Greek bond delay fuels global fears February 25, 2010 FEARS that the global economy could slip back into recession deepened yesterday as Greece pushed back a crucial bond issue because of market jitters over a possible downgrade of its sovereign credit rating. Athens will wait until next week to tap gilt investors for up to €5bn (£4.4bn) on a 10-year bond, in what will [...]
Portsmouth falls victim to Premiership excesses February 25, 2010 DEBT-RIDDEN Portsmouth will officially become the first Premier League club to go into administration today. Owner Balram Chainrai took the decision after failing to strike a deal with four potential buyers in time for the winding-up order in the High Court on Monday. Portsmouth will now be docked an automatic nine points – a move [...]
Your chance to let politicians know what you really think February 25, 2010 THE City is the engine room of the British economy, but you wouldn’t know it from the policies of the main political parties. Few politicians are interested in reflecting or listening to the concerns of the hundreds of thousands of people who work in London’s business and financial sectors. With an election just weeks away, [...]
Green rules pushing up energy prices February 25, 2010 ENERGY prices are too high in Britain, even after the recent cuts in gas prices. But those tempted to join in the populist rage at British Gas-owner Centrica’s results yesterday – UK profits hit a new record, though global earnings fell – need to understand all of the forces at play. It is true that sometimes [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 25, 2010 FINANCIAL TIMES BASF CHIEF DAMPS HOPES OF RAPID ECONOMIC RECOVERY One of Europe’s leading industrialists damped hopes of a quick economic recovery yesterday when he warned of persistent overcapacity and at least two years of flagging growth in developed countries. JЯrgen Hambrecht, chief executive of BASF, the world’s largest chemicals group by revenues, said economic [...]
More Japanese firms recall cars February 25, 2010 Nissan, Suzuki and Daihatsu have joined Toyota in recalling vehicles over problems with their electronics. Fear is spreading through the industry after Prime Minister Yukio Hatoyama rebuked Toyota, angry at the damage to Japan’s brand as a reliable manufacturer.
Palm cuts outlook on weak sales February 25, 2010 Palm has slashed its revenue targets on weak demand for its smartphones, renewing concerns about its ability to compete against rivals like Apple and sending shares down 16 per cent. The warning came only weeks after Verizon Wireless began to sell Palm’s Pre and Pixi phones, suggesting that the addition of the sales partner was [...]
Glaxo boss gets £8m in rewards February 25, 2010 The chief executive of drugs developer GlaxoSmithKline has been given a 76 per cent pay rise after one year in the job. Andrew Witty took home more than £8m in total remuneration in 2009, a deal that could reawaken controversy surrounding the high pay levels enjoyed by his predecessor Jean-Pierre Garnier.
Probe into US banks’ Greek debt dealings February 25, 2010 GOLDMAN Sachs is among Wall Street banks being investigated for helping Greece mask its alarming financial woes, US Federal Reserve boss Ben Bernanke revealed yesterday. Bernanke said the Fed and the US Securities and Exchange Commission were “interested” in complex derivative deals arranged by the big banks for the previous Greek government. Goldman Sachs is [...]
Coca-Cola bottling unit eyes UK listing February 25, 2010 COCA-COLA yesterday bought the struggling US operations of its largest bottler for roughly $15bn (£9.75bn), including debt, in a deal that gives a London base for the European operations of the bottling operations, Coca-Cola Enterprises (CCE). Based in Uxbridge west London, where it employs 4,000 people, CCE may now be listed on the London Stock [...]
