Greek leftists reject proposal for technocrat government

Greece’s president has asked politicians to stand aside and let a government of technocrats steer the nation away from bankruptcy, but left-wing parties have already rejected the proposal and look set to force a new election they reckon they can win.

Party leaders, deadlocked since an election nine days ago, have convened at the presidential palace but said they had little hope President Karolos Papoulias’s offer would resolve a political crisis that has fuelled speculation Greece’s days in the euro zone are numbered.

The bailout’s main opponents – the radical leftist SYRIZA party which now leads opinion polls – said they saw the president’s plan for a government of non-partisan experts as nothing but a scheme to impose the austerity demanded by the European Union and IMF but already rejected by voters.

“We will attend the meeting. But we are sticking to our position. We don’t want to consent to any kind of bailout policies, even if they are implemented by non-political personalities,” SYRIZA spokesman Panos Skourletis said.

The prospect that a future Greek government would renege on promises made in return for bailout funds sent European shares sliding and Spanish and Italian bond yields higher on Monday.

Tanker drivers accept deal to end strike threat

The threat of a petrol delivery strike, which prompted panic buying at the pumps last month, was lifted as fuel tanker drivers narrowly voted to accept an offer from seven oil distribution firms over pay and conditions, the Unite union said today.

Unite, which represents 2,000 drivers who voted for a strike in March, said 51 per cent of truckers had voted to accept new proposals put forward by the haulage firms which supply Britain’s petrol stations after lengthy talks. Turnout was 69 per cent.

“This narrow vote in favour lifts the threat of strike action, but leaves the companies with no room for complacency,” said Diana Holland, Unite assistant general secretary.

The dispute rattled the government and led to huge queues at forecourts when Prime Minister David Cameron and Cabinet Minister Francis Maude advised motorists to fill up their cars and store fuel in jerry cans.

That led to widespread criticism from fuel retailers and fire-fighters, and the advice was later withdrawn.

Tanker drivers accept deal to end strike threat

The threat of a petrol delivery strike, which prompted panic buying at the pumps last month, was lifted as fuel tanker drivers narrowly voted to accept an offer from seven oil distribution firms over pay and conditions, the Unite union said today.

Unite, which represents 2,000 drivers who voted for a strike in March, said 51 per cent of truckers had voted to accept new proposals put forward by the haulage firms which supply Britain’s petrol stations after lengthy talks. Turnout was 69 per cent.

“This narrow vote in favour lifts the threat of strike action, but leaves the companies with no room for complacency,” said Diana Holland, Unite assistant general secretary.

The dispute rattled the government and led to huge queues at forecourts when Prime Minister David Cameron and Cabinet Minister Francis Maude advised motorists to fill up their cars and store fuel in jerry cans.

That led to widespread criticism from fuel retailers and fire-fighters, and the advice was later withdrawn.

Sony shares hit three-decade low

Shares in Sony Corp slumped more than seven per cent to near 32-year lows, as investors doubted the Japanese consumer electronics giant has a strategy to fix its loss-making TV business and compete in the smartphone market against Apple and Samsung.

Yesterday the maker of Bravia TVs, Vaio laptops and PlayStation games consoles posted a record annual loss of $5.7bn (£3.5bn), but forecast a first profit in five years as it looks to halve losses at its ailing TV business.

The last time Sony shares were this low, in the summer of 1980, its first Walkman portable cassette player had just gone on sale in the United States. So far this year, Sony has seen more than $3bn (£1bn) wiped off its market value.

Sony’s new chief executive Kazuo Hirai has said Sony will sell more than 33m smartphones this business year, up from 22.5m last year, and will more than double sales of its portable game players, including the PlayStation Vita, to 16m. Analysts, though, point to weak demand for game players in major markets and fierce competition in smartphones.

“In our view, guidance for profit improvement in digital cameras, games, li-ion batteries and smartphones looks optimistic and we see downside risk,” Goldman Sachs analysts wrote in a client note, keeping their ‘sell’ rating on the stock. “We think TV losses may be smaller than the company forecasts … but we see significant downside risk to overall guidance.”

Sony shares hit three-decade low

Shares in Sony Corp slumped more than seven per cent to near 32-year lows, as investors doubted the Japanese consumer electronics giant has a strategy to fix its loss-making TV business and compete in the smartphone market against Apple and Samsung.

Yesterday the maker of Bravia TVs, Vaio laptops and PlayStation games consoles posted a record annual loss of $5.7bn (£3.5bn), but forecast a first profit in five years as it looks to halve losses at its ailing TV business.

The last time Sony shares were this low, in the summer of 1980, its first Walkman portable cassette player had just gone on sale in the United States. So far this year, Sony has seen more than $3bn (£1bn) wiped off its market value.

Sony’s new chief executive Kazuo Hirai has said Sony will sell more than 33m smartphones this business year, up from 22.5m last year, and will more than double sales of its portable game players, including the PlayStation Vita, to 16m. Analysts, though, point to weak demand for game players in major markets and fierce competition in smartphones.

“In our view, guidance for profit improvement in digital cameras, games, li-ion batteries and smartphones looks optimistic and we see downside risk,” Goldman Sachs analysts wrote in a client note, keeping their ‘sell’ rating on the stock. “We think TV losses may be smaller than the company forecasts … but we see significant downside risk to overall guidance.”

UK may be deeper in recession than previously feared

The Office of National Statistics (ONS) has revised construction figures for the first quarter of 2012 downwards, suggesting that on its measure the UK economy may be even deeper in recession than was feared.

New data showed that construction output slumped 4.8 per cent in the first quarter, a downward revision from the intial estimate of a three per cent drop given last month.

The ONS said the revision would shave another 0.1 percentage point off GDP growth if all other factors remain the same.

The slump in construction output was one of the main drags on the economy in the first quarter. Official data showed that the economy shrank by 0.2 per cent, putting Britain back into recession for the second time in the current economic downturn.

However, the Bank of England and many economists have voiced doubts about the data as business surveys painted a more positive picture.

UK may be deeper in recession than previously feared

The Office of National Statistics (ONS) has revised construction figures for the first quarter of 2012 downwards, suggesting that on its measure the UK economy may be even deeper in recession than was feared.

New data showed that construction output slumped 4.8 per cent in the first quarter, a downward revision from the intial estimate of a three per cent drop given last month.

The ONS said the revision would shave another 0.1 percentage point off GDP growth if all other factors remain the same.

The slump in construction output was one of the main drags on the economy in the first quarter. Official data showed that the economy shrank by 0.2 per cent, putting Britain back into recession for the second time in the current economic downturn.

However, the Bank of England and many economists have voiced doubts about the data as business surveys painted a more positive picture.

Nissan’s new models help it hit record sales

Motor giant Nissan today announced a one-third jump in quarterly profit and projected a 28 per cent rise in the year ahead, driven by brisk sales in most major markets and the launch of ten new models around the world.

Nissan has outshone domestic rivals in the past year as chief executive Carlos Ghosn has pushed aggressively into fast-growing markets such as China and Russia.

First quarter operating profit at the Japanese car manufacturer rose 33 per cent to 118.1 billion yen (£918.5m),.

For the year to next March, Nissan projected an operating profit of 700 billion yen – the best since the global financial crisis – and net profit of 400 billion yen.

Nissan is 43.4 per cent owned by France’s Renault.

Nissan’s new models help it hit record sales

Motor giant Nissan today announced a one-third jump in quarterly profit and projected a 28 per cent rise in the year ahead, driven by brisk sales in most major markets and the launch of ten new models around the world.

Nissan has outshone domestic rivals in the past year as chief executive Carlos Ghosn has pushed aggressively into fast-growing markets such as China and Russia.

First quarter operating profit at the Japanese car manufacturer rose 33 per cent to 118.1 billion yen (£918.5m),.

For the year to next March, Nissan projected an operating profit of 700 billion yen – the best since the global financial crisis – and net profit of 400 billion yen.

Nissan is 43.4 per cent owned by France’s Renault.

John Lewis sales rise

Department store chain John Lewis posted another double-digit rise in sales last week as the nation’s wet weather proved favourable for its key household goods business.

The employee-owned retailer said on Friday its sales increased 18.3 percent year-on-year to £64.3m in the week to May 5.

April was Britain’s wettest since records began and the poor weather has continued into May.

“The weather continues to play a key role in what’s selling and what’s not, but overall another strong week at John Lewis,” said the firm.

“It seems that the wet launch into spring has played out in our favour with all three directorates trading ahead of budget and last year.”

John Lewis said homewares sales increased 14.1 per cent, while sales in the electricals and home technology division were up 47.2 per cent, boosted by demand for notebooks and Apple’s new iPad. Fashion sales growth was more subdued at 4.6 per cent.