Government helps drive up Chinese vehicle sales July 9, 2009 CAR sales in China jumped emphatically by 48.5 per cent for the month of June, bucking the worldwide trend, the Chinese Association of Automobile Manufacturers announced yesterday. China recently overtook the US to become the world’s largest car market, and the nation’s thriving industry stands in stark contrast to car markets in the West which [...]
GRINDING DOWN July 9, 2009 ADMINISTRATOR KPMG yesterday said 10 of the 20 outlets directly owned by coffee chain Coffee Republic had shut their doors with the loss of 66 jobs. The group collapsed into administration on Tuesday after it was hit by consumers scaling back on discretionary spending. KPMG yesterday said it was now in talks with potential buyers [...]
Madoff declines chance of appeal July 9, 2009 Imprisoned fraudster Bernard Madoff is not going to appeal his sentence. The 71 year old conman is set to serve 150 years behind bars for orchestrating a worldwide investment fraud, with documented client losses for thousands of clients thought to be up to $65bn (£39.7bn). The disgraced financier’s defence attorney, Ira Sorkin, did not give [...]
Netplay does deal with Playtech July 9, 2009 Interactive TV gambling specialist Netplay has raised £12.8m in a placing of shares discounted by 10 per cent from their closing price the day before, and has signed a five year agreement to supply Netplay games on the Playtech technology platform. Chief executive Martin Higginson said: “This agreement will allow us to deliver our products [...]
Sweden extends aid for banks July 9, 2009 Sweden has extended its programme of capital injections into banks until February 2010, warning that the impact of the financial crisis is still being felt. Financial markets minister Mats Odell said the government wanted to ensure that companies and individuals have access to secure loans under reasonable conditions. The Swedish government unveiled a 50bn kronor [...]
F1 breakaway still an option July 9, 2009 Formula One teams yesterday said progress had been made towards ending the sport’s internal turmoil but warned the governing body a breakaway championship remained an option. “We still don’t have an agreement although I would say we are making progress, slowly but steadily,” said BMW-Sauber’s Mario Theissen.
Allen & Overy rakes in 1bn despite crisis July 9, 2009 LEGAL giant Allen & Overy (A&O) has today revealed it raked in revenues of £1bn over the last financial year, 7 per cent higher than last year, although its profits per partner fell amid a “challenging” business environment. The firm, which in February revealed a 450-job cut to align itself with the shrinking size of [...]
Jarvis extends loan facilities July 9, 2009 JARVIS, the rail services group, said yesterday it had been granted extended banking facilities until 2011. But the deal with Burdale Financial Limited, a subsidiary of Bank of Ireland and Bank of America, will see its asset backed loan facility reduced to £50m from £60m. Jarvis, which has contracts with National Rail including signalling projects, [...]
Robert Wiseman bullish after milk contract wins July 9, 2009 SCOTTISH dairy group Robert Wiseman said yesterday performance for the first quarter rose 8.5 per cent on the same period last year, thanks to a number of new contract wins. The firm took on three large milk supply contracts with the Co-op and two Spar wholesalers, Cappers and Blakemore. Robert Wiseman plans to increase capacity [...]
Revival in German and UK trade July 9, 2009 BRITAIN’S trade deficit narrowed in May to £2.2bn from £3bn the previous month, according to official data published yesterday. Figures from the Office for National Statistics (ONS) showed that the UK’s deficit on trade in goods in May was an estimated £6.3bn, while trade in services remained at £4.1bn. In Germany, exports recovered slightly in [...]
