Administrations up 18 per cent August 2, 2009 The number of firms in financial trouble rose by 18 per cent in the first half of the year, compared to the first half of 2008, as the financial crisis presented an increasingly hostile environment for business. Research from Deloitte shows more firms collapsed but the rate of collapse is slowing, with the number of [...]
Virgin Galactic to launch satellites August 2, 2009 Virgin Galactic, the space tourism venture being developed by Sir Richard Branson, is to offer a satellite launcher on its WhiteKnightTwo spacecraft as an extra revenue stream. The company, that plans to offer low-earth orbit excursions for the ultra-rich, is working with UK-based firm Surrey Small Satellites to offer the ability to put a 200kg [...]
Observer may close after review August 2, 2009 A closure of the Observer, the 218-year old world’s oldest Sunday newspaper, is thought to be a possibility after owner Guardian News and Media (GNM) has kicked off a strategic review of the title. As it fights to adapt following the credit crunch and increasing shift towards online news, GNM is mulling all options for [...]
Nat Ex chews over cash call after big fine August 2, 2009 AILING transport group National Express is eyeing a £350m cash call, it emerged yesterday, as the troubled group seeks to rebuff takeover bids. The move, which has received shareholder support, comes after the government last month stripped the company of its East Coast rail franchise when it warned it could no longer afford the £1.4bn [...]
NO FIGHTING CHANCE August 2, 2009 Around 20,000 jobs are at risk as the UK’s last fighter aircraft factory faces being shut down within five years. The news comes after the government decided to cut its spending on the Eurofighter Typhoon last week. The fighter-building industry is expected to end when the last Typhoon rolls out of Warton, Lancashire, in 2014. [...]
UK recession close to the end August 2, 2009 The UK recession is expected to end within just three months, but the outlook is still bleak for the Eurozone, whose economies can expect to remain in decline until 2010, according to figures from accountants BDO Stoy Hayward. The BDO Output Index, which measures short-run turnover expectations and order book strength, has seen the largest [...]
GLG to lose fund star to Soros August 2, 2009 London-based hedge fund GLG Partners is on the brink of losing its star fund manager Robert Donald. Donald, who manages part of the £1.3bn European fund with Pierre Lagrange is mulling quitting GLG after six years, to team up with legendary financier George Soros. Soros, who famously made $1bn betting against sterling in 1992, is [...]
Nissan’s electrifying model car August 2, 2009 Japanese car maker Nissan yesterday rolled out its new electronic vehicle, the Leaf, taking it closer to its aim to become the first car firm to mass produce the vehicles. Chief executive Carlos Ghosn said the firm sees “high potential” for electric vehicles. The zero-emission hatchback vehicle is set to go on sale in Japan, [...]
Small rise for July surveys August 2, 2009 FURTHER improvements are expected in the forward-looking CIPS/Markit purchasing managers’ indices (PMI) due out this week, although economists caution that the rises will only be modest at best, indicating a weak recovery for the UK economy in the second half of 2009. The service sector, which accounts for about 60 per cent of UK GDP [...]
City divided on how to use quantitative easing money August 2, 2009 The Bank of England’s Monetary Policy Committee (MPC) faces a tough decision this week when it meets to discuss its next steps on quantitative easing (QE). The Bank last week exhausted the £125bn of Treasury money it said it would pump into the banking system, and must now decide at its monthly meeting whether to [...]
