Moody’s calls for US to scrap debt ceiling to shore up bonds July 18, 2011 Ratings agency Moody’s has suggested the United States should eliminate its statutory limit on government debt to reduce uncertainty among bond holders. The United States is one of the few countries where Congress sets a ceiling on government debt, which creates “periodic uncertainty” over the government’s ability to meet its obligations, Moody’s said in a [...]
Philips records £1.1bn loss July 18, 2011 Philips has recorded 1.3bn euros (£1.13bn) quarterly net loss, and has said it will cut costs by 500m euros. It said the slower-than-expected economic recovery had taken its toll on the company. A year ago it made a net profit of 262m euros. Writedowns at its healthcare and lighting divisions came to 1.4bn euros. It [...]
Glencore buys Peru copper assets July 18, 2011 Commodities giant Glencore is buying a 70 per cent stake in copper businesses in Peru. Marcobre, which owns the Marcona Copper property and the Mina Justa exploration and development project, had a price tag of $475m (£295m). The the acquisition is expected to be completed in October. “Mina Justa would ideally complement Glencore’s existing polymetallic [...]
SThree to pay dividend after profit jump July 18, 2011 Recruiter SThree reported a 21 per cent rise in first-half profit and said it would pay a special dividend after seeing a recovery across its markets. SThree, which finds jobs for IT professionals in the finance, energy and healthcare sectors in Britain, Europe and Asia, posted a gross profit of £90m for the six months [...]
Met chief quits July 17, 2011 THE Metropolitan Police chief sensationally quit last night as the phone hacking scandal spread to the top of the UK establishment to claim its most high-profile scalp yet. The shock resignation came just hours after former News International boss Rebekah Brooks was arrested over her role in the affair, taking the total number of arrests [...]
Stress tests criticised after they fail to examine sovereign default July 17, 2011 EUROPE’S stress tests were too lenient and are sending analysts down a series of “blind alleys” rather than providing the clarity needed to calm the region’s fraught markets, experts have warned. The results of the tests, released on Friday, saw just eight out of 90 banks fail to maintain sufficient capital in an “adverse” scenario [...]
Rescue plan for care home July 17, 2011 INVESTORS in Southern Cross are working on an audacious plan to rescue the stricken care homes group from closure. Last week, Southern Cross’ shares were suspended and it said it would wind itself up. Sources told City A.M. the plan to rescue parts of the business would involve raising £50m in new funds; securing a [...]
Our free press must not be censored July 17, 2011 ALL too predictably, some politicians and powerful individuals with an interest in a servile media are using the hacking crisis to cripple freedom of speech, to advance their own ideological agendas and to damage commercial journalism. First, let me reiterate that this newspaper, which is independent and not part of any media group, would never [...]
Harry Potter nets £300m July 17, 2011 THE final Harry Potter film has shattered worldwide box office records with $476m (£295m) in global ticket sales since it opened last week. And the $168.6m US and Canadian takings for “Harry Potter and the Deathly Hallows — Part 2” is the best three-day opening for a film ever, distributor Warner Bros said yesterday. It [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 17, 2011 FINANCIAL TIMES TESCO TO TRIAL LOYALTY CARD AT US OPERATION Tesco is poised to trial a version of its successful Clubcard loyalty scheme in the US, as it strives to stem losses at its Fresh & Easy chain. Tim Mason, chief executive of Fresh & Easy, said the business, which currently has 176 stores and [...]
