General Motors disappoints with outlook as Opel losses improve May 3, 2012 GENERAL MOTORS yesterday offered investors a disappointing outlook for the upcoming six months in North America, raising questions about the US economy’s recovery. While the world’s largest carmaker posted a first-quarter profit that surpassed forecasts, the outlook for its core market fell short of expectations. “We’re clearly seeing some improvement in the economy,” finance chief [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 28, 2012 FINANCIAL TIMES OSBORNE BATTLE OVER WELFARE CUT Plans by the chancellor to take £10bn a year, or almost £1 in £20, out of the welfare budget are being openly resisted by the department for work and pensions in the first sign of government infighting over the coming spending round. George Osborne made clear in last week’s [...]
Privatised roads could be on the way as chancellor confirms plan to reform March 21, 2012 THE CHANCELLOR confirmed that he will look into privatising some of Britain’s roads, weeks after the plan first leaked. The coalition will reveal in this year’s Autumn Statement whether it plans “to go further” with a scheme for “new ownership and financing model for the national road network”. Osborne said he would be “learning lessons [...]
Direct Line Group set to name Biggs as chairman March 20, 2012 ROYAL Bank of Scotland (RBS) has offered the role of chairman at Direct Line Group, its insurance unit, to Mike Biggs, a former finance director at Aviva. It is understood that Biggs has not yet formally accepted the job but he will be tempted by the chance to lead a firm that is set to [...]
Boom for car industry as output increases again March 15, 2012 OUTPUT increased again in February, car industry figures showed yesterday, as exports continued to boom. Car production jumped 23.5 per cent on the same month last year to 138,296 units in the month, with 113,252, or 81.9 per cent, of those made for export, data from the Society of Motor Manufacturers and Traders (SMMT) revealed. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 14, 2012 FINANCIAL TIMES CAR LOANS SPEED UP AT CLOSE BROTHERS Close Brothers has reported strong growth at its banking arm in the six months to 31 January, but profits were held back by its securities and asset management divisions. Profits at the banking division have grown since the start of the financial crisis, as it expanded [...]
Return of the Mayfair home March 1, 2012 It would be disingenuous to call Mayfair “up and coming” – after all, its prestige and attractions have drawn the world’s elite for centuries. But change is afoot: no longer just a haven for hedge funds, designer shops and the odd rich Russian resident, Mayfair’s stock of residential property is rocketing as offices are converted [...]
CITY MOVES | WHO’S SWITCHING JOBS February 26, 2012 Pace Pace has appointed Roddy Murray as its new chief financial officer as part of chairman Allan Leighton’s overhaul of the ailing set TV top-box maker. The firm, which issued a string of profit warnings last year, said Murray will take over from Stuart Hall on 6 March, who is leaving after five years in [...]
Tata doubles Jaguar Land Rover funds February 21, 2012 TATA Motors will double investments in its Jaguar Land Rover brands to £1.5bn a year, even as the Indian carmaker warned that it will be a challenge to sustain high margins at its key profit generator. With soaring revenues and expanding margins, Jaguar Land Rover (JLR) has driven the company’s growth in recent quarters, as [...]
France in GDP boost as German growth stalls February 15, 2012 France’s economy grew by a stronger-than-expected 0.2 per cent in the fourth quarter from the previous three months as corporate investment picked up and domestic consumption remain solid, bringing growth for the year to 1.7 percent in line with the government’s forecast. The INSEE national statistics office said that investment by non-financial corporations grew by [...]