UK closes in on Typhoon deal November 7, 2012 The UK has made “extremely encouraging” progress in securing an order from the United Arab Emirates for 60 Typhoon fighter jets made by BAE Systems, a British defence source said yesterday. “There is a political agreement. Clearly there are a lot of details to be worked through, but it is extremely encouraging,” the source said, [...]
Justin Welby new Archbishop of Canterbury November 7, 2012 JUSTIN Welby, Bishop of Durham, is expected to be unveiled as the next Archbishop of Canterbury, replacing current Church of England boss Rowan Williams, and pipping Archbishop of York John Sentamu to the post. Welby is a 56-year old Old Etonian and Cambridge graduate, who opposes same-sex marriage and was enthroned as a bishop just [...]
Unemployment to rise again in Europe in 2013 November 7, 2012 THE EUROZONE’S economy will barely grow at all next year, the European Commission warned yesterday, slashing its previously upbeat growth projections. Official forecasts now put 2013’s growth at just 0.1 per cent, well short of the one per cent predicted in May. That gloomy outlook means government debts will keep rising more quickly than expected [...]
ING announces 2,350 job losses as it trims insurance operations November 7, 2012 DUTCH financial group ING will cut more than 2,000 jobs over the next two years as it prepares to separate its banking and insurance operations. The job losses are made up of 1,350 of its 12,000 staff in European insurance operations, and 1,000 of its 10,500 commercial banking employees worldwide. That is thought to include [...]
CBI demands more state aid for businesses November 7, 2012 A NEW industrial policy would help the economy grow by boosting exports, a leading business group claims in a report out today. The Confederation of British Industry (CBI) said it does not want the government to return to a policy of “picking winners” – but it does think some support for selected industries would help [...]
Earnings double as BNP recovers from Greek woe November 7, 2012 FRENCH banking giant BNP Paribas defied the Eurozone crisis to double earnings in the third quarter, according to financial results published yesterday. The bank reported net profits of €1.32bn (£1.05bn) in the three-month period – up 144 per cent on the €541m recorded in the third quarter of 2012. That is in part a rebound [...]
Munich Re targets €3bn profit as investment income surges November 7, 2012 MUNICH RE yesterday raised its target profit for 2012 to €3bn (£2.4bn), thanks to an absence of large disasters and a strong investment performance. The world’s biggest reinsurer also announced that third quarter consolidated profit was €1.1bn – up from €290m for the same period last year – in part thanks to a 65 per [...]
Burberry chief against female board quotas November 7, 2012 BURBERRY boss Angela Ahrendts yesterday spoke out against imposing quotas for women on boards as the luxury fashion brand reported better-than-expected half year profits. Ahrendts, who has been at the helm of Burberry since 2006, is one of only two women running FTSE 100 firms after Cynthia Carroll announced last month she is to step [...]
Apple shares hit a five-month low as it loses Facetime battle November 7, 2012 SHARES in Apple slumped to a five-month low yesterday after it was ordered to pay $368m (£230m) over a US patent dispute over its Facetime video calling service. Although the fine, paid to Connecticut company VirnetX, is small compared to Apple’s $120bn cash pile, the ruling could affect future use of the technology in Apple’s [...]
Shareholders win battle to oust Quarto founder from the board November 7, 2012 REBEL shareholders yesterday won a drawn-out battle to oust Quarto chairman and chief executive Laurence Orbach from the board of the publishing house, with industry veteran Tim Chadwick to take his place. At the special meeting forced by activist investor Harwood Capital, shareholders voted in favour of removing Orbach, Quarto’s largest shareholder, who founded the [...]
