Iceland wins Icesave case over bank deposits January 28, 2013 Iceland won the backing of the courts today, allowing it to repay billions of euros on its own terms to Britain and the Netherlands for bailing out depositors in collapsed Icesave. Landsbanki collapsed in 2008, leaving depositors of its Icesave online accounts stranded. Britain and the Netherlands stepped in to repay savers, but it sparked [...]
FTSE 100 steadies near highest level since 2008 January 28, 2013 The blue chip index was steady this morning, flatlining near its highest level in four and a half years at the start of a busy week for FTSE 100 earnings news. Buoyant copper prices pushed up Eurasian Natural Resources and Chilean miner Antofagasta, up 1.27 per cent and 0.8 per cent respectively. Russian precious metals [...]
Government unveils HS2 phase two details January 28, 2013 The government unveiled the second phase of the £33bn High Speed Two (HS2) railway this morning, with five new stations announced on the northern extension. The preferred route for the line north of Birmingham will have five stops at Manchester Piccadilly, Manchester Airport, Toton in the East Midlands, Meadowhall in Sheffield and Leeds. However, the [...]
Toyota reclaims world’s top vehicle maker crown January 28, 2013 Carmaker Toyota has reclaimed its slot as the world’s top-selling vehicle maker, as it posted record-high sales. The carmaker said this morning it sold 9.75m vehicles worldwide last year, a record for Toyota and up 22.6 per cent year on year. Toyota held the global sales crown from 2008 through 2010, but fell to third [...]
Ryanair lifts profit forecast January 28, 2013 Low cost carrier Ryanair this morning hiked its full-year profit guidance on the back of strong growth in the third quarter. The airline now expects full-year profits to come in at around €540m (£461m), a seven per cent increase on last year. Previous guidance was set at between €490m and €520m. Over the third quarter, [...]
Consumer slump to last until 2017 January 27, 2013 HOUSEHOLD consumption may take five more years to fight its way out of the worst consumption slump since the great depression and back to its pre-crisis peak, Deloitte warned this morning. Consumer spending has improved only marginally since it fell off a cliff during the credit crunch, and this gloomy trend is set to continue, [...]
FTSE firms to put brakes on bonuses January 27, 2013 BLUE-CHIP companies plan to rein in bonus payouts for their executive staff this year, though bosses can expect to see their pay packets grow in the long run, according to research out today. One in five FTSE 100 firms expect executive bonuses to fall by at least 10 per cent this year, and 17 per [...]
High Speed Two railway to North unveiled today January 27, 2013 THE SECOND phase of the £33bn High Speed Two (HS2) railway will be unveiled by the government this morning, with communities learning whether they will be affected by the twin lines from Birmingham to Leeds and Manchester. However plans for a direct link to Heathrow have been postponed while the government decides on the future [...]
The state is still growing – this isn’t the right kind of austerity January 27, 2013 IF we want to identify a problem correctly, it is vital to get the facts right. The economy is doing poorly: the official statistics suggest it shrank by 0.3 per cent in the last three months of last year; even when one excludes the oil and gas sector, growth was feeble in 2012. We also [...]
UK tax takes hit as QE increases pension deficits January 27, 2013 PRINTING money to lower interest rates has blown open pension fund deficits, making firms pile money in to plug the gap and denying the taxman a major stream of revenue, according to analysis of new data from the Pension Protection Fund (PPF). Quantitative easing (QE) is one major factor in increasing the deficits, which the [...]
