UK may be deeper in recession than previously feared May 11, 2012 The Office of National Statistics (ONS) has revised construction figures for the first quarter of 2012 downwards, suggesting that on its measure the UK economy may be even deeper in recession than was feared. New data showed that construction output slumped 4.8 per cent in the first quarter, a downward revision from the intial estimate [...]
Nissan’s new models help it hit record sales May 11, 2012 Motor giant Nissan today announced a one-third jump in quarterly profit and projected a 28 per cent rise in the year ahead, driven by brisk sales in most major markets and the launch of ten new models around the world. Nissan has outshone domestic rivals in the past year as chief executive Carlos Ghosn has [...]
John Lewis sales rise May 11, 2012 Department store chain John Lewis posted another double-digit rise in sales last week as the nation’s wet weather proved favourable for its key household goods business. The employee-owned retailer said on Friday its sales increased 18.3 percent year-on-year to £64.3m in the week to May 5. April was Britain’s wettest since records began and the [...]
British Airways owner sees losses grow May 11, 2012 International Airlines Group, formed by the merger of British Airways and Iberia, said first quarter losses more than doubled as higher fuel costs and weakness in Spain helped wipe out any benefits from rising revenues. The company reported an operating loss of 249m euros (£199.65m) before exceptional items, up from a 102m euro loss a [...]
Shareholder Spring claims new casualties May 10, 2012 THE SHAREHOLDER Spring continued to blossom yesterday as investors rejected another executive pay settlement. Pendragon, Britain’s leading car dealer, was forced to back down on plans to increase its directors’ pay packets after 67 per cent of shareholders voted against its remuneration report. Meanwhile almost half of Trinity Mirror investors voted against the proposed pay [...]
JPMorgan admits $2bn loss from failed hedge May 10, 2012 JPMORGAN CHASE, America’s largest bank, admitted late last night that it had taken an unexpected $2bn (£1.2bn) loss after a hedging strategy failed. In a hastily arranged conference call chief executive Jamie Dimon told analysts that the mistakes were “egregious” and that it was a “bad strategy, badly executed and poorly monitored”. “It could get [...]
Creditors could face huge losses in Greek euro exit May 10, 2012 THE first polls since Greeks headed to the election on Sunday showed a dramatic rise in support for anti-bailout party Syriza yesterday, indicating the far left party would now be the biggest party if the new elections were held. The findings saw the party’s support grow to 27.7 per cent, up from 16.78 per cent [...]
US shareholders have slashed CEO pay by 38pc since 2000 May 10, 2012 IT is often said that the problem with the pay of UK CEOs is that they are becoming too much like their American counterparts. The argument is that – supposedly – US bosses have seen their pay spiral out of control, especially in recent years, and that their British counterparts are now following suit. But [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 10, 2012 FINANCIAL TIMES Qatar targets 10 per cent of Xstrata Qatar’s sovereign wealth fund plans to buy at least 10 per cent of Xstrata as part of a long-held strategy to invest in Glencore, suggesting the Gulf state could provide crucial support to the pair’s $90bn merger deal. Several of Xstrata’s shareholders said they would oppose [...]
Markets expect more pain to come in Spain May 10, 2012 ANALYSTS do not think that the measures announced by Spain’s government today to shore up its banking system will be enough. Madrid is expected to unveil a plan to improve the strength of its banks, which the Bank of Spain has estimated are saddled with €184bn (£148bn) of dodgy property loans made during the bubble. [...]
