Toyota agrees to pay record fine April 19, 2010 TOYOTA has agreed to pay a record $16.4m (£10.7m) fine over US government allegations the company knowingly delayed a massive accelerator pedal recall in January. The fine is the largest-ever penalty paid by a car maker to the US government. A recall of 2.3m vehicles with sticking accelerator pedals, prompted the penalty. The government says [...]
London businesses see costs drop April 19, 2010 PROFIT margins in London are picking up faster than elsewhere in the country after a drop in business costs, a report has said. The latest business price index (BPI) — an analysis of wage costs, borrowing and raw materials — fell to minus 1.1 per cent in the capital in March. The figure compared with [...]
Brown sends in the navy to save stranded Brits April 19, 2010 GORDON Brown has confirmed that the Royal Navy will be dispatched to bring Britons stranded by the volcanic ash crisis back across the English Channel. The Prime minister said plans were underway to send three ships – including the Ark Royal and HMS Ocean – on the rescue mission. Meanwhile the Spanish government has agreed [...]
Philips profits soar after lighting sales boost April 19, 2010 GLOBAL electronics giant Philips has reported a pre-tax profit pf £283m for the first three months of the year. The Dutch company’s performance in the first quarter compared with big losses in 2009. Sales of its televisions and lighting products – which jumped by 18 per cent – helped to boost the latest figures, the [...]
BA in ash cloud compensation bid April 19, 2010 BRITISH Airways has appealed for compensation from the European Union and the UK government over the chaos caused by the volcanic ash cloud which has grounded flights. The company estimates that the crisis is costing it about £15m to £20m a day. Chief executive Willie Walsh called on the government to adopt new policies that [...]
Bank of America back in the black April 16, 2010 BANK of America has posted better than expected net earnings of $2.8bn (£1.8bn) in the first quarter of 2010. The largest US bank returned to profit after losing $194m in the fourth quarter. However, the profit is 24 per cent lower than for the same period a year ago. The bank said record sales and [...]
Thomas Cook dips into the bonds market April 16, 2010 TRAVEL firm Thomas Cook has raised £650m through new sterling and euro bond issues. The company issued two bonds – a £300m seven-year bond paying 7.75 per cent interest, and a £350m five-year version paying 6.75 per cent. In the past the company, Europe’s second largest agent, has relied on bank loans. The bonds will [...]
Liverpool FC up for sale under Broughton April 16, 2010 BRITISH Airways’ head Martin Broughton has been appointed as the new chairman at Liverpool FC, as the club’s owners confirmed that it is up for sale. He will help owners Tom Hicks and George Gillett find buyers for the club at the right price. Meanwhile Barclays Capital has been retained by the Americans to lead [...]
British Land closes £29m West End offices deal April 16, 2010 BRITISH Land has sealed a £29m deal for a West End development site. The 93,000 square-foot property in Baker Street was bought from Irish developer McAleer & Rushe. It will be developed as a mixed office and retail scheme which has already been given planning permission. The company said it was confident that the market [...]
Tobacco ‘price fixers’ hit with £225m fine April 16, 2010 BRITAIN’S largest two tobacco manufacturers and ten retail groups have been fined a total of £225m by the Office of Fair Trading (OFT). Imperial Tobacco and Gallaher as well as the stores – including Asda and the Co-op – were hit with fines after a seven-year investigation into price fixing. The tobacco companies agreed to [...]
