Editor's Picks
British Airways to raise £600m amid more losses
Thursday 16 Jul 2009
British Airways has launched a £300m convertible debt issue to shore up its balance sheet as part of a £600m refinancing that includes the release of some pension guarantees. The airline also announced that its unaudited results for the first quarter are expected to show revenue of about £1.98bn and an operating loss of around £100m, which it said is slightly better than market forecasts.
Lloyds announces yet another round of job cuts
Thursday 16 Jul 2009
Part-nationalised lender Lloyds Banking is axing another 1,200 jobs as it continues to streamline the business following last year’s takeover of rival HBOS.
Fresnillo reports record silver production
Thursday 16 Jul 2009
Mexico-based silver miner Fresnillo reported a record quarterly attributable silver production of 9.6 million ounces, up 6.7% from last year, and said it remains confident of achieving its full year 2009 production target levels.
Walker calls for greater transparency on bank pay
Thursday 16 Jul 2009
Sir David Walker wants greater visibility on the huge bonuses paid out to City whizz kids and has called for non-executive directors and large shareholders to keep a closer eye on bank bosses. City grandee and former regulator Sir David put forward the plans in a report on corporate governance aimed at correcting the failures that led to the banking crisis
Enterprise says trading 'appears to be stabilising'
Thursday 16 Jul 2009
Pubs group Enterprise Inns said its underlying trading performance appears to be stabilising, with the rate of decline in beer sales reducing.
Google figures beat expectations
Thursday 16 Jul 2009
Internet search engine giant Google posted better-than-expected quarterly results despite sales growth slowing due to the economic downturn.
Sports Direct profits fall 20%
Thursday 16 Jul 2009
Sports retailer Sports Direct said its ‘back to basics’ approach was yielding results as it posted a rise in revenues though profits fell. In the year to April 26, revenue climbed by 8.6% to £1.37bn, while underlying pre-tax profits fell by 20.2% to £68.2m. Like-for-like sales in the UK climbed by 2.5%, with total sales in the UK climbing by 5.1% to just over £1bn.
UK unemployment soars to 2.38m
Wednesday 15 Jul 2009
UK unemployment increased by a record 281,000 in the three months ended May, official figures showed on Wednesday. The Office for National Statistics said UK unemployment rose to 2.38m in the three months period. The jobless rate increased to 7.6% in the same period, the highest in more than 12 years. However, the number of people signing on to claim
Aussie PM warns China in Rio spy row
Tuesday 14 Jul 2009
Australian Prime Minister Kevin Rudd waded into the Rio Tinto spy scandal, warning China about its behaviour over the incident just as Aussie miners stop shipments of iron ore to China’s steel producers.
Jaguar Land Rover to axe 300 jobs
Tuesday 14 Jul 2009
Jaguar Land Rover is cutting up to 300 jobs in Merseyside and will cease production of its X-Type car in a bid to deal with falling new car sales.
Wetherspoon year sales up
Tuesday 14 Jul 2009
Pub group JD Wetherspoon said like-for-like sales in the 50 weeks to July increased 1.2% and added that it was “optimistic” about its prospects for the new year. In the financial year-to-date (50 weeks to 12th July 2009), like-for-like sales increased 1.2% and overall sales rose 5.2% thanks to encouraging sales performance from both its existing pubs and new openings.
British Airways in bond issue talks
Tuesday 14 Jul 2009
British Airways chairman Martin Broughton said the timing is not right to raise funds in a rights issue, but confirmed that the airline is instead contemplating a convertible bond issue to shore up its balance sheet.
Geithner says growth may occur this year
Monday 13 Jul 2009
United States and other leading nations may return to growth by the end of the year or early 2010, according to US Treasury Secretary Tim Geithner.
Venture investors agree Centrica offer 'too low'
Monday 13 Jul 2009
Shareholders owning almost 13% of Venture Production have backed the oil and gas firm’s decision to reject an 845p-a-share hostile cash bid from Centrica.
Surveyors more optimistic on housing
Monday 13 Jul 2009
The Royal Institute of Chartered Surveyors (RICS) reported an improvement in the number of estate agents and surveyors saying house prices rose rather than fell for the first time in 20 months in the three months to June, suggesting that the housing market is beginning to recover. The number saying house prices fell exceeded those saying they rose by 18.1%.
Venture rejects £1.3bn Centrica bid
Monday 13 Jul 2009
Oil and gas firm Venture Production has today rejected last Friday’s 845p-a-share hostile cash bid from energy giant Centrica. “The board has unanimously concluded the offer is not in the best interests of shareholders and should be rejected by shareholders,” read a statement Monday. Bosses say the £1.3bn offer “substantially undervalues Venture given its near and long term prospects
Venture rejects £1.3bn Centrica bid
Friday 10 Jul 2009
Oil and gas firm Venture Production has today rejected last Friday’s 845p-a-share hostile cash bid from energy giant Centrica. "The board has unanimously concluded the offer is not in the best interests of shareholders and should be rejected by shareholders," read a statement Monday. Bosses say the 1.3bn offer substantially undervalues Venture given its near and long term prospects
New GM emerges from bankruptcy
Friday 10 Jul 2009
The new General Motors emerged on Friday having completed its 40-day stay in bankruptcy protection .“This is an exciting day for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers," GM Chief Executive Fritz Henderson said.
Cranswick bringing home the bacon
Friday 10 Jul 2009
Sausages and pork products supplier Cranswick has made a positive start to its new financial year, with first quarter sales up across most parts of the business.
LSE cuts costs as revenues struggle
Friday 10 Jul 2009
London Stock Exchange's revenues rallied quarter on quarter in the three months to June but are still running well below levels seen last year.
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