Japan shares plunge by 10pc on radiation leak fears March 15, 2011 Japanese stocks plunged 10.6 per cent, posting the worst two-day losing streak since 1987, on reports of rising radiation near Tokyo, suggesting any deterioration at a quake-hit nuclear plant could trigger more panic selling led by hedge funds. The yen tripped on talk of intervention and bond yields rose as investors sold debt to offset [...]
Risk to Britain’s AAA debt rating declining, says Fitch March 14, 2011 Ratings agency Fitch reaffirmed the stable outlook on Britain’s AAA sovereign debt rating and said risks were declining due to budget consolidation and a healthier banking sector. “The legacy of the global financial crisis continues to weigh on the UK economic and fiscal outlook,” said Maria Malas-Mroueh, Director in Fitch’s Sovereign team. “Nonetheless, the strong [...]
Buffett’s Hathaway in $9bn deal for Lubrizol March 14, 2011 Billionaire Warren Buffett’s Berkshire Hathaway agreed to buy chemical and lubricant maker Lubrizol for $9bn (£5.5bn) in cash, two weeks after he revealed the company’s plans to use its huge cash pile on deals. “Lubrizol is exactly the sort of company with which we love to partner,” said the legendary investor. Last month, Buffett, in [...]
Nuclear insurer Chaucer escapes big hit from Japan March 14, 2011 Chaucer, one of the world’s leading nuclear risk insurers, said it did not expect to take a big financial hit from earthquake-related damage to nuclear power plants in Japan. Chaucer said it provided property cover to a nuclear power plant at Onagawa, one of three affected by last week’s earthquake, but its policy excluded damage [...]
Bovis sees sales rise as profit jumps 20pc March 14, 2011 Bovis Homes reported a sales rise of six per cent tot £298.6m it produced an operating profit of £21.6m – up 20 per cent on the previous year. Chief executive David Ritchie said: “The Group has delivered a strong improvement in profit in 2010, driven by increased volumes, stronger sales prices and delivery of cost [...]
Rio Tinto closing in on Riversdale deal March 14, 2011 Global miner Rio Tinto inched closer to gaining control of coal producer Riversdale Mining after a $3.9bn sweetened bid rallied more shareholders to accept the offer but Riversdale’s top shareholders Tata Steel and CSN still hold the key. Rio, which has set a deadline of April 1 to gain majority control of Riversdale, said it [...]
Second explosion at Japan nuclear reactor March 14, 2011 A second explosion has hit the nuclear plant in Japan that was damaged in Friday’s earthquake – but officials said it had resisted the blast. Japan’s nuclear safety agency said the explosion was believed to have been caused by the build-up of hydrogen. Experts said the reactor core was still intact, and that radiation levels [...]
Virgin Atlantic creates 450 new jobs March 11, 2011 Airline Virgin Atlantic will create 450 new jobs in an expansion of its fleet. A route between Manchester and Las Vegas will be launched this Spring, creating 100 new jobs in Manchester. An increase in London departures to the Caribbean and Ghana will also be launched. A new fleet of Airbus A330 [...]
US retail sales rise despite fuel costs March 11, 2011 US retail sales posted their largest gain in four months in February as shoppers stepped up purchases of autos, clothes and other goods even as they spent more for fuel. The report from the Commerce Department pointed to strong consumer spending and acceleration in economic growth in the first quarter. Total retail sales rose one [...]
JD Sports ditches JJB talks March 11, 2011 Shares in struggling retailer JJB Sports plummeted more than six per cent today as JD Sports Fashion backed out of rescue plans. JD, which announced on 2 February that it was in early stage takeover talks with JJB said in a statement it has “no intention” of making an offer. JD complained its rival had [...]
