Lost order could cost BAE £150m September 22, 2010 BAE Systems could lose up to £150m from a cancelled order for three offshore patrol ships, after Trinidad and Tobago said they wanted to back out of the deal. The first of three ships, which are built in portsmouth, was set to be delivered within the coming weeks but the defence group received notification from [...]
McDonalds to sell lattes to Brits September 22, 2010 Fast-food retailer McDonald’s is to target the rapidly expanding British coffee market by selling espresso-based drinks alongside Happy Meals and Big Macs. McDonalds said it sold 84m cups of coffee last year and, since re-launching its coffee business three years ago, sales have jumped 39 per cent. The food chain expects to cash in on [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 22, 2010 FINANCIAL TIMES SIEMENS PROMISES WORKERS JOBS FOR LIFE Siemens’ German workers have struck a deal that will see their jobs secured indefinitely, in an arresting move that highlights how the financial crisis has triggered a fresh consensus between labour and management in corporate Germany. The engineering group said it had sealed an agreement with its [...]
PotashCorp sues BHP over hostile offer September 22, 2010 CANADIAN fertiliser firm PotashCorp yesterday buttressed its defences against BHP Billiton’s hostile $39bn (£24.9bn) bid, filing a lawsuit against the miner in an Illinois federal court. The suit came as BHP’s chief executive Marius Kloppers faced the scrutiny of investors over his $11.3m paycheque for the past financial year – a 9 per cent increase [...]
HSBC says Geoghegan did not threaten to quit September 22, 2010 HSBC dismissed suggestions its chief executive Michael Geoghegan threatened to quit unless he was elevated to the role of chairman. The firm branded the speculation “offensive”, saying Geoghegan, who has been at the bank 37 years, has no intention of stepping down. A spokesman said: “It is nonsense that Mike threatened to resign unless he [...]
Gilts rally after Fed opens door to more stimulus September 22, 2010 YIELDS on UK government bonds saw their sharpest fall in 18 months, after the US?Federal Reserve said it was open to a new round of quantitative easing (QE) to help revive the flagging American economy. The yield on the benchmark 10-year gilt dropped by 15 basis points to 2.97 per cent, the biggest drop since [...]
Post workers to own 10pc of Royal Mail September 22, 2010 AT least 10 per cent of Royal Mail will be owned by employees when the postal service is eventually privatised, Vince Cable announced yesterday. Speaking at the Liberal Democrat conference in Liverpool, the business secretary said Royal Mail’s 155,000 workers would benefit from the “largest employee shares scheme of any privatisation for 25 years”. He [...]
Fallon named as deputy chair of Tory party September 22, 2010 MICHAEL Fallon, a former government minister under John Major, was last night appointed as the deputy chairman of the Conservative party. He will replace Lord Ashcroft, the peer who resigned from the post earlier this week after publishing a withering critique of the Tory election campaign. Fallon, a well-respected MP who served as a whip [...]
PM said to be relaxed about Cable speech September 22, 2010 DOWNING Street said it was relaxed with Vince Cable’s claim that “capitalism kills competition” yesterday, although it stopped short of saying it agreed with the business secretary. David Cameron’s aides cleared Cable’s speech in advance, but they did not apparently know that his advisers would leak only the most incendiary passages to the press. The [...]
Shining light on a murky regulatory review September 22, 2010 WHEN Vince Cable told the Liberal Democrat conference, “I am shining a harsh light into the murky world of corporate behaviour,” that was his cryptic way of announcing to the nation a comprehensive regulatory review. With potentially far-reaching impact, this rather shadowy proposal deserves more light than Cable gave it in his remarks. The detailed [...]
