Network Rail profit slides as debt rises June 3, 2010 NETWORK Rail’s pre-tax profits dropped by more than 75 per cent last year, amid a reduced budget and rising debt pile. The owner of the British rail system lost eight per cent of revenue, down to £5.67bn, in the last financial year due to a reduced government grant and a fall in track charges paid [...]
Former Yahoo boss lands plum ITV job June 3, 2010 FORMER European Yahoo executive Fru Hazlitt is to join ITV to run the broadcaster’s TV and online sales business in a move designed to better link the company’s different platforms. Hazlitt, who previously ran the radio group GCap Media and commercial operations for Yahoo in the UK and Europe, will take up the newly-created role [...]
Christie’s and Sotheby’s set for record sales June 3, 2010 RIVALS Christie’s and Sotheby’s are expecting to hold their biggest ever London sales later this month, reflecting growing confidence in the art market boom. Christie’s announced yesterday it was offering a 1906 Monet water-lily painting worth an estimated £30m to 40m –?the same price as a Blue Period portrait by Pablo Picasso. The pair, plus [...]
CITY MOVES | WHO’S SWITCHING JOBS June 3, 2010 Deloitte The business advisory firm has appointed Vince Niblett as the new global leader of Deloitte Touche Tohmatsu’s audit and enterprise risk services practice. Niblett originally joined Deloitte in 1980 and has since been seconded to a number of assignments across the globe, including posts in Australia, Luxembourg, the Middle East and South America. He [...]
Cemex hit by slumping euro June 3, 2010 Mexico’s Cemex, the world’s third-largest cement maker, blamed the slumping euro yesterday for a five per cent cut in its forecast of earnings before interest, taxes, depreciation and amortisation for 2010. Chief executive Lorenzo Zambrano said Cemex expects EBITDA of $2.75bn this year and free cash flow, after maintenance and capital expenditures, of $800m.
France Telecom, TDC kill merger June 3, 2010 France Telecom and Danish telecom group TDC yesterday abaondoned a proposed deal to merge their Swiss operations to take on market leader Swisscom after competition regulators rejected it as bad for consumers. In April, Swiss regulators blocked the proposed deal on the grounds that it would create a two-player market in which the companies would [...]
Cabin crew strike costs BA £7m a day June 3, 2010 BRITISH AIRWAYS (BA) has lost roughly £98m during the last fortnight as a result of the cabin crew strike, which has seen the airline’s passenger capacity fall six per cent. BA flew 392,000 less customers last month – a 14.2 per cent drop from last year as a result of the strike. The airline faced [...]
Sportingbet eyes a US settlement June 3, 2010 ONLINE gaming firm Sportingbet is hoping to agree a settlement with the US authorities before the end of the year to protect it from the threat of prosecution, chief executive Andrew McIver said yesterday. “I would hope for something in this current year. It’s definitely progressing and every day we move closer and closer,” McIver [...]
STMicro bullish on 2010 demand June 3, 2010 DIVERSIFIED semiconductor maker STMicroelectronics is enjoying strong demand for the third quarter and a normal build-up of orders for the fourth quarter, its chief executive said yesterday. The world’s fifth-largest chipmaker also said during a company presentation to investors in London it was on track to meet its target of 6-12 per cent sales growth [...]
AIR PARTNER’S TRADING TAKES OFF June 3, 2010 PRIVATE aircraft broker Air Partner, said yesterday it expects like-for-like profits to be ahead of company expectations this year. The group said the forecast, excluding associated re-structuring costs at its now closed unit the Private Jet Operating Company, were a result of improved trading conditions which were hit hard by the recession.
