Airports face closure as BAA workers vote for strike action August 12, 2010 BAA workers have voted in favour of strike action that could close Heathrow and five other UK airports. The ballot came after the Unite union rejected a one per cent pay offer from the airport operator. Airports will have to close on any strike days, as essential staff including firefighters are due to take part [...]
KNOC bid for Dana hits the buffers August 12, 2010 Oil explorer Dana Petroleum takeover talks had stalled after Korea National Oil Corp (KNOC) said it was unwilling to raise its offer and refused to sign a confidentiality agreement. Dana said senior board members had met with state-owned KNOC on 6 August following a £1.67bn approach for Dana last month. Dana said in a statement [...]
Findel sells unit to tackle debt August 12, 2010 Home shopping and education supplies firm Findel said it would sell a unit, which includes its gadgets and gifts business, to online retailer The Hut Group in a cash deal worth £0.6m to help reduce its debt pile. Findel, whose net debt stood at £309.6m as of 2 April, had earlier said its level of [...]
Sportingbet boosted by World Cup August 12, 2010 British Internet gambling firm Sportingbet said it had performed strongly during the World Cup in South Africa with margins boosted by a number of results going against the favourites during the competition. Sportingbet said it had taken over £50m worth of bets during the tournament, of which 65 per cent were made during matches using [...]
Prudential profit rises by 34pc August 12, 2010 Britain’s largest insurer Prudential reported a better-than-expected 34 per cent rise in first-half operating profit, helped by improving investment returns amid a broader market recovery. Prudential’s operating profit was £1.68bn for the first six months of the year, based on European Embedded Value (EEV) accounting standards, higher than a consensus forecast of £1.54bn and better [...]
King downgrades growth forecasts August 11, 2010 The UK economy faces a “choppy recovery” over the next two years Bank of England Mervyn King has warned. His comments came as the Bank lowered its economic growth forecast, and said inflation would stay higher for longer than previously forecast. The Bank now expects the economy to grow by about 2.5 per cent in [...]
Unemployment falls to 2.46m August 11, 2010 The jobless total has fallen by 49,000 to 2.46m in the three months to June, according to the Office for National Statistics. According to the figures the number of people claiming Jobseekers Allowance in July fell by 3,800 to 1.46m. Howard Archer of Global Insight said: “For now at least, unemployment continues to fall in [...]
Connaught hit after hedge fund cuts stake August 11, 2010 HEDGE fund Breeden European Partners has more than halved its stake in troubled social housing repairs group Connaught, after the value of its holding plunged by more than £13m in recent weeks. Breeden European, which was set up by former US Securities & Exchange Commission chairman Richard C. Breeden, had declared a stake of 13 [...]
Thomas Cook warns over “soft” UK economy August 11, 2010 TOUR operator Thomas Cook said it anticipated operating profit for the full year would be at the lower end of expectations following poor trading in the UK and the adverse impact of exchange rate movements. Europe’s second biggest travel firm said the weakness in the UK market had impacted margins while the costs of disruption [...]
Balfour Beatty lifted by acquisition August 11, 2010 CONSTRUCTION group Balfour Beatty said half-year pre-tax profit rose by 32 per cent on the acquisition of a US company last year and a strong performance in Britain and Asia. First-half pretax profit rose to 141 million pounds, compared to £107m last year, boosted by earnings at project management business Parsons Brinckerhoff. “Our strategy has [...]
