Boeing 787 Dreamliner to be probed by US officials January 11, 2013 US regulators have today launched a review of the Boeing 787 Dreamliner, following a series of incidents. The 787 jet suffered a cracked cockpit window and an oil leak on separate flights in Japan today, and earlier this week a brake problem and a battery fire affected Dreamliner flights. The Federal Aviation Agency will look [...]
EDF wins 10-year power supply deal with Network Rail January 11, 2013 EDF Energy has snapped up a 10-year contract with Network Rail to supply electricity to the growing electrified rail network. Under the contract, EDF Energy will supply around 3.2 terawatt-hours (TWh) of electricity a year to the network, which carries around 3m passengers a year. At present only 40 per cent of the rail network [...]
Slow industrial production figures disappoint in November January 11, 2013 Sluggish industrial and construction figures out today have increased concerns that the UK economy contracted in the fourth quarter of 2012. According to official figures from the Office for National Statistics, industrial production grew by a less-than-expected 0.3 per cent in November, despite a rebound in oil and gas production that had been expected to [...]
Banks keep FTSE 100 above 6,100 level January 11, 2013 The blue chip index nudged up in early trading this morning – staying above the 6,100 level – as it consolidated overnight gains from the US, where the S&P 500 hit a five-year high. Financial stocks were bouncing about at the top of the FTSE 100 in early deals, with Barclays and RBS adding 1.8 [...]
Honda to cut 800 jobs from Swindon plant January 11, 2013 Car manufacturer Honda is to cut 800 jobs at its plant near Swindon by the spring, it said this morning. Ongoing subdued demand from Europe is behind the reduction in the workforce. “Honda remains fully committed for the long-term to its UK and European manufacturing operations. However, these conditions of sustained low industry demand require [...]
Japan reveals £72bn spending package January 11, 2013 The Japanese government has unveiled a 10.3 trillion yen (£72bn) spending package in an attempt to revive its economy. Japan’s economy has been hit by lower exports as global demand slows. The package, unveiled by Japanese Prime Minister Shinzo Abe, will include public works spending, incentives for business investment and financial aid for small firms. [...]
Tullow on track for busy drilling year January 11, 2013 Tullow Oil is on track for a “very successful” 2013, its chief executive Aidan Heavey said this morning, as it ramps up activity at its Jubilee field. Current production from its Jubilee field, offshore Ghana in Africa, is around 110,000 barrels of oil a day, although the oil giant said it is targeting 120,000 barrels [...]
The good, the bad January 10, 2013 THE DIVIDED state of the UK retail sector was brought into sharp focus yesterday as an upbeat Tesco and Shop Direct claimed victory in the Christmas retail wars, while Marks and Spencer suffered the fallout of a worse-than-expected festive period. Following muted performances by rivals Sainsbury’s and Morrisons, a resurgent Tesco revealed its strongest sales [...]
HMV slashes prices ahead of looming bank tests January 10, 2013 TROUBLED retailer HMV yesterday dug in for a last ditch fight to boost its stricken sales figures by slashing 25 per cent off prices, amid mounting pressure on the outlet over looming debt covenant breaches. The retailer, which lost £37.3m in the first half of last year, will ditch its normal January promotional campaign in [...]
UK makes slow progress up economic liberty ranks January 10, 2013 DESPITE David Cameron’s promise to cut through red tape for British buisinesses, UK economic freedom has risen by just 0.7 percentage points over the past year, according to research out yesterday. The UK edged up the Heritage Foundation’s 2013 rankings of economic freedom to hit 14th, despite placing behind 159 countries on the government spending [...]
