Rolls-Royce rallies on China engine order November 22, 2010 Engineering firm Rolls-Royce has today won a $1.8bn (£1.13bn) order from Air China to supply engines for 20 of its new aircraft. The world’s second-largest maker of aircraft engines will provide Trent XWB engines for 10 Airbus A350 XWB aircraft and Trent 700 engines for 10 Airbus A330 planes. Those are different engines to the [...]
Harrah float shelved in tough market November 19, 2010 Harrah’s Entertainment, the world’s largest casino operator, has ditched its planned share issue saying market conditions are not right. The Caesar’s Palace owner had hoped the initial public offering would have raised up to $531m (£322m). Harrah’s was bought by private equity groups Apollo and TPG in early 2008 for $31bn. It has debts of [...]
Irish bailout to be unveiled next week November 19, 2010 A financial aid plan to help Ireland cope with its battered banks will be unveiled next week, EU sources have claimed, but experts warned a rescue may not be enough to prevent contagion in the single currency bloc. The euro rose and the risk premium investors demand to buy Irish and other peripheral euro zone [...]
China orders banks to up reserves in bid to stem inflation November 19, 2010 China’s central bank has increased the amount of money that lenders must keep in reserve, in its latest bid to stem inflation. The People’s Bank of China said the reserve ratio would go up by a further 0.5 percentage points on 29 November. The move comes after Chinese inflation hit a two-year high of 4.4 [...]
European bankers attack regulation “overkill” November 19, 2010 European bankers are growing increasingly vocal in their opposition to what they view as regulatory overkill in response to the financial crisis. They have largely swallowed the new Basel III framework, which is designed to ensure lenders have enough capital to withstand future downturns. But there are signs of rebellion as global banking supervisors plot [...]
Google to hire 2,000 new staff November 19, 2010 Google plans to hire more than 2,000 people around the globe, bumping up its workforce as it expands into new markets and battles for talent with faster-growing rivals. The world’s largest Internet search engine, whose finance chief told investors in September that the Internet industry was waging a “war for talent,” has job openings listed [...]
Brewer Fuller warns over tough trading November 19, 2010 Brewer and pub operator Fuller, Smith & Turner has warned that the difficult economic climate could hit trading for a “considerable” time – but still reported a profit rise. Fuller’s half-year profit rose 11 per cent to £15.7m. But the planned VAT rise and government spending cuts continued to overshadow the market, the company said. [...]
ABN Amro profit rises on lower charges November 19, 2010 ABN AMRO, the state-owned rump of the former leading Dutch-based international bank, has reported a jump in underlying net profit thanks to higher interest income, lower charges and a gain on its debt buy-back. However, after some 1.4bn euros (£1.2bn) in costs arising from the mandatory sale of part of the Dutch commercial bank, separation, [...]
Quantas Airbus fleet “weeks away” from flying November 19, 2010 Qantas Airways likely faces several more weeks before its fleet of six Airbus A380s can return to service threatening to squeeze its capacity as it heads into the busy Christmas season. The delay also indicates Rolls-Royce will need more time than Qantas expected to resolve the engine issue, which led to a November 4 oil [...]
UK government borrows record £10.3bn in October November 18, 2010 The UK government borrowed £10.3bn in October, figures from the Office for National Statistics show. It is a record for October and is up from £10.1bn in the same month last year. The figure – which was in line with analysts’ forecasts – brings the amount the government has borrowed since the start of the [...]
