Pearson to buy China education firm for $294m November 21, 2011 Publishing group Pearson announced today an agreement to acquire Chinese-based Global Education and Technology Group for a headline price of $294m (£187.8m). The purchase of Global Education, a test preparation service for students learning English, bolsters Pearson’s position as the world’s largest learning company while also expanding its operations in China. Pearson believes Global Education [...]
FTSE tumbles on US and Europe debt fears November 21, 2011 UK and European stocks fell today as the failure of a US government committee to agree on sweeping spending cuts revived fears over out-of-control sovereign debt. The bipartisan US congressional committee is expected to admit today that it cannot agree on a plan to cut back spending by $1.2 trillion (£760m) over the next decade [...]
French paper reports Moody’s warning on France November 21, 2011 Ratings agency Moody’s believes the recent rise in interest rates on French government debt and weaker economic growth prospects could be negative for France’s credit rating, newspaper Le Figaro has reported the agency as saying. “Presistently high financing costs combined with a deteriorating economic outlook could increase the difficulties that the government faces, with negative [...]
Outsourcer Mitie sees healthy sales pipeline November 21, 2011 Outsourcing group Mitie has posted a small profit rise and said a significant bid pipeline leaves it confident of further growth, as governments and businesses seeking to cut costs sign up for its support services. Mitie, whose customers include Tesco and London’s Royal Opera House, said its pre-tax profit before one-off items for the six [...]
Cameron says Eurozone crisis is “chilling” UK November 21, 2011 Prime Minister David Cameron will warn today that the crisis in the Eurozone is having a “chilling effect” on the UK economy, even as he sets out plans to spend £400m to kick-start growth. The government’s growth drive, which will focus on funding new housing, is likely to be one of many announced in coming [...]
Centrica signs £14bn Norway gas deal November 21, 2011 Energy giant Centrica has signed a £14bn deal with Norwegian oil major Statoil to develop oil and gas assets in the North Sea and supply gas to the UK for a decade. Centrica, the owner of British Gas, said it had acquired £1bn of energy assets in Kvitebjørn in the Norwegian North Sea from Statoil [...]
Japan approves $157bn budget for quake rebuild November 21, 2011 Japan has passed a $157bn (£99.3bn) additional budget, to be partly raised by issuing new government bonds, to pay for the bulk of rebuilding infrastructure shattered by the earthquake in March. Its parliament hopes that the spending will also help sustain the Japanese economic recovery as the yen’s strength, a global slowdown and contagion from [...]
Occupy London ‘repossesses’ bank building November 18, 2011 The anti-capitalist group Occupy London expanded its occupation of the city last night when a dozen protesters took over an empty UBS bank building in Hackney. The group, which is fighting for social and economic justice, is claiming legal rights to the office space since it has not been in use for several years, said [...]
Mortgage lending falls November 18, 2011 Gross mortgage lending decreased four per cent from September, down to an estimated £13.1bn in October, said the Council of Mortgage Lenders (CML) today. Though there was a 13 per cent increase from October 2010, up from £11.6bn, housing market activity is still low compared to long term averages, industry experts said. Housing prices are [...]
Airlines call for an end to passenger tax November 17, 2011 Four of the UK and Ireland’s biggest airlines have called on the government to scrap Air Passenger Duty (APD), saying its negative impact on the economy was outweighing any benefit from the revenue raised. Passengers have to pay between £24 and £170 in APD, depending on the length of flight, substantially more than when the [...]