BP chief pulls out of speech on “global responsibility” June 22, 2010 BP chief executive Tony Hayward has cancelled plans for his first public appearance in Britain since the Gulf of Mexico oil spill. He was due to address oil company bosses and energy ministers at a conference in London today (Tuesday) giving a speech on the global responsibility of oil companies . BP said Hayward was [...]
Premier Inn boost Whitbread sales June 22, 2010 UK hotel and restaurant group Whitbread has reported a strong start to the year – fuelled by its Premier Inn chain. Like-for-like sales at the budget hotel rose 10.5 per cent in the 13 weeks to 3 June, compared with the same period a year earlier. Sales across the Whitbread group were up 7.6 per [...]
BA agrees recovery plan for £3.7bn pension deficit June 22, 2010 BRITISH Airways has agreed a recovery plan for its £3.7bn pension deficit – removing a final obstacle to its planned merger with Spain’s Iberia. BA said it had reached a deal with the trustees of its Airways Pension Scheme (APS), which last December had a deficit of £1bn and its New Airways Pension Scheme (NAPS), [...]
Bureau Veritas in £450m deal for Inspectorate June 22, 2010 FRENCH certification company Bureau Veritas has agreed to buy commodities testing and inspection firm Inspectorate for £450m. The purchase from UK-based Inspicio, majority owned by private equity firm 3i Group will put Bureau Veritas among the top three companies in a global market worth more than €5bn (£4.2bn), Bureau Veritas. “Bureau Veritas now attains a [...]
Poorest to pay no income tax at all June 21, 2010 ■ Osborne will announce £1,000 increase in income tax threshold ■ Banks braced for levy to raise over £3bn – more than first expected ■ Basic rate payers to get £200 tax break but higher rate payers lose out ■ Chancellor to say richest will bear brunt of deficit reduction measures GEORGE Osborne will today [...]
Barclays boss rejects claim June 21, 2010 BARCLAYS president Bob Diamond was labelled “evasive” by a US judge yesterday as the legal clash between the British bank and parties representing Lehman Brothers intensified. Testifying before a bankruptcy court in Manhattan, Diamond accepted Barclays took Lehman Brothers’ US brokerage at a good price “in the context of the turmoil in the financial markets”, [...]
Cuts the best way to ensure growth June 21, 2010 TODAY is D-day for George Osborne; his first Budget, presented to Parliament at 12.30pm today, could be remembered as a turning point in modern British economic history. If he flunks it, Osborne is finished; if he pulls it off, stabilises the national debt, begins to unwind the excess of the Labour years and ensures that [...]
Renminbi awakens bulls June 21, 2010 WORLD stockmarkets began the week with a bounce as traders digested China’s decision to allow its currency, the renminbi, to appreciate modestly against the US dollar. Believing the move makes the prospect of a trade spat between Washington and Beijing less likely and increases China’s buying power in dollar terms, investors piled into equities and [...]
AgBank lines up sovereign funds June 21, 2010 Sovereign wealth funds from Qatar and Kuwait have agreed to invest $3.6bn (£2.4bn) as cornerstone investors in the $23bn initial public offering (IPO) of China’s Agricultural Bank. Singaporean wealth fund Temasek and Li Ka-shing, Hong Kong’s richest man, have also queued up for a slice of what is tipped to be the biggest flotation in [...]
Crédit Agricole bins French team June 21, 2010 Crédit Agricole has axed an advertising campaign starring the French World Cup squad following dire on-pitch performances and arguments between the players and coach. The bank cut short the adverts, due to run until 25 June, as other corporate sponsors voiced their anger at the team’s disarray.
