Air India bailed out by government February 19, 2010 THE Indian government has agreed to pump in $173m (£110m) to struggling national carrier Air India. The money is part of an estimated £277m lifeline for the company. Air India reported a loss of $875m in the financial year ending in March 2009. The government has ordered the carrier’s management to slash costs. But plans [...]
Barker to step down from the MPC February 19, 2010 BANK of England Monetary Policy Committee (MPC) member Kate Barker will step down when her term ends on 31 May. The Treasury said that Barker, who has served on the MPC since 2001, will not seek reappointment for a fourth term. It added that there would probably be a short period in which the spot [...]
Union loses legal scrap with BA February 19, 2010 THE Unite union has failed in a High Court action against British Airways over a shake-up up in the way they work. It claimed the changes – including freezing pay and cutting crew on long-haul flights – were introduced without consultation. The union had been set to strike over the issues over Christmas, but a [...]
Retail sales down by 1.8pc February 19, 2010 UK retail sales fell by 1.8 per cent between December and January – the biggest drop in 18 months – according to official figures. The reduction in sales volumes in the month after the Christmas period plunged three times faster than analysts had forecast. The Office for National Statistics (ONS) report said unusually heavy snow [...]
Rentokil profits soar after cuts programme February 19, 2010 RENTOKIL profits have surged after a cost-cutting programme. The company had an adjusted pretax operating profit of £166.5m in 2009 – an increase of 54 per cent compared with the previous year. Despite the rise Rentokil said it would not pay a final dividend because of the continuing economic uncertainty. Chief Executive Alan Brown said: [...]
Nestle predicts growth spurt February 19, 2010 NESTLE has reported a net profit of 10.4bn Swiss francs (£6.2bn) for 2009. The profit below the 18bn francs the company reported in 2008, which included profits from the sale of part of its stake in eye care company Alcon. Sales rose by 4.1 per cent to 107.6bn francs while analysts had predicted the figure [...]
Anglo American profits halved February 19, 2010 MINING powerhouse Anglo American saw its profits plunge in 2009 after metal prices dropped amid the global economic crisis. Its profit was $2.43bn (£1.57bn) – down by 53.5 per cent from $5.2bn in 2008. The London-based company said in a statement: “Platinum group metals, iron ore, coal, nickel and diamond prices has been the key [...]
Asda to concentrate on smaller stores February 18, 2010 ASDA said it would expand into smaller format stores, open more non-food shops and slash costs to drive growth in tough markets after posting its lowest quarterly sales growth in about two years. Chief Executive Andy Bond said the chain, owned by U.S. group Wal-Mart Stores, became too focussed on promotions in 2009, which clouded [...]
Halfords expands into car servicing February 18, 2010 CAR and bike accessories retailer Halfords is expanding into car servicing after buying Nationwide Autocentres for £73.2m. The company said the ‘Halfords Autocentre’ business would be a major source of growth for the firm. In addition to Nationwide’s existing 224 sites, it is expected that Halfords open 200 new centres, creating 1,000 new jobs. Shares [...]
Tax collection costs UK firms £20bn a year February 18, 2010 TAX collection costs the UK an astonishing £20bn a year, according to new research from the Institute of Economic Affairs. It claims the UK is one of only three of the 43 most advanced economies where the cost of tax collection is not falling. The IEA called for radical tax reforms it says could reduce [...]
