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February 24, 2009
by Kay Murchie
Struggling van maker LDV has been told by the Government it will not approve its request for a bridging loan of up to £30 million.
Crisis talks between the company and the Government took place over the weekend to discuss urgent financial aid to prevent the van maker collapse.
Production at its facility in Birmingham has been put ...
February 23, 2009
by Elaine Frei
The price of crude oil fell in New York and London even though the Organization for Petroleum Exporting Countries is expected to cut production further than it already has when it meets next month, based on recent statements from several member nations and the former president of the cartel.
April contracts for West Texas Intermediate crude dropped $1.59 to $38.44 ...
by Elaine Frei
European equities markets were lower Monday after the US technology sector, especially computer-related shares such as Apple (NAS: AAPL; LSE: ACP; FWB: APC) and Intel (NAS: INTC; SEHK: 4335) declined, and on reports that Yahoo (NAS: YHOO) will reorganize.
The FTSE 100 was 0.99 percent lower to 3,850.73 in London, while the FTSE 250 dropped 1.49 percent to 5,919.34.
Aircraft motor manufacturer Rolls-Royce (LSE: RR) ...
by Peter Charalambous
In January US consumer prices rose for the first time in 6 months due to the rise of energy costs which has cooled down heightened talk of the threat of deflation in the face of recession.
According to the Labor Department the consumer price index (CPI) rose 0.3 percent after a 0.8 percent fall in December, although the change can ...
by Elaine Frei
The Japanese yen weakened early Monday as investors became more willing to make riskier deals on the possibility that the US government will put more money into Citigroup (NYSE: C) and after US Senate Banking Committee Chairman Christopher Dodd said Friday that some banks might have to relinquish control to the US government for “a short time”, although other legislators said this ...
by Kay Murchie
Mobile phone company Vodafone is believed to be slashing hundreds of jobs as it looks to cut costs by £1 billion by March 2011.
However, the company, which has a UK workforce of 10,000, has declined to comment on any job cuts.
The economic downturn has led to other communications companies cutting costs as BT, Cable & Wireless and Virgin ...
by Kay Murchie
Staff at Jaguar Land Rover are set to vote on a one-year pay freeze and a four-day week, in return for no compulsory job losses for 2 years.
The deal, which is aimed at saving to £70 million in costs, has been reached between union leaders and the company.
The global slump in demand for cars led the company to ...
by Kay Murchie
Discount clothing retailer Primark has reported a rise in sales as consumers look for lower prices amid the economic downturn.
The budget fashion chain continues to buck the trend after also reporting strong sales over the Christmas period.
Its parent group Associated British Foods (ABF) said like-for-like sales (which exclude the impact of new stores) grew 5% in the last six months.
Over the ...
by Kay Murchie
It was revealed over the weekend that crisis talks took place between Unite and Chancellor Alistair Darling to discuss urgent financial aid to prevent a car plant from collapse.
It is believed that the struggling firm is van-maker LDV after shares in the company have lost almost 50% in value in the last three months as sales have ...
February 20, 2009
by Elaine Frei
March contracts for West Texas Intermediate crude, which expired at the end of the trading day, dropped 54 cents to $38.94 per barrel on the New York Mercantile Exchange Friday, while April contracts were down 15 cents to $40.03 per barrel.
Brent crude, meanwhile, was down 10 cents to $41.89 per barrel on the ICE Futures Europe exchange in London.
Prices were down ...
by Elaine Frei
European equities markets saw substantial losses Friday on renewed worries about the economy in general and on concerns about the financial sector in particular.
The FTSE 100 dropped 3.22 percent to 3,889.06 in London, closing below 4,000 for the first time in three months, while the FTSE 250 was down 3.36 percent to 6,008.82.
Consumer finance group Cattles (LSE: CTT) was by ...
by Elaine Frei
The US dollar and the yen saw gains Friday as investors backed away from risky investments on fears that losses in the financial sector will further harm the economy, and as equities markets declined.
The euro was hurt by substantial contraction in Europe’s manufacturing and services sectors in February and by remarks from an ECB official who said that more could be done ...
by Peter Charalambous
There was an unexpected rise in UK retail sales in January as shops have been able to attract consumers with heavy discounting, which has been able to offset the effects of a faltering economy and job security, which has caused consumer confidence to plummet.
After a 1.7 percent rise in December, sales have again climbed again by 0.7 percent according to ...
by Peter Charalambous
Britain’s biggest bookmaker Ladbrokes has announced that pre-tax profits have fallen by 28 percent, primarily due to a big fall in business from high rollers, who are the punter that typically place bets in excess of £10,000 a go.
The amount and scale of this type of betting has fallen since 2008 as many high ...
by Peter Charalambous
The Council of Mortgage Lenders have announced that the number of homes repossessed by lenders in the UK increased by 54 percent, standing at 40,000 homes, however it is less than expected and repossessions are predicted to reach over 75,000 homes this year.
Both homeowners and industry experts have called for both lenders and the government to work in collaboration to ensure that ...
by Kay Murchie
Anglo American has announced it is to shed a further 9,000 jobs - on top of the 10,000 job losses at its platinum unit announced last week.
The mining giant has been hit by a slump in demand for raw materials and, as a result, is to slash its capital expenditure by half.
The company also said it will not pay ...
February 19, 2009
by Elaine Frei
Crude oil prices were substantially higher Thursday on new data showing that US crude oil stockpiles were slightly lower last week.
The US Energy Information Administration said that US crude inventories dropped by 200,000 barrels in the week ending 13 February, while gasoline stockpiles added 1.1 million barrels last week even though demand is now rising slightly after having dropped ...
by Kay Murchie
A downturn in consumer spending, as well as the housing market collapse has led builders' merchant Travis Perkins to report a 44% slump in 2008 profits.
The company, which is Britain's largest builders' merchant, said pre-tax profits in the 2008 year fell to £146.3 million, compared with £261.4 million the previous year.
Builders' merchants and DIY chains have suffered heavily by the ...
by Kay Murchie
Two firms owned by JJB Sports have been closed today resulting in the loss of 438 jobs.
The Original Shoe Company (OSC) and Qube chains were placed into administration last week after failing to find buyers the businesses. OSC sells branded clothing and trainers, while Qube is a branded footwear specialist.
The divisions have experienced hefty losses amid the ...
by Elaine Frei
Insurers were lower Thursday, turning the worst performances of the session on the FTSE 100 in London and the CAC-40 in Paris, as European equities markets saw mixed results Thursday.
Old Mutual (LSE: OML; JSE: OLOML) was down 12.74 percent on the 100 while Axa (Euronext: CS; NYSE: AXA) dropped 9.14 percent on the CAC-40 after it said its net profit fell 83 ...
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