US accuses BP of “gross negligence” over Deepwater Horizon September 5, 2012 The US Department of Justice is ramping up its rhetoric against BP for the massive 2010 oil spill in the Gulf of Mexico, describing in new court papers examples of what it calls “gross negligence and wilful misconduct”. The court filing is the sharpest position yet taken by the US government as it seeks to [...]
easyJet to switch to allocated seating September 5, 2012 Budget carrier easyJet said today it would roll out allocated seating across its network from November following a successful trial this summer. Europe’s second-largest low-cost carrier after Ryanair had tested the new system across five per cent of its network during the peak season with 70 per cent of passengers preferring it to easyJet’s current [...]
FSA tells banks to change sales rewards September 5, 2012 National banks are rewarding sales staff in ways that encourage mis-selling of financial products and new rules may be needed to protect consumers, the Financial Services Authority (FSA) said today. FSA managing director Martin Wheatley said that cultural change was needed at firms so they no longer just see customers as “someone to sell to” [...]
Ryanair confident on Aer Lingus bid September 4, 2012 Ryanair is confident it can allay competition concerns about its latest bid for rival Aer Lingus, its chief executive said today, adding the budget airline was also seeking no more than a 25 per cent stake in Stansted Airport. Ryanair launched its third offer in five years for Irish rival Aer Lingus in June, a [...]
Airbus to up plane fleet September 4, 2012 Airbus sees demand for some 28,000 new aircraft worth $4 trillion (£630bn) to cater for air travel growth in the next 20 years, the European planemaker said today. By 2031, the global passenger plane fleet will rise to over 32,550 aircraft from 15,500 today, Airbus said, adding that the Asia Pacific region would account for [...]
FTSE 100 falls on negative investor sentiment September 4, 2012 The blue chip index lost yesterday’s gains as shares across the board fell, as investors were cautious over muted economic data. Data out today from the British Retail Consortium showed that retail sales fell in August as the Olympics failed to encourage spending. Household goods manufacturer McBride led the fallers in early deals, down 6.44 [...]
Swiss economy slumps on lower exports September 4, 2012 The Swiss economy unexpectedly shrank in the second quarter as the impact of the Eurozone crisis weighed on the country’s exports, providing further justification for the central bank’s cap on the strong franc. The Swiss National Bank (SNB) imposed a 1.20 per euro limit on the franc a year ago to ward off a recession [...]
Ashtead profit boosted by US recovery September 4, 2012 Industrial equipment hire firm Ashtead raised its annual earnings guidance after first quarter profits almost doubled, helped by strong growth at its US business. The British firm, which makes over 80 per cent of revenue from its US unit Sunbelt, said today that its underlying pre-tax profit rose 82 per cent to £61.4m in the [...]
Singapore charges Shell over safety lapses in refinery fire September 4, 2012 Authorities in Singapore have charged Royal Dutch Shell with safety lapses leading to a major fire last year at the Anglo-Dutch giant’s 500,000 barrels-per-day refinery in the city state. Shell’s Bukom refinery is its biggest plant worldwide and makes up more than a third of Singapore’s capacity. The company faces a fine of up to [...]
Russia’s MegaFon seeks London listing September 4, 2012 MegaFon, Russia’s leading mobile phone operator, has submitted a request to the national markets regulator for permission to list proxy shares in London, bringing it a step closer to a major initial public offering. MegaFon, in which Russia’s richest man Alisher Usmanov took control in a complex deal in April, had been eyeing the float [...]
