Kabel Deutschland swings to a loss from Vodafone deal charges November 12, 2013 GERMANY’S largest cable network operator Kabel Deutschland faced a net loss in the second quarter because of €206m (£173m) in charges from its Vodafone deal. Kabel Deutschland suffered a €129.3m loss in the July to September period, down from €61.1m profit at the same time last year, because of the transaction. British firm Vodafone holds [...]
Metro boss gets extra fee bonus November 12, 2013 METRO Bank’s boss is to earn extra cash for finding new branch premises for the lender, it emerged yesterday, on top of his salary. Founder and chairman Vernon Hill is paid £75,000 per year, and gains up to £175,000 more a year for finding new offices. The figure came out in a fundraising prospectus seen [...]
UniCredit ups Italy lending November 12, 2013 UNICREDIT increased lending in Italy in the third quarter, the bank said yesterday, in a sign that the troubled economy could be moving past the worst of its woes. New loans to households and companies increased to €5.2bn (£4.4bn), up 15.5 per cent in the first nine months of the year, compared with the same [...]
Flybe set to cut more jobs as it returns to profit November 12, 2013 FLYBE plans to cut a further 500 jobs and axe some of its routes as the airline continues its restructuring. The Exeter-based firm, which swung to a profit of £13.6m in the six months to the end of September, said it needs to make more radical savings to keep its business sustainable. Flybe employed more [...]
Heathrow boosts traffic to China as Gatwick reopens Beijing link November 12, 2013 VISITORS to China boosted traffic at Heathrow last month, the airport revealed yesterday, as rival Gatwick said Air China is reinstating its direct flights to Beijing. Heathrow, Europe’s busiest airport by passenger numbers, said 6.3m customers came through its doors last month, up 4.6 per cent on the previous year. Flights between Heathrow and China [...]
Designers lay out plan for an estuary airport November 12, 2013 DESIGNS for an airport in the Thames Estuary were unveiled yesterday, along with a claim that the scheme would be cheaper to build per runway than a new runway at Heathrow. London Britannia Airport, also known as Boris Island, would house six runways on a site off the east coast of Kent. Previous plans had [...]
A more competitive UK won’t come from government targets November 12, 2013 GOVERNMENTS shouldn’t try to centrally plan economies. It is absurd for the coalition to have decreed that it wants UK exports to reach £1 trillion a year by 2020, for example. Of course, UK firms need to produce more; and of course in doing so they will need to sell more overseas. But plucking impressive-sounding [...]
Report calls for new UK oil and gas regulator November 12, 2013 THE OIL and gas industry yesterday welcomed proposed reforms outlined in a government-commissioned report, which it claims would boost the country’s economy by over £200bn over the next 20 years if implemented. The report into the UK’s oil and gas activity was commissioned in June by energy secretary Ed Davey and was conducted by Sir [...]
Energy row over minister’s price rise attack on industry November 12, 2013 ENERGY firms will today be told not to treat customers as “cash cows” or to make profits “at the expense of the elderly and vulnerable,” by minister Ed Davey. He will tell the sector it faces its “Fred the Shred” moment – a reference to disgraced former RBS boss Fred Goodwin. It comes after a [...]
Wood Group expands US shale portfolio with new acquisition November 12, 2013 FTSE 250-listed energy services provider Wood Group yesterday said it has agreed to buy Elkhorn, a construction service provider for the US shale market. No deal value was given, but Wyoming-based Elkhorn generated sales of around $250m (£156.5m) in 2012 and employs around 2,200 staff. The firm, which provides infrastructure-related services to shale oil and [...]
