Eurozone set for 2012 recession February 16, 2012 The European Central Bank’s survey of professional forecasters predicts economic contraction of 0.1 per cent in 2012 for the Eurozone, followed by growth of 1.1 per cent in 2013. Previous forecasts had expected to see growth of 0.1 per cent this year and 1.2 per cent in 2013. The average forecaster now expects to see [...]
Ex-Olympus boss in plea for answers February 16, 2012 THE BRITISH former president of Olympus has demanded answers from auditors and Japanese regulators after the arrest of seven bankers and executives linked to the disgraced camera giant. Michael Woodford, who was fired after exposing the $1.7bn (£1.08bn) accounting scandal, hailed the arrests as a moment of “vindication” and told City A.M. that more questions [...]
Reed Elsevier leads FTSE 100 risers on profits leap February 16, 2012 REED Elsevier was the highest riser in the FTSE 100 yesterday, jumping almost three per cent as the publishing group reported a profit increase of 18 per cent to £760m. Chief executive Erik Engstrom assured investors the company will not make any significant divestments as each of its five businesses grew underlying revenues in 2011 [...]
UK set to sign nuclear deals with France February 16, 2012 DEALS worth more than £500m to advance the UK’s nuclear power programme are due to be signed today, as Prime Minister David Cameron and other ministers meet with President Nicolas Sarkozy in Paris. Cameron said the summit “will signal our shared commitment to the future of nuclear power”. The deals, which are expected to create [...]
BAE profits in decline after budget cuts February 16, 2012 BAE Systems yesterday reported a seven per cent fall in full year profits as US and UK military budgets were slashed. Europe’s largest military contractor saw revenues slip by 14 per cent last year and forecast flat sales for 2012. Among the problems hitting the company was the US army cutting supply orders following its [...]
A victim of lowered military ambitions February 16, 2012 Next year we are to bring the soldiers home For lack of money, and it is all right. Places they guarded, or kept orderly, Must guard themselves, and keep themselves orderly. We want the money for ourselves at home. SO wrote the great post-war poet Philip Larkin in his 1969 poem Homage to a Government, [...]
Baidu beats Street forecasts as more surfers in China use its site February 16, 2012 CHINA’S top search engine, Baidu, beat Wall Street’s earnings estimates last night as its revenue grew more than 80 per cent year-on-year in the fourth-quarter. Shares of New York-listed Baidu were up more than two per cent in after-hours trading. Baidu reported fourth-quarter net income of $326.3m (£206.5m), on revenues of $710.9m. The firm has [...]
Fears GM will press brakes on Vauxhall February 16, 2012 GENERAL Motors has laid the ground for cuts to its Vauxhall operation in Britain as it posted another heavy loss in Europe despite record global profits. Dan Ammann, chief financial officer of the Detroit carmaker, described last year’s $747m (£472.7m) European loss, including $562m in the final quarter, as “unacceptable”. He said the company is [...]
Iceland founder lines up banks to help bid effort February 16, 2012 ICELANDIC banks Landsbanki and Glitnir have helped Malcolm Walker and other execs beat private equity firms to exclusive talks to buy Iceland Foods, a deal that values the retailer he founded at £1.55bn. The two banks are said to be providing Walker with a £250m loan. That makes his offer more valuable and helped beat [...]
Cameron urges Scots to stay within the UK February 16, 2012 DAVID Cameron yesterday delivered a plea to Scots in defence of the UK, enticing Scotland to reject independence with an offer to devolve more power to Edinburgh. The Scottish National Party want to hold a referendum on full independence in 2014 but the Prime Minister is desperate to keep the union intact. Cameron took his [...]
