BP spill bill hits $3.5bn July 12, 2010 BP, which is making progress with a new containment system for its ruptured well in the Gulf of Mexico, has said the cost of the spill had risen to about $3.5bn (£2.3bn). It also said more than 52,000 payments have been made to claimants, totalling almost $165m. About 105,000 claims had been submitted, it added. [...]
Companies cut marketing budgets July 12, 2010 COMPANIES cut their marketing budgets in the second quarter, new figures have shown. The survey of around 300 British companies for the IPA/BDO Bellwether report found that advertising budgets for nearly all categories were revised down. “The downward revision to marketing budgets in the second quarter is disappointing as it fails to build on the [...]
Thomas Cook buys German tour group for €30m July 12, 2010 HOLIDAY group Thomas Cook has bought German tour operator Oger for €30m (£25.2m). Oger specializes in holidays in Turkey and tours and carried more than 400,000 passengers last year. It reported gross revenues of €256m and operating profit of €3.3m. Thomas Cook said that the deal could create €8m in cost savings for the two [...]
Public sector building slump raises double-dip fears July 12, 2010 A SHARP drop in public sector building activity caused commercial development to fall to the lowest monthly level in nearly a year in June, according to property advisor Savills. The company said its Commercial Development Activity Index showed a net balance of minus 2.8 percent in June, the lowest reading in 11 months, down from [...]
Cable: We won’t stop bid for BP July 12, 2010 THE UK government can do very little to stop a takeover of BP, business secretary Vince Cable told City A.M. yesterday, as suggestions of a large scale approach for the embattled oil major intensified. Cable said that under the Enterprise Act of 2002, the UK government only had a narrow window to intervene and that [...]
Germany’s bonds in EU stress tests July 11, 2010 THE most dramatic stress scenario for tests being applied to European banks envisages write-downs of 2.3 per cent on German government bonds, 20 per cent on Greek sovereign debt and between five and 11 per cent apiece in the case of other periphery Eurozone countries such as Portugal and Italy, reports suggested yesterday. The “shock” [...]
Ocado hits back at critics July 11, 2010 OCADO’S advisers reacted furiously last night to suggestions its £1bn flotation may be in trouble. The firm spoke out against a number of high-profile fund managers it claims are attempting to undermine the pricing of its IPO. The float, in which the grocery delivery firm hopes to raise £200m, appears to be on a knife [...]
High electricity prices to hurt growth July 11, 2010 HERE is another reason why the recovery will be muted. Gas and electricity costs will rise substantially in the years ahead and are set to hammer not only consumers but also manufacturers, further eroding their competitiveness and that of Britain as a place to do business. It is not market forces that will push up [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 11, 2010 FINANCIAL TIMES CHINA BANKS FEAR FALLING CONFIDENCE Faltering confidence in the Chinese economy could threaten the plans of the country’s banks to shore up capital reserves, the head of China Construction Bank, has warned. On top of the projected $22bn initial public offering of Agriculture Bank of China, announced last week, CCB and Industrial and [...]
Kleinwort case is settled July 11, 2010 A legal battle between Commerzbank and a former Kleinwort investment banker over the use of the Kleinwort name has been settled. According to a Financial Times report, Commerzbank – which sold Kleinwort Benson in June – issued a High Court lawsuit against former Kleinwort banker Robert Pasley-Tyler, claiming he had infringed the Kleinwort name. Kleinwort [...]
