New orders slide at Siemens July 26, 2012 Manufacturing giant Siemens yesterday posted a 23 per cent drop in quarterly new orders, steeper than expected, as customers wary of Europe’s debt crisis increasingly refrained from making investments. Order intake – a barometer of future sales – declined to €17.8bn (£13.9bn) in the third quarter, missing a €19.5bn forecast. Profit at at the firm’s [...]
Promethean boss steps down July 26, 2012 The boss of education technology specialist Promethean World is leaving the business to pursue a new challenge, it was announced yesterday. Jean-Yves Charlier, the US-based chief executive of the Blackburn classroom interactive whiteboard supplier, revealed his intention to quit as the company revealed half year operating losses of £148.5m, compared with a profit of £4.1m [...]
PwC fields team of athletes from across the globe July 26, 2012 ACCOUNTANTS may not be well known for their daredevil spirit or attention grabbing antics, but several employees of big four firm PwC are doing their best to prove the stereotypes wrong. First up, Iain Mackay – part-time PwC trainee, part-time Team GB Hockey hero. The midfielder’s dedication to his sport has seen him undertake intensive [...]
Torch comes to the City July 26, 2012 THE Olympic torch made its way through the City yesterday, setting off from Camden and pausing at St Paul’s and the Museum of London before continuing to Trafalgar Square and Downing Street. During the day it was carried by (clockwise from above left): Daniel Mccubbin at St Pancras, M&S chairman Robert Swannell, Esa-Pekka Salonen, conductor and composer of [...]
Airline orders boost profits for Rolls-Royce July 26, 2012 ROLLS-ROYCE posted a better-than-expected seven per cent rise in first-half profit yesterday, driven by increased production at planemakers Airbus and Boeing who are responding to growing demand from airlines for new fuel-efficient planes. Rolls, the world’s second-largest maker of aircraft engines behind US group General Electric, reported an underlying pre-tax profit of £637m for the [...]
SABMiller chief weathers storm as one in four revolt over pay July 26, 2012 SABMiller escaped a shareholder revolt on executive pay yesterday, although one in four votes at the brewer’s annual meeting opposed bosses’ remuneration packages. Despite investor advisory body Pirc urging shareholders to vote against electing chief executive Graham Mackay to executive chairman, all motions at yesterday’s annual meeting were carried, with 77.3 per cent of votes [...]
OECD boss says Osborne and cuts must stay July 26, 2012 THE secretary-general of the OECD yesterday backed the UK government’s deficit-reduction plans, saying that chancellor George Osborne should maintain his resolve in the face of opposition. When asked on Radio 4’s Today programme what he would say to Osborne following the crash in GDP, Angel Gurria said he’d tell him to “stay the course”, claiming [...]
Citi: Greece is 90pc likely to leave the euro July 26, 2012 GREECE now has a 90 per cent chance of exiting the Eurozone in the next year and a half, according to increasingly gloomy economists at Citigroup yesterday. Chief economist Willem Buiter wrote in February that the chance of a Greek exit was 50-50, but has become more pessimistic amid a worsening Eurozone economy. Buiter said [...]
Ifo puts a price tag on Grexit for core nations July 26, 2012 GERMANY and France will lose €82bn (£64bn) and €62bn respectively if Greece crashes out of the Eurozone, German research unit Ifo claims. However, the cost of Greece defaulting on its debt but remaining in the currency union is even steeper, with expected losses of up to €89bn and €67bn for the core Eurozone nations. Ifo’s [...]
Employment data raises hopes that US economy is improving July 26, 2012 THE number of Americans filing new claims for jobless benefits fell last week to near a four-year low but an unusual pattern for summer factory shutdowns kept hopes in check that the weak labor market was improving. The labour market has suffered three months of sub-100,000 job growth as the economy slowed amid a cloud [...]
