… but unemployment edges up in 27 states September 23, 2010 MORE than half of US states saw their unemployment rates rise in August, the largest number in six months, as hiring weakened across the country. Overall, the economy lost 54,000 positions in August and the unemployment rate rose to 9.6 per cent from 9.5 per cent in July. Private employers added a net total of [...]
Credit Suisse commodity star quits to set up hedge fund after Obama reforms September 23, 2010 A TOP Credit Suisse commodity trader is leaving the bank, along with a team of proprietary traders, to set up a hedge fund backed by $150m (£95m) from private investment firm Blackstone Group, The move by George “Beau” Taylor, a rainmaker renowned for making big bets on energy markets at a series of Wall Street [...]
Rio Tinto clears the way for $347m Iceland update September 23, 2010 RIO Tinto Alcan has finalised a deal with an Icelandic power firm to begin a $347m (£221m)?update of its aluminium smelter in the country. The London-listed miner has signed a contract with Landsvirkjun to allow it to use more power at the smelting site for the next 26 years, boosting capacity by 20 per cent [...]
Songbird September 23, 2010 IN THE depths of the economic crisis – which hit the property sector more than most – many thought the Walkie Talkie would never be built. News that Land Securities and Songbird are pressing ahead with plans to resurrect it, like a phoenix from the ashes, show just how much things have improved. Songbird’s results [...]
NIKE DOES IT September 23, 2010 NIKE, owner of the iconic Niketown store on Oxford Street (pictured), posted a higher quarterly profit yesterday on strong demand in North America, China and the emerging markets. Net income in the sportswear giant’s first quarter rose nine per cent to $559m (£356m) on revenues up eight per cent at $5.18bn.
United Utilities sale raises up to £600m September 23, 2010 UNITED Utilities said yesterday it will net around £600m from selling most of its non-regulated businesses, as it announced trading in line with expectations. The UK’s largest listed water company has agreed to sell twelve operations since April, including its water and electricity meter business MeterFit, a stake in contracts with Southern Water and three [...]
African Minerals suffers set-back in Sierra Leone September 23, 2010 AFRICAN Minerals. the Aim-listed iron ore and base metals miner chaired by entrepreneur Frank Timis, yesterday signalled a delay in the formation of a joint venture company that is working on a massive development project in Sierra Leone. The group issued a statement saying that its memorandum of understanding for a $1.5bn (£957m) investment in [...]
Energy deals buoy best quarter for M&A in two years September 23, 2010 THE?VALUE?of global mergers and acquisitions (M&A) has hit $1,678bn (£1.068bn) so far this year, up 21 per cent from the same time last year, Thomson Reuters said in its review for the third quarter of 2010. Third quarter activity is up 6.8 per cent from the previous quarter at $599bn, marking the strongest quarterly growth [...]
WORLD’S BIGGEST WINDFARM OPENS IN KENT September 23, 2010 THE world’s largest offshore wind farm opened seven miles off the coast of Thanet in Kent yesterday. The project can generate 300 megawatts of wind-powered energy – enough to power 200,000 homes, according to energy secretary Chris Huhne. Swedish energy company Vattenfall, which spent more than two years building the 100-turbine wind farm, is one [...]
Blockbuster files for bankruptcy over $1bn debts September 23, 2010 THE US arm of video and games rental store Blockbuster filed for bankruptcy yesterday in an attempt to cut its debts and restructure its business. The company has been struggling to meet payments on debts of $1bn (£637m). Agreements with its creditors will now allow the company to reduce the debt to $100m. Blockbuster said [...]
