TORIES WANT AUTUMN CUTS February 24, 2010 SHADOW chancellor George Osborne yesterday laid out his strategy to cut the UK’s £178bn deficit should the Tories win the general election, with public sector spending and key government departments likely to face deep cuts. Osborne delivered the annual Mais lecture in the City and warned that financial markets will panic unless a “credible” plan [...]
Dark days remain for Reuters February 24, 2010 THOMSON Reuters’ fourth-quarter profits plummeted 68 per cent amid tough trading conditions. Profits were down to just $182m (£118m). Excluding costs related to the merger with Thomson, profits declined 16 per cent to $661m. Revenue was down one per cent to $3.36bn. Results for the year saw revenue remain steady on 2008 figures while underlying [...]
More trouble for US F1 after major investor pulls out February 24, 2010 FEARS over the future of US F1 grew further last night after a major sponsor decided to withdraw its support. The North Carolina-based outfit have already asked the sport’s governing body, the FIA, to explore the possibility of missing the first four races of the season due to a lack of cash. But their problems [...]
SPORT | IN BRIEF February 24, 2010 Nicholls rap for McCoy critics RACING: Paul Nicholls has dismissed suggestions that Tony McCoy shouldn’t ride Denman in next month’s Cheltenham Gold Cup as “nonsense” and “twaddle”. McCoy came in for criticism last month after being unseated by the 2008 Gold Cup hero in the Aon Chase at Newbury. But Nicholls said: “It’s the biggest [...]
EU-wide maternity plans would cost Britain £2bn February 24, 2010 CONTROVERSIAL plans to introduce a Europe-wide standard on maternity leave would cost Britain £2bn per year, business leaders warn. MEPs have backed a minimum period of 18 weeks’ maternity leave on full pay, a huge extension of the six weeks currently available at 90 per cent pay in the UK. Labour ministers were urged not [...]
GM Hummer deal collapses February 24, 2010 General Motors is to wind down operations of its Hummer vehicles – after failing to complete a planned takeover by a Chinese firm. GM agreed to sell the brand last year, as it offloaded famous names it owned and went into bankruptcy protection. It said it was “disappointed” that the deal could not be completed. The [...]
Ethel Austin closes 114 stores February 24, 2010 More than 1,000 staff at Ethel Austin lost their jobs yesterday after the stricken fashion retailer’s administrator was forced to close 114 stores. The move came after the Merseyside-based chain, together with Au Naturale, its homewares sister company, fell into administration this month, for the second time in two years, after poor Christmas trading and [...]
Freddie Mac seeks fresh funds February 24, 2010 Freddie Mac, the second-largest provider of US residential mortgage funds, yesterday said it lost $7.8bn in the fourth quarter and warned it would need to tap more government funds this quarter as the housing market remains fragile. The government-controlled entity said its loss came as rising defaults kept credit-related expenses elevated at $7.1bn and as [...]
Northern Rock set to pull state guarantees February 24, 2010 GOVERNMENT guarantees on retail savings in Northern Rock, implemented in late 2007 to protect customer deposits in the wake of a panic-fuelled run on the bank, are to be pulled from the end of May, the Treasury confirmed yesterday. The withdrawal follows the restructuring of the now-nationalised bank into a “good” and “bad” bank at [...]
Skipton to merge with rival mutual society Chesham February 24, 2010 SKIPTON Building Society is to merge with its smaller rival Chesham, the mutual said yesterday, as it unveiled a bumper rise in annual profits and defended its contentious decision to hike its standard variable mortgage rate (SVR). Skipton said the merger would take its branches from 89 to 92 and gave a guarantee that it [...]
