Profits at BP slump by half in downturn July 28, 2009 OIL giant BP yesterday said that second quarter profits had slumped by more than half as it continued to suffer from falling energy demand and a weak oil price. According to the replacement cost profit measure – which strips out gains or losses related to any changes in the value of its fuel stocks – [...]
Toon club bidder pulls out July 28, 2009 The future of Newcastle United continues to hang in the balance after Singapore-based Profitable Group, which is fronted by former England midfielder Steve McMahon, pulled out of a deal. Profitable Group has said that a bid was tabled, but a failure to communicate led to it being abandoned. However, other sources say the group was [...]
Defence spending falls in Europe July 28, 2009 Defence spending across Europe will have fallen by almost $4bn (£2.4bn) by the end of 2009 as the financial downturn bites, Jane’s Industry Quarterly analysts said yesterday. But the UK has announced the strongest nominal rise of all European countries in 2009, with defence spending climbing $1.4bn to $75.75bn. Overall, defence spending of European nations [...]
London office rents hit bottom July 28, 2009 London has experienced a year-on-year fall in prime office rents of 32 per cent and has now reached the peak of rental decline, according to Jones Lang LaSalle’s second quarter European Office Clock Report out today. Prime office rents declined by 4.6 per cent over the quarter, and now stand on average 15.4 per cent [...]
Wind turbine staff slam Mandy July 28, 2009 The UK’s only wind turbine factory, Vestas, yesterday criticised business secretary Peter Mandelson for “rank hypocrisy” after seeking to evict workers, while announcing £150m worth of funding to invest in the UK’s low-carbon industrial future. Energy union RMT said yesterday: “If the government are serious about proving their green industrial credentials they should save Vestas.”
ITN attacks BBC sharing plan July 28, 2009 A BBC deal to share video news content with four national newspapers could “pull the rug” from under commercial broadcasters, said ITN chief John Hardie. The BBC’s new scheme will see politics, science health and business clips appearing on the websites of the Daily Mail, The Guardian, The Daily Telegraph and The Independent.
Investec opts for share placing to buy back debt July 28, 2009 SOUTH African and British investment bank Investec said yesterday it had raised £85.5m via the placing of 22m new shares, to fund the repurchase of debt at a discount and improve its tier one capital ratio. The company said the placing would improve its capital ratio in accordance with the company’s aim of maintaining capital [...]
WHAT DO BP’S RESULTS INDICATE FOR THE REST OF THE OIL MAJORS? July 28, 2009 GORDON GRAY COLLINS STEWART“While second quarter results showed further evidence of the considerable progress BP has made in its operational recovery, we feel this is largely discounted in valuations, with the stock now back to within six per cent of its 12-month high in sterling terms.” TONY SHEPARD CHARLES STANLEY“BP has some momentum in terms [...]
Bank of America is shrinking July 28, 2009 BANK of America plans to shrink its 6,109-branch United States network after years of expansion. America’s largest bank has denied claims it will shed 10 per cent of its branches – a move that would cost thousands of jobs – but admits there will have to be cuts because more of its customers are using [...]
Segro wins support for its take over fund raising July 28, 2009 PROPERTY group Segro yesterday said it has received 86.53 per cent take-up for its share placing and open offer to raise £250m. The group, which is raising money to secure the takeover of its rival Brixton, said it had received valid acceptances in respect of 51.5m shares. The remaining 13.47 per cent that has not [...]
