KNOC to finalise Dana bid loans July 29, 2010 Korea National Oil Corporation (KNOC) is one step closer to setting up the loans it needs to put in a £1.7bn bid for Dana Petroleum. The South Korean state owned oil company already has letters of commitment a consortium of banks, which it plans to deliver to Dana’s advisers as early as tomorrow, it is [...]
Sony bounces back in to the black July 29, 2010 Sony said yesterday it had returned to the black in the fiscal first quarter due to sales of televisions, PlayStation 3 consoles and computers, as other Japanese makers followed suit. Sony also revised its annual profit forecast by 20 per cent to 60bn yen in the year ending March 2011, despite worries about the yen’s [...]
Firms hit out at retirement age proposals July 29, 2010 BUSINESS groups yesterday rounded on plans to scrap the default retirement age (DRA), accusing the government of rushing the proposals through without proper consultation. From next October, firms will be unable to automatically lay off staff when they reach 65, allowing millions to work into their 70s and 80s. The DRA?will be scrapped in October [...]
BUSINESSVIEWS:WHAT DO YOU THINK ABOUT THE GOVERNMENT’S DECISION TO SCRAP THE DEFAULT RETIREMENT AGE July 29, 2010 JOHN CRIDLAND | CBI A default retirement age (DRA) helps staff think about when it is right to retire, and also enables employers to plan more confidently for the future. In certain jobs, especially physically demanding ones, working beyond 65 is not going to be possible for everyone.” GRAEME LEACH | INSTITUTE OF DIRECTORS We [...]
DEFAULT RETIREMENT?AGE July 29, 2010 Q.WILL FIRMS STILL BE ABLE TO GET RID OF STAFF THAT ARE “TOO OLD”? A.It will be much, much harder. Companies will have to begin a performance management process to prove that a member of staff is no longer able to carry out their duties effectively. Even if they can prove that an employee is [...]
Eurozone pain eases profits at Santander July 29, 2010 SPANISH banking giant Santander yesterday unveiled a year-on-year fall in first-half profits, stung by a weak performance in the crisis-hit Eurozone and another hike in the amount it put aside to cover bad loans. Net attributable profit over the first six months of the year slumped 1.6 per cent to €4.45bn (£3.73bn), dragged down by [...]
Moore Capital follows rivals to open Swiss unit July 29, 2010 MOORE CAPITAL, the New York-based hedge fund, has become the latest alternative investment manager to set up an office in Switzerland. Moore Capital has opened a branch in Zürich to give its partners the option of working in a low-tax environment. Portfolio manager Kornelius Klobucar has moved from London to lead the team. The investment [...]
McAfee results trump Wall Street’s target July 29, 2010 MCAFEE, the security software maker, reported better-than-expected profit yesterday, lifted by growth in its consumer business. The company reported net earnings for the second quarter of $39.4m (£25.2m) up from $28.7m last year. Revenue rose four per cent to $489.2m, while non-GAAP revenue came in at $495.3m. Wall Street was targeting sales of $507.4m. The [...]
Hero Morgan hits maiden Test century July 29, 2010 EOIN MORGAN told of his pride after a magnificent maiden Test century put England in control of the first of a four-match series against Pakistan at Trent Bridge. The Irish-born batsman, playing in only his third Test, smashed 125 not out in a record fifth-wicket partnership with Paul Collingwood (81no) as England recovered from a [...]
Idowu hunting 2012 glory after Euro gold July 29, 2010 BRITISH triple-jump king Phillips Idowu immediately targeted victory at the London 2012 Olympics after adding European Championship gold to his burgeoning collection. Idowu cemented his reputation as the man for the big occasion last night in Barcelona by blowing away his rivals with a personal best leap of 17.81m. Frenchman Teddy Tamgho, who had been [...]
