Snoozebox starts to stir from its slumber February 20, 2014 SNOOZEBOX, the pop-up hotel provider which trades under the stock market ticker ZZZ, yesterday said revenues had recovered substantially after it briefly flirted with bankruptcy last year. The business, which will be running its hotels at this year’s Glastonbury music festival, said revenues grew 80 per cent to around £6.5m for the year ending December [...]
Europe starts lawsuit against Britain over pollution failings February 20, 2014 EUROPE is taking Britain to court for failing to tackle unacceptably high levels of pollution. The European Commission has complained that the UK has not set out a plan to improve levels of toxic nitrogen dioxide in its cities, despite being granted an extension until 2015 to sort out the problem. London will not be [...]
Promethean pens the biggest whiteboard deal in its history February 20, 2014 INTERACTIVE whiteboard maker Promethean World has won a deal to supply 10,000 classrooms in the US district of Miami-Dade with its equipment, boosting the embattled firm’s shares 11 per cent yesterday to their highest level in more than a year. The Blackburn-based company said the deal was one of the largest classroom contracts in its [...]
UK’s first cinema to be restored February 20, 2014 Plans to restore a cinema that showed the first publicly screened films in Britain were given the go-ahead by Westminster Council last night. The Regent Street Cinema, which is part of the University of Westminster’s main building, was used by the Lumiere brothers, to perform their first ever moving picture show in the UK in [...]
US Treasury on track for tax law February 20, 2014 The US Treasury Department said that the largely technical reporting changes released yesterday are “the last substantial package of regulations” needed to implement a new law set to take effect on 1 July that is meant to fight offshore tax evasion by Americans. The Foreign Account Tax Compliance Act (Fatca) was enacted in 2010 and [...]
JP Morgan’s commodity sales fall February 20, 2014 JP Morgan Chase’s commodity revenues fell 12 per cent last year, the bank said in a filing yesterday, shedding new light on the unit as the bank prepares to sell its physical trading arm to Swiss-based trader Mercuria. It said principal transaction revenues in commodities were $2.073bn in 2013, down from $2.363bn the previous year [...]
Flybe to raise £150m to fuel its turnaround February 20, 2014 FLYBE is tapping investors for £150m to help fund its recovery plan under new chief executive Saad Hammad. The regional airline said the share issue – worth nearly twice the firm’s market value – will fund plane purchases to keep its rental costs down and allow the firm to revamp its routes. Flybe has been [...]
New year drop in commercial vehicle output February 20, 2014 COMMERCIAL vehicle production fell 14.6 per cent in January due in part to dwindling European demand and new green regulations, industry figures out yesterday showed. In the month, 6,681 units rolled off production lines, with home and export markets both seeing falls, according to the Society of Motor Manufacturers and Traders (SMMT). “New Euro-6 engine [...]
Buses beat goals at Go-Ahead but train earnings near a cliff February 20, 2014 GO-AHEAD’S bus business is growing revenues, though returns from the firm’s rail franchises are suffering as the contracts near their end dates. The transport group said yesterday its revenues rose 5.7 per cent to £1.37bn for the six months to 28 December, while pre-tax profits jumped 30.8 per cent to £40.3m. Margins were also higher, [...]
Brazilian stake on the menu for Air France as it climbs to a profit February 20, 2014 AIR FRANCE KLM swung back to an operating profit last year, the airline revealed yesterday alongside a $100m (£60m) plan to invest in Brazilian carrier Gol. The firm said revenues rose 2.3 per cent at constant currency to €25.5bn (£21bn) and operating profits came in at €130m, compared to a loss of €336m in 2012. [...]
