GM will stick with plan to cut Opel costs November 8, 2009 General Motors (GM) will probably stick to a plan to cut costs at Opel by 30 percent after deciding to restructure the European subsidiary itself rather than sell it, Bob Lutz, a GM executive set to become Opel’s chairman, said yesterday. “The restructuring plan developed at the end of last year is still the basis [...]
GM executive tipped to head Jaguar Land Rover November 8, 2009 Carl Peter Forster, the European chief of General Motors, has been tipped as the next head of Jaguar Land Rover. Forster was unhappy about GM’s decision not to sell European subsidiary Vauxhall Opel to Canada’s Magna International and is expected to join Jaguar Land Rover within the next few months. The London born GM chief [...]
BAE warship division boosts GDP by millions November 8, 2009 BAE Systems will today reveal that its warship business added almost £600m to the UK economy and supported 15,000 jobs over the past 12 months. BAE Systems Surface Ships, formerly BVT Surface Fleet, contributed £231m directly to gross domestic product (GDP), with an additional £366m created in the wider economy through the knock-on effects of [...]
Tourists will fill West End November 8, 2009 CENTRAL London shops expect to receive a glut of foreign customers this winter, enticed to the capital by the current weakness of the pound. The New West End Company, which represents retailers in Oxford Street, Regent Street and Bond Street, is expecting a 5-10 per cent year-on-year increase in foreign shoppers over the festive period. [...]
US retail chains look to get a foothold in the British market November 8, 2009 VICTORIA’S Secret is crossing the Atlantic as part of a wave of US companies looking to establish a foothold in the UK and Europe. The US lingerie retailer is owned by Limited Brands, which has announced plans for international expansion. It follows news that Gap-owned Banana Republic, the smart-casual clothing chain which already has a [...]
Asda and J Sainsbury to battle it out in crunch time for grocers November 8, 2009 J Sainsbury and Asda will go head -to-head this week to show the City how they have been faring in the consumer downturn. Sainsbury’s, Britain’s third-biggest grocer, is expected to post a 16 per cent rise in first-half profits on Wednesday and warn of a tougher second half amid stiff competition. And Asda, owned by [...]
Buffett sees third quarter profits triple November 8, 2009 THE world’s second-richest man, Warren Buffett, has seen profits for his investment vehicle Berkshire Hathaway almost triple in the third quarter to $3.2bn (£1.9bn). Strong markets and derivatives gains in the three months to September, up from $1.1bn for the same period last year, have caused the improvement. It marks a strong recovery from a [...]
SMEs survive the recession November 8, 2009 SMALL and medium enterprises (SMEs) have proved more resilient to the recession than previously thought, according to new research published today by Kingston University. As a result of their greater flexibility and ability to adapt to changing conditions, the research found that nearly half of all SMEs were able to either maintain or increase their [...]
Tips for investors as caution returns to the market November 8, 2009 WE are still in the midst of an unprecedented rally in the global equity markets, although slightly more caution has been sneaking into the picture. What happens once the central banks exit their various stimulus programmes? Can we have a jobless recovery? How weak/strong is the real economy? I sat down with Bob Parker, vice [...]
Sugar considers ‘firing’ himself from adviser role November 8, 2009 Tycoon Alan Sugar, famous for his putdown “you’re fired” on the BBC’s “The Apprentice”, said he was considering firing himself from his government job after a backlash at comments he made about struggling small businesses. Blunt-speaking Sugar was recruited by Prime Minister Gordon Brown in June to take on a business advisory role, specialising in [...]
