United Utilities feels the pressure in the recession November 25, 2009 UNITED UTILITIES, the biggest water company in the UK, yesterday said its profit had risen by one per cent to £370m, but that it had been hit by tumbling demand from businesses and homes in the downturn. Turnover rose 0.5 per cent to £1.2bn in the six months to 30 September, and the group proposed [...]
Malaysian Airlines swings into red November 25, 2009 Malaysian Airlines swung into the red in the third quarter, reporting a net loss of 299.6m ringgit (£53.1m), down from 38.1m ringgit profit in the same period last year. It said the outlook for the fourth quarter continues to be challenging although it was seeing early signs of improvement in passenger and cargo traffic, partly [...]
Ryanair expands its destinations November 25, 2009 Ryanair said yesterday it will buy two new aircraft, open 13 new routes, bringing its total to 34, and deliver 2m passengers per annum at Trapani, Sicily. The move will sustain 2,000 local jobs, Ryanair said. Between two and three flights will go to Billund, Bratislava, Cagliari, Eindhoven, Genoa, Gothenburg, Ibiza and Karlsruhe, among others.
BMI cuts jobs and routes in restructuring November 25, 2009 AILING airline BMI is slashing 600 jobs and axing five of its Heathrow routes as it strives to cut costs, it said yesterday. The carrier will also start handing back its leased aircraft, it said, blaming the recession and the fall-off in demand for travel. BMI will stop flying to Brussels, Tel Aviv, Kiev and [...]
Investors cheer as Britvic profits fizz November 25, 2009 SOFT drinks firm Britvic yesterday reported a better than expected 23 per cent rise in full-year profits, helped by market share gains and price rises, and said trade in its new fiscal year had started well. The producer and licensed bottler of drinks under brands including Robinsons, Tango, J2O, Pepsi and 7Up, posted a pre-tax [...]
General Motors axes 9,000 jobs after stalled Opel sell-off plans November 25, 2009 US CAR giant General Motors (GM) said yesterday it will be cutting 9,000 jobs around Europe – slightly fewer than the estimated figure of 10,000 – as it restructures its European arm, Opel. GM added it would keep its four German plants open, almost a month after it called off plans to sell Opel, along [...]
CHRISTMAS AT TIFFANY’S November 25, 2009 LOWER costs and strong overseas sales helped upmarket jeweller Tiffany’s report earnings that fell just one per cent to $43.3m (£25.9m) in the third quarter. The company boosted its full-year profit outlook with the approach of the key Christmas season.
No more Bank of Ireland aid November 25, 2009 BANK of Ireland does not foresee the need for further state bailouts according to the restructuring plan submitted to the European Union, though it said the state would remain a substantial owner. The bank, which received €3.5bn (£3.17bn) in state capital in return for an indirect 25 per cent stake, is also expected to transfer [...]
Commerzbank mulls capital hike to repay state bailout November 25, 2009 GERMANY’S second biggest lender Commerzbank said it is considering a capital increase and divestments among options for repaying €16.4bn (£14.8bn) in government bailout money. In January, Germany took a 25 per cent stake in Commerzbank as part of an €18.2 rescue package to stabilise the lender, which was rocked by the financial crisis and its [...]
Anglo Irish boss says he will hive off the firm’s troubled loans November 25, 2009 NATIONALISED Anglo Irish Bank is planning to split itself in two, hiving off its viable assets and eventually winding down its troubled loans, its chief executive said yesterday. Anglo Irish Bank is expected to transfer €28bn (£25bn) of loans to Ireland’s National Asset Management Agency (NAMA), a national “bad bank” which is being launched this [...]
