Porsche boss axed as part of VW tie-up July 23, 2009 PORSCHE conceded defeat in a months-long power struggle with Volkswagen yesterday by axing its embattled chief executive, paving the way for VW to merge with the maker of the 911 sportscar. The luxury carmaker said Wendelin Wiedeking, its chief executive for the past 16 years and Germany’s best-paid executive, would leave the group immediately, along [...]
Swine flu growth doubles July 23, 2009 There have been 100,000 new cases of swine flu in the UK over the last week, according to the Department of Health. The number has doubled on last week. There are 840 people “seriously ill” with the virus, 63 of whom are being treated in intensive care. A hotline launched yesterday on 0800 151 3100.
Darling to meet with banks July 23, 2009 Chancellor Alistair Darling said yesterday that he plans to meet the country’s major banks individually over the next week or two to discuss the shortage of business finance. Darling said that more needs to be done to address the lending freeze. He added that the plunge in property prices appears to be levelling off, and [...]
AT&T beats expectations July 23, 2009 American telecoms giant AT&T yesterday reported a smaller-than-expected drop in quarterly profit and strong sales of Apple’s iPhone, which brought new customers to the carrier but hurt its mobile profit margin. The results, which sent AT&T shares up 1.65 per cent, underscored the importance of the Apple relationship to the firm, which heavily subsidises the [...]
DOES THE LATEST RETAIL SALES DATA MARK A RETURN TO GROWTH? July 23, 2009 ALAN CLARKE BNP PARIBASOverall, consumer spending has probably troughed. Low mortgage payments have been helpful as has slowing inflation. However, with wage growth slowing, employment falling and consumers still cautious, we doubt that today’s increase marks a return to rampantspending growth. DAVID KERN BRITISH CHAMBERS OF COMMERCEThis is positive news that supports our assessment that [...]
Mortgage approvals rise but consumers remain cautious July 23, 2009 UK MORTGAGE approvals rose to their highest level in June since March 2008 as the housing market shows signs of improvement and credit conditions are easing, according to data from the British Bankers’ Association (BBA) released yesterday. Figures from the BBA showed that mortgage approvals climbed to 35,235 in June from 31,919 in May. David [...]
Hot weather adds sizzle to retail sales July 23, 2009 UNUSUALLY hot weather and aggressive discounting by retailers fuelled a surge in retail sales last month, official data from the Office for National Statistics (ONS) showed yesterday. Figures from the ONS revealed that total retail sales rose by 1.2 per cent in June on the previous month, putting the annual rise on a seasonally-adjusted basis [...]
Lonmin rebuilds while sales fall July 23, 2009 Lonmin, the world’s third-biggest platinum producer, posted a one per cent fall in third-quarter refined platinum sales and said its troublesome number one furnace would need another rebuild. Lonmin, which has a history of problems with processing, said it restarted the furnace on 15 July after a 30-day shutdown, but slag leaks occurred.
Rail network to be electrified July 23, 2009 The government yesterday unveiled plans to spend £1.1bn to electrify more of its rail network, helping to cut carbon emissions and speed up journeys. Only a third of Britain’s rail network is currently electrified, far less than other European countries. The government said the proposals would help employment and industry including tourism and freight, boosting [...]
Desmond loses libel case July 23, 2009 Richard Desmond, the owner of Express Newspapers, yesterday lost his libel case against author Tom Bower. Desmond claimed that Bower defamed him in a biography of Canadian tycoon Conrad Black, the former Telegraph boss, and had damaged his business reputation. But a High Court jury returned a majority verdict rejecting his claim.
