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April 16, 2008
by Kay Murchie
Gareth Kirkwood, the director of operations and David Noyes, the director of customer services, have departed after the BA’s unsuccessful move to the new £4.3 billion Terminal 5 at Heathrow Airport.
The fiasco of the new terminal saw hundreds of flights cancelled just days after T5 was opened.
In a statement, BA said the departures follow the airline's ...
April 15, 2008
by Elaine Frei
Crude oil prices rose as high as $113.93 per barrel in New York on Tuesday, a new record, supported by supply disruptions and port closures in Mexico.
By early afternoon trade in New York, May contracts for West Texas Intermediate had eased back but were still $1.69 higher than Monday’s close at $113.45 per barrel on the New York Mercantile Exchange.
Meanwhile, Brent ...
by Elaine Frei
The US dollar was helped out on Tuesday by reports from the New York Federal Reserve that manufacturing in the region expanded in April and from the Labor Department that showed wholesale prices up 1.1 percent in March.
On the other hand, a spike of crude oil prices to a new record above $113 per barrel made the dollar give back some ...
by Peter Charalambous
The U.K.'s inflation rate has stayed at 2.5 percent in March, less than economists forecast, giving the Bank of England scope to cut interest rates further.
The Bank of England has been given the necessary scope to further cut interest rates, as the Uk inflation rate has remained stable at 2.5 percent which is less than the forecasts predicting a rise of ...
by Peter Charalambous
The Royal Institution of Chartered Surveyors' believe that the U.K. housing market has fallen to the lowest measure of sentiment since records began in 1978 as a result of the difficulty of acquiring a mortgage last month.
Price expectations have also dropped to a 10 year low, as well as retail sales falling for the first time in ...
by Peter Charalambous
An estimated 234,000 properties were in some stage of foreclosure, as bank repossessions more than doubled last month compared to last year as more home owners have had to give up their homes.
This accounts for one in every 538 US households, with California and Florida having the highest failure rates.
Action notices are also up by 32 percent, as some homeowners are ...
by Kay Murchie
Supermarket giant Tesco has announced an 11.8% increase in annual profits for last year to £2.84 billion which has met with analysts' forecasts.
Furthermore, the group has announced plans for 30,000 new jobs worldwide, with about 30% planned for the UK.
Group sales at Britain's largest retailer increased to £51.8 billion, a rise of 11%. The supermarket said ...
by Kay Murchie
Erinaceous, the property services firm, has called in administrators KPMG after its shares were suspended on the stock market.
Last month, the firm warned that any successful financial restructuring would almost certainly wipe out all value for shareholders. The shares ceased trading at 1.65p.
Jim Tucker and Myles Halley from KPMG said they had agreed to sell Erinaceous Insurance Services, a profitable branch, ...
April 14, 2008
by Elaine Frei
Crude oil prices were up again on Monday on issues as diverse as leaky a leaky pipeline in the US, sabotage in Nigeria, shortages of an ingredient for summer grade gasoline, and a weak dollar.
West Texas Intermediate crude for May delivery added $1.62 to close at $111.76 per barrel on the New York Mercantile Exchange, while May contracts for Brent crude ...
by Elaine Frei
Asia-Pacific equities markets were lower Monday after a pessimistic report from the weekend meeting of the G-7 nations in Washington, D.C., over the weekend.
The meeting of finance ministers and central bankers from the United States, the UK, Germany, Italy, Japan, France, and Canada issued a statement saying that any recession in the United States will hurt economic growth globally.
The main exception to ...
by Elaine Frei
The pound was stronger Monday on new data showing that producer prices in the UK were up 6.2 percent in March over the same month last year, reducing estimates of how much the Bank of England might cut interest rates this year.
In early afternoon trade in New York, the pound traded at 79.89 to the euro and at 50.46p to the US dollar.
The ...
April 13, 2008
by Kay Murchie
General Electric (GE) has surprised Wall Street with a fall in earnings and a profit warning just a few weeks after chairman and chief executive Jeff Immelt made an upbeat presentation to shareholders.
The US conglomerate, which is one of the most popular shares in the US, said group profit would be 6% lower at $4.3 billion (£2.2 billion), with profits ...
by Kay Murchie
Housebuilder Barratt is to put its commercial development arm, Wilson Bowden Developments, up for sale.
The possible sale follows a strategic review of the business carried out last year by Barratt who bought Wilson Bowden last April for £2.2 billion. However, a £1.7 billion debt burden has put on pressure for Barratt to raise cash through partial sales.
It is ...
by Kay Murchie
Some positive total returns have been recorded in private investor property funds as the sector benefits from a turnaround during the first quarter of this year.
In the final quarter of last year, investors lost confidence after the fall in property values so the fight back is a considerable swing for the sector.
The average return for the first quarter of 2008 for ...
by Kay Murchie
The largest primary silver miner in the world, Fresnillo, is to float on the London stock market next month in an IPO that could value the company at approximately £4 billion.
Depending on the timing of the float, the condition of the stock market and the current price of silver, Fresnillo could be in the FTSE 100 by ...
April 11, 2008
by Elaine Frei
Crude oil prices rose slightly Friday in New York after running lower for most of the session.
May contracts for West Texas Intermediate Crude closed up 3 cents to $110.14 per barrel on the New York Mercantile Exchange, while Brent crude gained 74 cents to $108.94 per barrel on the ICE Futures Europe exchange in London.
Nymex May gasoline futures added 2 cents ...
by Elaine Frei
The euro gained on the US dollar and the pound on Friday on comments from a European Central Bank official that Eurozone interest rates will hold steady at the same time as US consumer confidence was reported at its lowest point in 26 years and most assumptions were that UK interest rates will continue to decline.
In late morning trade in New York, ...
by Peter Charalambous
India's inflation has accelerated which has raised the cause for concern that the central bank may increase interest rates as government bonds fell.
Wholesale food prices have surged by 7.41 percent from last year and it is the rise in commodities and food costs that has forced the Asian governments to find ways to freeze ...
by Peter Charalambous
The Chancellor of the Exchequer is calling for the International Monetary Fund, to take a greater role in the management of the worlds financial market having stated last year that the effects of the subprime mortgage crisis would not cause widespread damage.
A change of governance would mean the end of the International Monetary and Financial ...
by Peter Charalambous
India's industrial production is growing at its fastest pace in four months as a direct result form record investment in power plants and factories that are responding to the sudden increase in demand for both electricity and cement.
The Deli Statistics office revealed today that production in factories was up by 8.6 percent from a last year.
Reliance ...
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