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  • Obama to cut US deficit by $1trn

    Monday 14 Feb 2011

    US president Barack Obama has announced a budget plan that will cut the US deficit by $1.1trn over the next 10 years.

  • Rolls-Royce bags £1.4bn Emirates support deal

    Monday 14 Feb 2011

    Engine maker Rolls-Royce has won a $2.2bn (£1.4bn) contract with Emirates to look after its Trent engines on 70 of the airline’s new Airbus A350XWB aircraft.

  • China overtakes Japan as second-biggest economy

    Monday 14 Feb 2011

    China has officially overtaken Japan as the world’s second-biggest economy.

  • Fidessa's numbers a bit light - except the divi

    Monday 14 Feb 2011

    Trading systems developer Fidessa kept up its tradition of paying a special dividend after it saw 10% growth in revenue and adjusted profit before tax in 2010.

  • Harvey Nash ahead of forecasts

    Monday 14 Feb 2011

    Recruiter Harvey Nash's trading in the second half has been strong and results this year will be ahead of market expectations.

  • Wood to return $1.7bn after well support sale

    Monday 14 Feb 2011

    Oil services specialist Wood Group is to return $1.7bn to shareholders after it agreed to sell its Well Support division to US giant GE for $2.8bn cash. Net proceeds are estimated at $2.6bn. For the year ended 31 December 2010, the Well Support Division had revenues of $947.1m and underlying earnings of $128.1m. At 31 December 2010 it had gross assets of $604.7m.

  • Monday newspaper round-up: Banks, Fuel duty, Amlin...

    Friday 11 Feb 2011

    Britain's banks, which are preparing to announce multi-million pound annual bonuses to senior staff, are pocketing hidden subsidies worth more than £32.5bn a year from the taxpayer, it was disclosed last night.

  • Williams F1 float to lure wealthy petrol heads

    Friday 11 Feb 2011

    The Williams Formula One team rolled into town this week hoping to get the City excited about its upcoming float on the Frankfurt stock exchange. Founders Sir Frank Williams and Patrick Head are selling just over 27% of the Oxfordshire-based team and stand to make up to £60m between them if the listing gets away at the top end.

  • Homeserve keeps outlook unchanged

    Friday 11 Feb 2011

    Emergency repair service provider Homeserve is still predicting a year of strong growth with profit matching City expectations.

  • Which? targets no-frill airlines over card surcharges

    Friday 11 Feb 2011

    Consumer organisation Which? is to make a super-complaint against companies that impose "rip-off" extra charges for people who pay with credit and debit charges citing no-frills airlines as the worst offenders.

  • Carillion spends over £300m on Eaga

    Friday 11 Feb 2011

    Contractor and support services specialist Carillion is paying £306.5m for green support services business Eaga.

  • Mitchells & Butlers picks Burke as chairman

    Friday 11 Feb 2011

    Pubs group Mitchells and Butlers has named senior independent director Simon Burke as its new chairman, taking over from John Lovering who steps down today.

  • Nokia to use Windows on smartphones

    Friday 11 Feb 2011

    Mobile phone handsets giant Nokia has outlined its keenly awaited new strategy to halt the precipitous decline in its global market share. The strategic change of direction contains a decision to hook up with Microsoft to use Windows Phone as Nokia’s primary smartphone platform. The company also unveiled a new organisational structure.

  • Buy-to-let market grows 7%

    Thursday 10 Feb 2011

    The buy-to-let market grew by 7% in 2010, according to the Council of Mortgage Lenders (CML), as loan performance improved strong rental demand continues.

  • BoE decides it's too early for rate hike

    Thursday 10 Feb 2011

    The Bank of England has kept interest rates on hold at a record low of 0.5%, just as most in the City expected, although it’ll be a few weeks until we find out just how close the voting was.Markets have become noticeably more twitchy as inflation shows little sign of slowing, and central bank governor Mervyn King recently admitted that “uncomfortably high inflation” was a concern.

  • S&N CEO checks out in upbeat mood

    Thursday 10 Feb 2011

    David Illingworth, chief executive officer of Smith & Nephew said the company put in a strong finish to a year that was his last full term as boss of the artificial joint specialist.

  • Earthquakes hit Catlin profits

    Thursday 10 Feb 2011

    Profits fell sharply at Catlin in the year to 31 December as natural disasters such as the earthquakes in Chile and New Zealand forced the property insurer to pay out for claims.

  • Less than stout performance from Diageo

    Thursday 10 Feb 2011

    Price rises and improved volumes in North America and continuing growth in emerging markets helped drinks giant Diageo offset weakness in Europe to post a rise in profits in the six months to December 31. The maker of Guinness saw pre-tax profits during the period rise to £1.61bn from £1.39bn over the same period the previous year. Sales rose to £7.13bn from £6.92bn.

  • Rio Tinto profits triple

    Thursday 10 Feb 2011

    Miner Rio Tinto had plenty to please shareholders Thursday, with record full-year profits, a $5bn share buyback and 20% increase in the dividend. The Anglo-Australian group made a net profit of US$14.3bn in 2010, up from $4.9bn the year before, as prices improved for almost all Rio’s major commodities. Price hikes added $9.5bn to underlying earnings.

  • Xchanging boss falls on sword after profits warning

    Wednesday 09 Feb 2011

    Shares in outsourcing specialist Xchanging plunged on Wednesday morning after it issued a profits warning and the departure of its chief executive officer.

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