1,800 jobs go at Nokia amid phone delay October 21, 2010 NOKIA’s new chief executive Stephen Elop put his stamp on the company yesterday by cutting 1,800 jobs, equivalent to three per cent of the company’s workforce, and delaying the launch of a key product after the mobile phone manufacturer posted stronger -than-expected results. It is not known whether UK workers will be affected by the [...]
Bank of America scare hits stocks October 19, 2010 U stocks posted their biggest loss in two months yesterday on fears banks might be on the hook for billions of dollars in souring mortgage bonds. The afternoon selloff hit investors already reeling from an unexpected credit tightening by China and disappointing financial results from Apple and IBM. The biggest scare came on news that [...]
Government wields axe on nearly 200 quangos and plans to merge many others October 14, 2010 ALMOST 200 quangos face the axe as part of government proposals to save millions of pounds while a further 481 face reform, the Cabinet office revealed yesterday. The closures will lead to thousands of job losses and are likely to create a substantial redundancy bill for the government, although it claimed yesterday in the long [...]
Postal service plans unveiled October 13, 2010 THE government unveiled its plans to privatise the Royal Mail yesterday, but independent valuations suggest the business could fetch just £700m. Royal Mail will now almost certainly be swallowed up by a competitor like Deutsche Post or TNT, or bought by a private equity-led consortium. A stockmarket flotation is also being considered, while at least [...]
Compass finance boss set to join Enterprise Inns October 11, 2010 NEIL Smith, finance director at Compass Group, has been appointed as chief financial officer of Enterprise Inns. He is taking over from David George, who will step down from the post at the end of January after a 20-year stint in the role. He joined the pub group at its inception in 1991. Smith will [...]
Why Gatwick Airport’s new chief has Heathrow lined up in his sights October 10, 2010 SOME people need to have a lot on their plates if they are to thrive – and Stewart Wingate, Gatwick’s newish boss, is clearly one of these. The 39-year-old took up his post last December when the airport was bought by US investment fund Global Infrastructure Partners (GIP) for £1.5bn from Ferrovial-owned airports operator BAA, which [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 6, 2010 FINANCIAL TIMES BUSINESS PLEADS FOR A STRATEGY Business leaders urged David Cameron to turn his pro-enterprise rhetoric into a detailed strategy that would deliver better infrastructure and remove obstacles to growth. David Frost, director-general of the British Chambers of Commerce said corporate Britain was strongly behind the government’s effort to shrink the budget deficit but [...]
Growth in UK boosts Robert Walters’ fees October 6, 2010 GLOBAL recruiter Robert Walters has seen a spike in fees during the third quarter, driven by strong growth in the UK and Asia. Robert Walters said that gross profit for the three months to the end of September soared 65 per cent to £42.5m. The rise is against a low comparison last year when fees [...]
Ernst & Young is falling behind its big four rivals October 5, 2010 ERNST & Young (E&Y) has reported flat revenue growth across its global offices, falling behind big four rivals Deloitte Touche Tohmatsu and PwC. The accounting giant posted $21.3bn (£13.3bn) in global revenue, marking a slight decrease from 2009 when global income came to $21.4bn. The firm’s results place it behind Deloitte and PwC, which both [...]
Victims to have more power over police October 5, 2010 HOME secretary Theresa May will tell police to take anti-social behaviour more seriously or face official sanctions. She says the coalition will give victims and communities the right to force the authorities to take action. She will also urge officers to treat offences like vandalism and intimidation as crimes rather than lower-level anti-social behaviour. Speaking [...]