created a national network of investing offices, the Department for Business plans to inject private investment and public cash into a fund-of-funds that would [...]
Arriva seeks a tie-up with France’s Keolis January 28, 2010 BUS and rail group Arriva is talking to French state railway SNCF about a deal that could create a European transport giant. Sunderland-based Arriva has held early-stage talks with SNCF about acquiring all or part of public transport operator Keolis, in which SNCF has a 44.5 per cent stake. The combination of the two businesses would [...]
US deficit not as bad as first thought: CBO January 26, 2010 THE US budget deficit for this fiscal year has been revised lower to $1.3 trillion (£806bn) by analysts at the Congressional Budget Office [CBO] it was announced yesterday. This compares with an earlier estimate of $1.4 trillion posted in 2009. Although this is an improvement, 2010’s US budget deficit still represents 9.2 per cent of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 25, 2010 FINANCIAL TIMES CHAIRMAN OF HSBC HITS AT BIG BONUSES Stephen Green, chairman of HSBC and British Bankers’ Association, has hit out at the inflated level and distorted structure of bonuses, predicting future pay-outs will be lower and more rationally calculated. In a video interview with the FT, published on the eve of the World Economic [...]
Wolseley boss brings in new finance chief January 25, 2010 IAN Meakins, chief executive of the building materials group Wolseley, yesterday moved to stamp his authority on the company he joined last July. He is bringing in John Martin, a man he worked with before at the foreign exchange group Travelex, as chief financial officer to replace Steve Webster who has been with the group [...]
Wall St recoils over Obama bank plans January 21, 2010 US stocks suffered their worst one-day percentage drop since October yesterday as US President Barack Obama proposed tough restrictions on banks that would squeeze profits. Major banks slid, with Goldman Sachs falling 4.1 per cent despite posting stronger-than-expected fourth-quarter results, and JPMorgan Chase shed 6.6 per cent, after Obama proposed limiting how banks invest their [...]