Tesco beats forecasts with 1.4bn profits October 6, 2009 TESCO chief executive Sir Terry Leahy yesterday said that the UK was “past the low point” of the slump as he unveiled bumper profits and sales. Britain’s biggest retailer said that group sales had jumped 8.3 per cent to £30.4bn during the 26 weeks to 29 August – meaning the giant supermarket chain was ringing [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 6, 2009 FINANCIAL TIMESDUBAI WORLD DEBT DECISION NEARSCrunch time is approaching for Dubai World as the government is nearing a decision on how much money it can apportion to deal with the holding company’s estimated $22bn debt pile, most of which is held by one of its subsidiaries, the developer Nakheel. The Dubai Financial Support Fund is [...]
Hopes for earnings see Wall Street rise October 6, 2009 WALL Street stocks rose yesterday amid signs the global economy was recovering and optimism that corporate earnings reports will beat expectations. The economic optimism spurred gains in energy and other commodities, lifting shares of oil and resource companies. Shares of Exxon Mobil rose 1.6 per cent to $68.66 and were among the top gainers on [...]
BA axes 1,700 cabin crew as losses mount October 6, 2009 BELEAGUERED British Airways yesterday said 1,000 of its cabin staff have agreed to take voluntary redundancy, with another 3,000 moving from full-time to part-time work – the equivalent of 1,700 full-time job cuts. The carrier has been on a massive cost-cutting drive to return to profitability, with chief executive Willie Walsh and finance director Keith [...]
Turner: keep watch on foreign banks October 6, 2009 HOST states should be allowed to take “proportionate and measured” steps to restrict activities of bank branches if weaknesses are not adequately addressed by the home regulator, Financial Services Authority chairman Lord Adair Turner said yesterday. Speaking about the collapse of the Icelandic banks and the repercussions that had in the UK, he said host [...]
CITcreditors ask for better terms October 6, 2009 Bondholders in CITGroup, the stricken USlender, last night asked the firm to sweeten the terms of a planned debt-for-equity swap. Little Bear Investments, one of the bondholders, led calls for the firm to offer more if it wants the creditors to agree to ease their terms under a pre-packaged bankruptcy plan.
GREENSHOOTS October 6, 2009 HSBC chairman Stephen Green was at odds with his chief executive yesterday, declaring he believes the worst of the economic crisis is over. Green told Bloomberg: “The world economy has found a bottom.” Earlier in the week chief executive Michael Geoghegan said he expected a second downturn.
Former Boris deputy sentenced October 6, 2009 A former deputy to Mayor of London Boris Johnson was given a suspended jail sentence for “flagrantly and arrogantly” misusing his expenses. Ian Clement, 44, had admitted using his City Hall corporate credit card to buy lunches for himself and his lover. He was given a 12-week jail term, suspended for 18 months, and community [...]
Mongolia signs huge copper deal October 6, 2009 MONGOLIA is set to become a leading copper exporter after signing an agreement to develop a huge deposit near the Chinese border. The country has signed up with mining companies including Rio Tinto to mine Oyu Tolgoi, a copper-gold deposit in the south Gobi desert. The project’s earnings stand to make up one third of [...]
Lloyds and Barclays facing suit October 6, 2009 Lloyds and Barclays are facing a group legal action from mortgage borrowers who took out shared appreciation mortgages (SAMs) where they released equity from their houses. The High Court has granted an order for the group of more than 300 to sue the banks on the basis the products were unfair.
