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US consumer confidence up
Consumers' confidence in the state of the US economy is at its highest for five months and they are optimistic about 2005, an influential survey says.
The feel-good factor among US consumers rose in December for the first time since July according to new data. The Conference Board survey of ... | Wal-Mart, the largest US retailer, has said its December sales are expected to be better than previously forecast because of strong post-Christmas sales."The continuing economic expansion, combined with job growth, has consumers ending this year on a high note," said Lynn Franco, director of the Conference Board's cons... |
The 'ticking budget' facing the US
The budget proposals laid out by the administration of US President George W Bush are highly controversial. The Washington-based Economic Policy Institute, which tends to be critical of the President, looks at possible fault lines. US politicians and citizens of all political persuas... | Brute force budget cuts or spending caps would ill-serve the nation's elderly and indigent.News coverage of the Bush budget will be dominated by debates about spending cuts, but the fact is these will be large cuts in small programs.Without major changes in current policies and political prejudices, the federal budget ... |
Mitsubishi in Peugeot link talks
Trouble-hit Mitsubishi Motors is in talks with French carmaker PSA Peugeot Citroen about a possible alliance.
On Tuesday Mitsubishi, the only major Japanese car firm in the red, confirmed earlier reports of negotiations. But a spokesman refused to comment on speculation that Mitsubish... | Trouble-hit Mitsubishi Motors is in talks with French carmaker PSA Peugeot Citroen about a possible alliance.On Tuesday Mitsubishi, the only major Japanese car firm in the red, confirmed earlier reports of negotiations.But a spokesman refused to comment on speculation that Mitsubishi could end up building cars for PSA ... |
BMW reveals new models pipeline
BMW is preparing to enter the market for car-style people carriers, the firm's chief has told BBC News.
Speaking at a BMW event ahead of the Geneva motor show, Helmut Panke predicted demand for such crossover vehicles would soar in Europe. In contrast, he said, the popularity of van-st... | Typically it takes about three years from when a decision is taken before a new model hits the streets, Mr Panke said, implying that a BMW crossover could be on the market by 2008."We have decided that BMW will enter the [crossover] segment," he said in the clearest indication yet about the car maker's intentions."We h... |
World leaders gather to face uncertainty
More than 2,000 business and political leaders from around the globe are arriving in the Swiss mountain resort Davos for the annual World Economic Forum (WEF). For five days, they will discuss issues ranging from China's economic power to Iraq's future after this Sunday's elect... | More than 2,000 business and political leaders from around the globe are arriving in the Swiss mountain resort Davos for the annual World Economic Forum (WEF).But much of the media focus will be on the political leaders coming to Davos, not least because the agenda of this year's forum seems to lack an overarching them... |
Madagascar completes currency switch
Madagascar has completed the replacement of its Malagasy franc with a new currency, the ariary.
From Monday, all prices and contracts will have to be quoted in the ariary, which was trading at 1,893 to the US dollar. The Malagasy franc, which lost almost half its value in 2004, is... | Madagascar has completed the replacement of its Malagasy franc with a new currency, the ariary.The ariary was the name of a pre-colonial currency in the Indian Ocean island state.The phasing out of the franc, begun in July 2003, was intended to distance the country from its past under French colonial rule and address t... |
Troubled Marsh under SEC scrutiny
The US stock market regulator is investigating troubled insurance broker Marsh & McLennan's shareholder transactions, the firm has said.
The Securities and Exchange Commission has asked for information about transactions involving holders of 5% or more of the firm's shares. Marsh has... | The US stock market regulator is investigating troubled insurance broker Marsh & McLennan's shareholder transactions, the firm has said.Marsh has said it is co-operating fully with the SEC investigation.Marsh is also the focus of an inquiry the New York attorney-general into whether insurers rigged the market.Since tha... |
India power shares jump on debut
Shares in India's largest power producer, National Thermal Power Corp (NTPC) have risen 13% on their stock market debut.
The government's partial sell-off of NTPC is part of a controversial programme to privatise state-run firms. The 865 million share offer, a mix of new shares and sa... | Shares in India's largest power producer, National Thermal Power Corp (NTPC) have risen 13% on their stock market debut."Power needs in India are set to rise and NTPC will benefit from that."NTPC has said it will use the money from the share sale to feed the growing needs of the country's energy-starved economy.Analyst... |
Market unfazed by Aurora setback
As the Aurora limped back to its dock on 20 January, a blizzard of photos and interviews seemed to add up to an unambiguous tale of woe.
The ship had another slice of bad luck to add to its history of health scares and technical trouble. And its owner, P&O Cruises - now part of the hu... | Despite its string of bad luck, he pointed out, Aurora is just one vessel in a large Carnival fleet, the UK's P&O Princess group having been merged into the much larger US firm in 2003.And with Carnival remaining the market leader, it looks set to keep selling the tickets - no matter what happens to the ill-fated Auror... |
French consumer spending rising
French consumers increased their spending by 1.5% in January, a figure which bodes well for the country's economic growth, figures revealed.
The National Statistic Institute (INSEE) added that consumer spending in January rose 3.8% on a year-on-year basis. Rising sales of household equ... | The National Statistic Institute (INSEE) added that consumer spending in January rose 3.8% on a year-on-year basis.The INSEE also said that French consumer prices fell 0.6% in January, but were up 1.6% on an annual basis.Despite the general increase in spending in January, French households bought fewer cars in January... |
Mild winter drives US oil down 6%
US oil prices have fallen by 6%, driven down by forecasts of a mild winter in the densely populated northeast.
Light crude oil futures fell $2.86 to $41.32 a barrel on the New York Mercantile Exchange (Nymex), and have now lost $4 in five days. Nonetheless, US crude is still 30% more... | US oil prices have fallen by 6%, driven down by forecasts of a mild winter in the densely populated northeast.Statistics released last week showed that stockpiles of oil products in the US had risen, an indication that severe supply disruptions may not arise this winter, barring any serious incident.Oil prices have bro... |
US firm 'bids for Lacroix label'
A US firm has said it is in final negotiations with luxury goods group LVMH to buy the loss-making Christian Lacroix haute-couture house.
Paris-based LVMH has been selling non-core businesses and focusing on its most profitable labels including Moet & Chandon champagne and Louis Vuitt... | A US firm has said it is in final negotiations with luxury goods group LVMH to buy the loss-making Christian Lacroix haute-couture house.But one of the three brothers behind the Falic Group said the firm had also held talks with the designer Christian Lacroix, and wished to retain him.Privately-held Falic Group bought ... |
Wal-Mart fights back at accusers
Two big US names have launched advertising campaigns to "set the record straight" about their products and corporate behaviour.
The world's biggest retailer Wal-Mart took out more than 100 full page adverts in national newspapers. The group is trying to see off criticism over it pay d... | Meanwhile, drugs group Eli Lilly is planning a campaign against "false" claims about its product Prozac.Meanwhile Eli Lilly is launching a series of adverts in a dozen major newspapers, to present what is says are the true facts about its anti-depressant drug Prozac.Wal-Mart kicked off the battle with adverts in newspa... |
Troubled Marsh under SEC scrutiny
The US stock market regulator is investigating troubled insurance broker Marsh & McLennan's shareholder transactions, the firm has said.
The Securities and Exchange Commission has asked for information about transactions involving holders of 5% or more of the firm's shares. Marsh has... | The US stock market regulator is investigating troubled insurance broker Marsh & McLennan's shareholder transactions, the firm has said.Marsh has said it is co-operating fully with the SEC investigation.Marsh is also the focus of an inquiry the New York attorney-general into whether insurers rigged the market.Since tha... |
Russia WTO talks 'make progress'
Talks on Russia's proposed membership of the World Trade Organisation (WTO) have been "making good progress" say those behind the negotiations.
But the chairman of the working party, Ambassador Stefan Johannesson of Iceland, warned that there was "still a lot of work has to be done". ... | While pinpointing several areas in which there are difficulties in the bilateral and multilateral work with Russia, the US said the meeting was "much more efficient than we've seen for some time".Mr Johannesson also said progress "on the bilateral market access side is accelerating".His comments came as President Georg... |
Novartis hits acquisition trail
Swiss drugmaker Novartis has announced 5.65bn euros ($7.4bn; £3.9bn) of purchases to make its Sandoz unit the world's biggest generic drug producer.
Novartis, which last month forecast record sales for 2005, said it had bought all of Germany's Hexal. It also acquired 67.7% of Hexal's U... | Swiss drugmaker Novartis has announced 5.65bn euros ($7.4bn; £3.9bn) of purchases to make its Sandoz unit the world's biggest generic drug producer.Novartis said that it would be able to make cost savings of about $200m a year following the acquisitions.Novartis said that it would merge a number of departments, adding ... |
Wall Street cool to eBay's profit
Shares in online auction house eBay fell 9.8% in after-hours trade on Wednesday, after its quarterly profits failed to meet market expectations.
Despite seeing net profits rise by 44% to $205.4m (£110m) during October to December, from $142m a year earlier, Wall Street had expected m... | EBay now forecasts 2005 revenue of $4.2bn to $4.35bn and earnings excluding items of $1.48 to $1.52 per share.Analysts had previously estimated that eBay would achieve 2005 revenues of $4.37bn and earnings of $1.62 per share, excluding items.For 2004 as a whole, eBay earned $778.2m on sales of $3.27bn.Excluding special... |
Worldcom boss 'left books alone'
Former Worldcom boss Bernie Ebbers, who is accused of overseeing an $11bn (£5.8bn) fraud, never made accounting decisions, a witness has told jurors.
David Myers made the comments under questioning by defence lawyers who have been arguing that Mr Ebbers was not responsible for Worldco... | During cross examination, he asked Mr Myers if he ever knew Mr Ebbers "make an accounting decision?"."Not that I am aware of," Mr Myers replied."Did you ever know Mr Ebbers to make an accounting entry into Worldcom books?"Mr Myers has admitted that he ordered false accounting entries at the request of former Worldcom c... |
MCI shares climb on takeover bid
Shares in US phone company MCI have risen on speculation that it is in takeover talks.
The Wall Street Journal reported on Thursday that Qwest has bid $6.3bn (£3.4bn) for MCI. Other firms have also expressed an interest in MCI, the second-largest US long-distance phone firm, and may n... | Shares in US phone company MCI have risen on speculation that it is in takeover talks.The Wall Street Journal reported on Thursday that Qwest has bid $6.3bn (£3.4bn) for MCI.Shares in MCI, which changed its name from Worldcom when it emerged from bankruptcy, were up 2.4% at $20.15.Competition has intensified and fixed-... |
US bank in $515m SEC settlement
Five Bank of America subsidiaries have agreed to pay a total of $515m (£277m) to settle an investigation into fraudulent trading share practices.
The US Securities and Exchange Commission announced the settlements, the latest in an industry-wide clean-up of US mutual funds. The SEC als... | Separately, the SEC said it had reached a $140m deal - equally split between penalties and compensation - in its probe into Columbia Management Advisors (CAM) and Columbia Funds Distributor (CFD) and three ex-Columbia executives.The SEC also said it had brought fraud charges against two ex-senior executives of Columbia... |
S Korean credit card firm rescued
South Korea's largest credit card firm has averted liquidation following a one trillion won ($960m; £499m) bail-out.
LG Card had been threatened with collapse because of its huge debts but the firm's creditors and its former parent have stepped in to rescue it. A consortium of credit... | LG Card had been threatened with collapse because of its huge debts but the firm's creditors and its former parent have stepped in to rescue it.South Korea's largest credit card firm has averted liquidation following a one trillion won ($960m; £499m) bail-out.The firm's creditors - which own 99% of LG Card - have been ... |
IMF 'cuts' German growth estimate
The International Monetary Fund is to cut its 2005 growth forecast for the German economy from 1.8% to 0.8%, the Financial Times Deutschland reported.
The IMF will also reduce its growth estimate for the 12-member eurozone economy from 2.2% to 1.6%, the newspaper reported. The German... | The IMF will also reduce its growth estimate for the 12-member eurozone economy from 2.2% to 1.6%, the newspaper reported.The IMF's draft World Economic Outlook - due to be published in April - would point to a marked deterioration in Germany's economy, the FT report said.In September, the IMF had said that German grow... |
German jobless rate at new record
More than 5.2 million Germans were out of work in February, new figures show.
The figure of 5.216 million people, or 12.6% of the working-age population, is the highest jobless rate in Europe's biggest economy since the 1930s. The news comes as the head of Germany's panel of governme... | And ILO-based figures also suggest that 14,000 new net jobs were created that month, taking the number of people employed to 38.9 million.Using the most internationally-accepted methodology of the International Labour Organisation (ILO), Germany had 3.97 million people out of work in January.Adjusted for seasonal chang... |
Ex-Boeing director gets jail term
An ex-chief financial officer at Boeing has received a four-month jail sentence and a fine of $250,000 (£131,961) for illegally hiring a top Air Force aide.
Michael Sears admitted his guilt in breaking conflict of interest laws by recruiting Darleen Druyun while she still handled mil... | Ms Druyun had talks with Mr Sears in October 2002 about working for Boeing, while she was still a top procurement official within the Pentagon.Mr Sears told prosecutors that no other Boeing officials were aware that Ms Druyun was still responsible for major procurement decisions at the time she was discussing a job wit... |
Ford gains from finance not cars
Ford, the US car company, reported higher fourth quarter and full-year profits on Thursday boosted by a buoyant period for its car loans unit.
Net income for 2004 was $3.5bn (£1.87bn) - up nearly $3bn from 2003 - while turnover rose $7.2bn to $170.8bn. In the fourth quarter alone Ford... | In the fourth quarter alone Ford reported net income of $104m, compared with a loss of $793m a year ago.Ford, the US car company, reported higher fourth quarter and full-year profits on Thursday boosted by a buoyant period for its car loans unit.Though car and truck loan profits saved the day, Ford's auto unit made a p... |
Bush to get 'tough' on deficit
US president George W Bush has pledged to introduce a "tough" federal budget next February in a bid to halve the country's deficit in five years.
The US budget and its trade deficit are both deep in the red, helping to push the dollar to lows against the euro and fuelling fears about th... | Mr Bush, however, has said the best way to halt the dollar's slide is to deal with the US deficit.US president George W Bush has pledged to introduce a "tough" federal budget next February in a bid to halve the country's deficit in five years."We will submit a budget that fits the times," Mr Bush said.The US budget and... |
Yangtze Electric's profits double
Yangtze Electric Power, the operator of China's Three Gorges Dam, has said its profits more than doubled in 2004.
The firm has benefited from increased demand for electricity at a time when power shortages have hit cities and provinces across the country. As a hydroelectric-power gen... | Yangtze Electric Power, the operator of China's Three Gorges Dam, has said its profits more than doubled in 2004.The Three Gorges Dam project has led to more than half a million people being relocated and drawn criticism from environmental groups and overseas human rights activists.Yangtze Electric has been expanding i... |
Giant waves damage S Asia economy
Governments, aid agencies, insurers and travel firms are among those counting the cost of the massive earthquake and waves that hammered southern Asia.
The worst-hit areas are Sri Lanka, India, Indonesia and Thailand, with at least 23,000 people killed. Early estimates from the World... | Other countries also are reported to have pledged cash, while the US State Department said it was examining what aid was needed in the region.Other agencies, such as the Asian Development Bank, have said that it is too early to comment on the amount of aid needed.Growth has been rapid in southeast Asia, with the World ... |
Fed warns of more US rate rises
The US looks set for a continued boost to interest rates in 2005, according to the Federal Reserve.
Minutes of the December meeting which pushed rates up to 2.25% showed that policy-makers at the Fed are worried about accelerating inflation. The clear signal pushed the dollar up to $1.... | Minutes of the December meeting which pushed rates up to 2.25% showed that policy-makers at the Fed are worried about accelerating inflation.The key Fed funds rate has risen 1.25 percentage points during 2004 from the 46-year low of 1% reached not long after the 9/11 attacks in 2001.The US looks set for a continued boo... |
Minister hits out at Yukos sale
Russia's renationalisation of its energy industry needs to be reversed, a senior government figure has warned.
Economy minister German Gref told the Kommersant newspaper that direct state involvement in oil was "unjustified". His comments follow the sale of much of oil giant Yukos to c... | "The task is not simply to double GDP; instead it is to use GDP to qualitatively improve people's lives," Mr Gref told Kommersant.Economy minister German Gref told the Kommersant newspaper that direct state involvement in oil was "unjustified".And he warned that using back taxes to deal with firms like Yukos - a techni... |
UK bank seals South Korean deal
UK-based bank Standard Chartered said it would spend $3.3bn (£1.8bn) to buy one of South Korea's main retail banks.
Standard Chartered said acquiring Korea First Bank (KFB) fulfilled a strategic objective of building a bigger presence in Asia's third largest economy. Its shares fell ne... | UK-based bank Standard Chartered said it would spend $3.3bn (£1.8bn) to buy one of South Korea's main retail banks.The move, a year after Citigroup beat Standard Chartered to buy Koram bank, would be the South Korean financial sector's biggest foreign takeover.Standard Chartered said KFB was a "well-managed, conservati... |
Chinese wine tempts Italy's Illva
Italy's Illva Saronno has agreed to buy 33% of Changyu, the largest wine maker in China.
Changyu said in a statement to the Shenzhen stock exchange that Illva will pay 481.42m yuan ($58.16m; £30.7m), once the government approves the deal. The Italian liqueur maker will acquire the sh... | Yantai State Asset Management Bureau - a government agency in the north-eastern city of Yantai - owns 55% of Changyu.The consumption of wine in China is still low, at just 0.22 litres per capita, said the US Agriculture Department.Italy's Illva Saronno has agreed to buy 33% of Changyu, the largest wine maker in China.C... |
Nasdaq planning $100m-share sale
The owner of the technology-dominated Nasdaq stock index plans to sell shares to the public and list itself on the market it operates.
According to a registration document filed with the Securities and Exchange Commission, Nasdaq Stock Market plans to raise $100m (£52m) from the sale.... | The owner of the technology-dominated Nasdaq stock index plans to sell shares to the public and list itself on the market it operates.The Nasdaq is made up shares in technology firms and other companies with high growth potential.Nasdaq will not make money from the sale, only investors who bought shares in the private ... |
Strong demand triggers oil rally
Crude oil prices surged back above the $47 a barrel mark on Thursday after an energy market watchdog raised its forecasts for global demand.
The International Energy Agency (IEA) warned demand for Opec's crude in the first quarter would outstrip supply. The IEA raised its estimate of ... | Crude oil prices surged back above the $47 a barrel mark on Thursday after an energy market watchdog raised its forecasts for global demand.The US Department of Energy reported that crude stockpiles had fallen 1m barrels to 294.3m.The International Energy Agency (IEA) warned demand for Opec's crude in the first quarter... |
US adds more jobs than expected
The US economy added 337,000 jobs in October - a seven-month high and far more than Wall Street expectations.
In a welcome economic boost for newly re-elected President George W Bush, the Labor Department figures come after a slow summer of weak jobs gains. Jobs were created in every s... | The 337,000 new jobs added to US payrolls in October was twice the 169,000 figure that Wall Street economists had forecast.The US economy added 337,000 jobs in October - a seven-month high and far more than Wall Street expectations.Kathleen Utgoff, commissioner of the Bureau of Labor, said many of the 71,000 new constr... |
Japan economy slides to recession
The Japanese economy has officially gone back into recession for the fourth time in a decade.
Gross domestic product fell by 0.1% in the last three months of 2004. The fall reflects weak exports and a slowdown in consumer spending, and follows similar falls in GDP in the two previous... | Japan's economy grew 2.6% overall last year - fuelled by a strong performance in the first few months - and is forecast to see growth of 2.1% in 2005.Japan's economy has seen stretches of moderate growth over the past decade but has periodically slipped back into recession.A recession is commonly defined as two consecu... |
Golden rule boost for Chancellor
Chancellor Gordon Brown has been given a £2.1bn boost in his attempts to meet his golden economic rule, which allows him to borrow only for investment.
The extra leeway came after the Office for National Statistics said it had been measuring road expenditure data wrongly over the past... | After the ONS announcement, economists said there could also be a proportionate boost to the current budget in 2004/05 of about £400m.It also said the government might narrowly miss its "golden rule" if the current economic cycle ended in 2005/06.In January the independent Institute for Fiscal Studies (IFS) said Mr Bro... |
Hyundai to build new India plant
South Korea's Hyundai Motor has announced that it plans to build a second plant in India to meet the country's growing demand for cars.
The company didn't give details of its investment but it said the new plant would produce 150,000 cars a year. This will boost the annual production ... | The company didn't give details of its investment but it said the new plant would produce 150,000 cars a year.South Korea's Hyundai Motor has announced that it plans to build a second plant in India to meet the country's growing demand for cars.South Korea's top car maker estimates that the Indian market will grow 15% ... |
Cuba winds back economic clock
Fidel Castro's decision to ban all cash transactions in US dollars in Cuba has once more turned the spotlight on Cuba's ailing economy.
All conversions between the US dollar and Cuba's "convertible" peso will from 8 November be subject to a 10% tax. Cuban citizens, who receive money fro... | Fidel Castro's decision to ban all cash transactions in US dollars in Cuba has once more turned the spotlight on Cuba's ailing economy.Those remaining in Cuba will have to pay the tax.A leading expert on the Cuban economy says that Castro's tax plan smacks more of a desperate economic measure than a political gesture.T... |
Profits jump at China's top bank
Industrial and Commercial Bank (ICBC), China's biggest lender, has seen an 18% jump in profits during 2004.
The increase in earnings has allowed the firm to write off bad loans and pave the way for a state bailout and eventual stock-market listing. China is trying to clean up its bank... | It has already pumped $45bn (£24bn) into two of its largest banks, and has identified ICBC as a recipient of aid.ICBC's profits were 74.7bn yuan ($9bn; £4.8bn) in 2004, the bank said in a statement.Industrial and Commercial Bank (ICBC), China's biggest lender, has seen an 18% jump in profits during 2004.China is trying... |
Rank 'set to sell off film unit'
Leisure group Rank could unveil plans to demerge its film services unit and sell its media business, reports claim.
Rank, formerly famous for the Carry On series, will expose the shake-up at the announcement of its results on Friday, the Sunday Telegraph reported. Advisors Goldman Sac... | Leisure group Rank could unveil plans to demerge its film services unit and sell its media business, reports claim.Rank now aims to concentrate on its gaming, bars and hotels business, including extending its Hard Rock brand to its casinos - trials of which have been a success.Since Mike Smith's appointment as chief ex... |
EU to probe Alitalia 'state aid'
The European Commission has officially launched an in-depth investigation into whether Italian airline Alitalia is receiving illegal state aid.
Commission officials are to look at Rome's provision of a 400m euro ($495m; £275m) loan to the carrier. Both the Italian government and Alita... | The European Commission has officially launched an in-depth investigation into whether Italian airline Alitalia is receiving illegal state aid.Both the Italian government and Alitalia have repeatedly denied that the money - part of a vital restructuring plan - is state aid.Alitalia already enjoyed state aid in 1997.Whi... |
Irish duo could block Man Utd bid
Irishmen JP McManus and John Magnier, who own a 29% stake in Manchester United, will reportedly reject any formal £800m offer for the club.
The Sunday Times and The Sunday Telegraph say they will oppose any formal £800m takeover bid from US tycoon Malcom Glazer. Mr Glazer got permiss... | Irish billionaires Mr McManus and Mr Magnier are said to believe that an £800m bid undervalues club prospects.Mr Magnier and Mr McManus, who hold their stake through their Cubic Expression investment vehicle have the power to block a bid.Mr Magnier and Mr McManus issued a statement late on Friday saying that they remai... |
US industrial output growth eases
US industrial production continued to rise in November, albeit at a slower pace than the previous month.
The US Federal Reserve said output from factories, mines and utilities rose 0.3% - in line with forecasts - from a revised 0.6% increase in October. Analysts added that if the car... | A breakdown of the latest production figures shows mining output drove the increase, surging 2.1%, while factory output rose 0.3%.The US Federal Reserve said output from factories, mines and utilities rose 0.3% - in line with forecasts - from a revised 0.6% increase in October.The US economy grew at a respectable annua... |
China suspends 26 power projects
China has ordered a halt to construction work on 26 big power stations, including two at the Three Gorges Dam, on environmental grounds.
The move is a surprising one because China is struggling to increase energy supplies for its booming economy. Last year 24 provinces suffered black ... | The biggest single project to be halted was the Xiluodi Dam project, designed to produce 12,600 MW of electricity.China has ordered a halt to construction work on 26 big power stations, including two at the Three Gorges Dam, on environmental grounds.Second and third on the agency's list were two power stations being bu... |
Shares rise on new Man Utd offer
Shares in Manchester United closed up 4.75% on Monday following a new offer from US tycoon Malcolm Glazer.
The board of the football club is expected to meet early this week to discuss the latest proposal, which values the club at £800m ($1.5bn). Manchester United revealed on Sunday t... | Manchester United revealed on Sunday that it had received a detailed proposal from Mr Glazer, which looks set to receive more serious scrutiny.But it is not yet known whether Mr McManus and Mr Magnier would support a Glazer bid.The club has previously rejected Mr Glazer's approaches out of hand.But the FT said it thoug... |
Tokyo says deflation 'controlled'
The Japanese government has forecast that the country's economic growth will slow to 1.6% in the next fiscal year starting in April 2005.
While it predicts this fall from the current 2.1% level, it said it was making progress on ending deflation. The figures were given by economics m... | He said the consumer price index (CPI) would rise 0.1% in the next fiscal year, the first gain since 2000/01.Deflation - or falling consumer prices - has plagued Japan for more than five years.The Japanese government has forecast that the country's economic growth will slow to 1.6% in the next fiscal year starting in A... |
Economy 'stronger than forecast'
The UK economy probably grew at a faster rate in the third quarter than the 0.4% reported, according to Bank of England deputy governor Rachel Lomax.
Private sector business surveys suggest a stronger economy than official estimates, Ms Lomax said. Other surveys collectively show a ra... | "The MPC judges that overall growth was a little higher in the third quarter than the official data currently indicate," Ms Lomax said."Recent work by the Bank has shown that private sector surveys add value, even when preliminary ONS estimates are available," Ms Lomax said in a speech to the North Wales Business Club.... |
Saudi ministry to employ women
Women will be employed in Saudi Arabia's foreign ministry for the first time this year, Foreign Minister Prince Saud Al-Faisal has been reported as saying.
The move comes as the conservative country inches open the door to working women. Last year, Crown Prince Abdullah, the de-facto ru... | Women will be employed in Saudi Arabia's foreign ministry for the first time this year, Foreign Minister Prince Saud Al-Faisal has been reported as saying.The newspaper said many Saudi women found his explanation "a pitiful excuse for not employing women"."I am proud to mention here that this year we shall have women w... |
US crude prices surge above $53
US crude prices have soared to fresh four-month highs above $53 in the US as refinery problems propelled petrol prices to an all-time high.
US light sweet crude futures jumped to $53.09 a barrel in New York before closing at $53.03. The gains tracked a surge in US gasoline futures to a... | US crude prices have soared to fresh four-month highs above $53 in the US as refinery problems propelled petrol prices to an all-time high.Meanwhile, oil production cartel Opec's recent announcement that it was now unlikely to cut production levels has also failed to calm fears on the market.Elsewhere, a refinery in Ho... |
Alfa Romeos 'to get GM engines'
Fiat is to stop making six-cylinder petrol engines for its sporty Alfa Romeo subsidiary, unions at the Italian carmaker have said.
The unions claim Fiat is to close the Fiat Powertrain plant at Arese near Milan and instead source six-cylinder engines from General Motors. Fiat has yet t... | Fiat is to stop making six-cylinder petrol engines for its sporty Alfa Romeo subsidiary, unions at the Italian carmaker have said.The unions claim Fiat is to close the Fiat Powertrain plant at Arese near Milan and instead source six-cylinder engines from General Motors.Fiat has yet to comment on the matter, but the uni... |
Glaxo aims high after profit fall
GlaxoSmithKline saw its profits fall 9% last year to £6.2bn ($11.5bn), but Europe's biggest drugmaker says a recovery during 2005 is on the way.
Cheap copies of its drugs, particularly anti-depressants Paxil and Wellbutrin, and a weak dollar had hit profits, but global sales were up ... | Mr Garnier said the company had absorbed over £1.5bn of lost sales to generics but still managing to grow the business.Chief executive Jean-Pierre Garnier said it had been a "difficult year"."2005 will also be an important year in terms of research and development pipeline progress."However, the firm discontinued devel... |
UK house prices dip in November
UK house prices dipped slightly in November, the Office of the Deputy Prime Minister (ODPM) has said.
The average house price fell marginally to £180,226, from £180,444 in October. Recent evidence has suggested that the UK housing market is slowing after interest rate increases, and ec... | All areas saw a rise in annual house price inflation in November except for Northern Ireland and the West Midlands, where the rate was unchanged, the ODPM said.It said annual inflation rose between October and November because prices had fallen by 1.1% in the same period in 2003.In London, the area with the highest ave... |
'Golden economic period' to end
Ten years of "golden" economic performance may come to an end in 2005 with growth slowing markedly, City consultancy Deloitte has warned.
The UK economy could suffer a backlash from the slowdown in the housing market, triggering a fall in consumer spending and a rise in unemployment. D... | "Whereas the main driver of the economy in recent years has been robust household spending growth, this is likely to suffer as the housing market slowdown gathers pace."This will result in a marked slowdown in growth in 2005 and 2006 compared to last year, when the economy expanded by 3.25%.Ten years of "golden" econom... |
Umbro profits lifted by Euro 2004
UK sportswear firm Umbro has posted a 222% rise in annual profit after sales of replica England football kits were boosted by the Euro 2004 tournament.
Pre-tax profit for 2004 was £15.4m ($29.4m). Umbro, which recently lost sponsorship deals with Chelsea and Celtic, said on Thursday ... | UK sportswear firm Umbro has posted a 222% rise in annual profit after sales of replica England football kits were boosted by the Euro 2004 tournament.Umbro, which recently lost sponsorship deals with Chelsea and Celtic, said on Thursday it had signed a new four-year agreement with Scottish club Rangers.In January, Umb... |
UK economy facing 'major risks'
The UK manufacturing sector will continue to face "serious challenges" over the next two years, the British Chamber of Commerce (BCC) has said.
The group's quarterly survey of companies found exports had picked up in the last three months of 2004 to their best levels in eight years. Th... | "Despite some positive news for the export sector, there are worrying signs for manufacturing," the BCC said.The BCC found confidence increased in the quarter across both the manufacturing and service sectors although overall it failed to reach the levels at the start of 2004.The outlook for the service sector was "unc... |
Cars pull down US retail figures
US retail sales fell 0.3% in January, the biggest monthly decline since last August, driven down by a heavy fall in car sales.
The 3.3% fall in car sales had been expected, coming after December's 4% rise in car sales, fuelled by generous pre-Christmas special offers. Excluding the ca... | Excluding the car sector, US retail sales were up 0.6% in January, twice what some analysts had been expecting.Excluding the car sector, sales rose by just 0.3%.In December, overall retail sales rose by 1.1%.US retail sales fell 0.3% in January, the biggest monthly decline since last August, driven down by a heavy fall... |
Split-caps pay £194m compensation
Investors who lost money following the split-capital investment trust scandal are to receive £194m compensation, the UK's financial watchdog has announced.
Eighteen investment firms involved in the sale of the investments agreed the compensation package with the Financial Services Au... | Eighteen investment firms involved in the sale of the investments agreed the compensation package with the Financial Services Authority (FSA).Investors in these two firms may now have to take any compensation claim to the Financial Ombudsman Service or the courts.Any investor accepting the compensation will have to wai... |
Budget Aston takes on Porsche
British car maker Aston Martin has gone head-to-head with Porsche's 911 sports cars with the launch of its cheapest model yet.
With a price tag under £80,000, the V8 Vantage is tens of thousands of pounds cheaper than existing Aston models. The Vantage is "the most important car in the h... | The Vantage is "the most important car in the history of our company", said Aston's chief executive Ulrich Bez.Development costs for the Vantage have been kept low by sharing a platform with Aston's DB9, which Mr Bez described as "the previous most important car for our company".Mr Bez - himself a former executive at r... |
Dollar drops on reserves concerns
The US dollar has dropped against major currencies on concerns that central banks may cut the amount of dollars they hold in their foreign reserves.
Comments by South Korea's central bank at the end of last week have sparked the recent round of dollar declines. South Korea, which has... | The US dollar has dropped against major currencies on concerns that central banks may cut the amount of dollars they hold in their foreign reserves.South Korea, which has about $200bn in foreign reserves, said it plans instead to boost holdings of currencies such as the Australian and Canadian dollar.At 1300 GMT, the e... |
Call to overhaul UK state pension
The UK pension system has been branded inadequate and too complex by a leading retirement think-tank.
The Pensions Policy Institute (PPI) said replacing the state pension with a "citizen's pension" would help tackle inequality and complexity. The change would see pensions being calcu... | The UK pension system has been branded inadequate and too complex by a leading retirement think-tank.The think tank's proposals were made in response to the recent publication of the Pensions Commission's initial report into UK retirement savings.The report added that a combination of higher taxes, higher savings and/o... |
US bank 'loses' customer details
The Bank of America has revealed it has lost computer tapes containing account details of more than one million customers who are US federal employees.
Several members of the US Senate are among those affected, who could now be vulnerable to identity theft. Senate sources say the miss... | New York Senator Charles Schumer said he was told by the Senate Rules Committee that the tapes were probably stolen from a commercial plane.Bank of America said the tapes went missing in December while being shipped to a back-up data centre.But although there was no evidence of criminal activity, the bank said, the Sec... |
Verizon 'seals takeover of MCI'
Verizon has won a takeover battle for US phone firm MCI with a bid worth $6.8bn (£3.6bn), reports say.
The two firms are expected to seal the deal on Monday morning, according to news agency reports, despite what was thought to be a higher bid from Qwest. The US telecoms market is cons... | Verizon has won a takeover battle for US phone firm MCI with a bid worth $6.8bn (£3.6bn), reports say.A merger between MCI and Verizon would be the fifth billion-dollar telecoms deal since October.The US telecoms market is consolidating fast, with former long-distance giant AT&T being bought by former subsidiary SBC ea... |
Economy 'strong' in election year
UK businesses are set to prosper during the next few months - but this could trigger more interest rate rises, according to a report.
Optimism is at its highest since 1997 and business will reap the benefits of a continuing rise in public spending, say researchers at BDO Stoy Hayward... | The BDO optimism index - a leading indicator of GDP growth two quarters ahead edged up in January to 102.5, from 102.2 in October.The only thing blighting business optimism this year will be uncertainties associated with the general election, BDO said."The UK is looking strong going into the general election, but busin... |
Air Jamaica back in state control
The Jamaican government is regaining control of Air Jamaica in an bid to help the ailing company out of its financial difficulties.
The firm has failed to make money since the state sold a majority stake to hotel tycoon Gordon Stewart in 1994. In common with many carriers, Air Jamaic... | The Jamaican government is regaining control of Air Jamaica in an bid to help the ailing company out of its financial difficulties.In common with many carriers, Air Jamaica, with debts of $560m (£291m), has been hit by high fuel costs and the impact of the 11 September attacks."The administration is committed to a viab... |
Crossrail link 'to get go-ahead'
The £10bn Crossrail transport plan, backed by business groups, is to get the go-ahead this month, according to The Mail on Sunday.
It says the UK Treasury has allocated £7.5bn ($13.99bn) for the project and that talks with business groups on raising the rest will begin shortly. The mu... | Jeremy de Souza, a spokesman for Crossrail, said on Sunday he could not confirm whether the Treasury was planning to invest £7.5bn or when the bill would go before Parliament.The £10bn Crossrail transport plan, backed by business groups, is to get the go-ahead this month, according to The Mail on Sunday.It says the UK ... |
Yukos owner sues Russia for $28bn
The majority owner of embattled Russian oil firm Yukos has sued the Russian government for $28.3bn (£15.2bn).
The Kremlin last year seized and sold Yukos' main production arm, Yugansk, to state-run oil group Rosneft for $9.3bn to offset a massive back tax bill. Group Menatep, the Gib... | Menatep said the value of its Yukos shareholding had gone from $17.8bn to "virtually nothing" since 2003 as a result of the Russian government's action, as its shares have fallen 97%.Group Menatep, the Gibraltar-based holding company which controls 51% of Yukos, says this was illegal.The Russian government's argument f... |
Court rejects $280bn tobacco case
A US government claim accusing the country's biggest tobacco companies of covering up the effects of smoking has been thrown out by an appeal court.
The demand for $280bn (£155bn) - filed by the Clinton administration in 1999 - was rejected in a 2-1 decision. The court in Washington ... | A US government claim accusing the country's biggest tobacco companies of covering up the effects of smoking has been thrown out by an appeal court.The tobacco companies deny that they illegally conspired to promote smoking and defraud the public.In its case, the government claimed tobacco firms manipulated nicotine le... |
Irish markets reach all-time high
Irish shares have risen to a record high, with investors persuaded to buy into the market by low inflation and strong growth forecasts.
The ISEQ index of leading shares closed up 23 points to 6661.89 on Thursday, fuelled by strong growth in banking and financial stocks. A fall in the... | Irish shares have risen to a record high, with investors persuaded to buy into the market by low inflation and strong growth forecasts."Buoyant economic conditions are set to continue in Ireland over the next few years and Irish equities continue to offer quality growth at a reasonable valuation."Ireland's economic 'mi... |
Pension hitch for long-living men
Male life expectancy is much higher than originally estimated, leading pension researchers have said.
The Pensions Policy Institute (PPI) said life expectancy for unskilled and professional men has been understated. Life expectancy at birth is 71 years for a manual worker and 79 year... | "Even people in social class V [unskilled manual workers] who are widely likely to have the lowest life expectancy can still expect to live 16 years after state pension age," he said.Life expectancy at birth is 71 years for a manual worker and 79 years for a professional - a gap of eight years.But if measured at age 65... |
S Korea spending boost to economy
South Korea will boost state spending next year in an effort to create jobs and kick start its sputtering economy.
It has earmarked 100 trillion won ($96bn) for the first six months of 2005, 60% of its total annual budget. The government's main problems are "slumping consumption and ... | "The focus will be on job creation and economic recovery, given that unfavourable domestic and global conditions are likely to dog the Korean economy in 2005," the ministry said."Given the economic spill over and employment effect in the construction sector, a sharp downturn in the construction industry could have othe... |
Wembley firm won't make a profit
Shares in Multiplex Group, which is building the new Wembley stadium, fell as much as 19% after it said it would not make any money on the project.
The Australian firm said it would only break even on the 1.2bn Australian dollars (£458m; $874m) rebuild, after a rise in costs on the wo... | To recoup any profit from Wembley, where the firm changed its steel contractor due to a legal dispute, Multiplex will have to win legal claims against subcontractors.It cut A$68m from profit targets for Wembley and another UK project.Shares in Multiplex Group, which is building the new Wembley stadium, fell as much as ... |
Dollar slides ahead of New Year
The US dollar has hit a new record low against the euro and analysts predict that more declines are likely in 2005.
Disappointing economic reports dented the currency, which had been rallying after European policy makers said they were worried about the euro's strength. Earlier on Thur... | Against the yen the dollar was trading down at $103.05.The US dollar has hit a new record low against the euro and analysts predict that more declines are likely in 2005.The dollar slid to a record $1.3666 versus the euro on Thursday, before bouncing back to $1.3636.Disappointing economic reports dented the currency, w... |
Egypt and Israel seal trade deal
In a sign of a thaw in relations between Egypt and Israel, the two countries have signed a trade protocol with the US, allowing Egyptian goods made in partnership with Israeli firms free access to American markets.
The protocol, signed in Cairo, will establish what are called "qualifi... | In a sign of a thaw in relations between Egypt and Israel, the two countries have signed a trade protocol with the US, allowing Egyptian goods made in partnership with Israeli firms free access to American markets.The US describes this as the most important economic agreement between Egypt and Israel in two decades.The... |
Indonesians face fuel price rise
Indonesia's government has confirmed it is considering raising fuel prices by as much as 30%.
Millions of Indonesians use kerosene for basic cooking, and prices have been heavily subsidised for years. President Susilo Bambang Yudhoyono's government has said it wants to curb fuel subsi... | Indonesia's government has confirmed it is considering raising fuel prices by as much as 30%.Indonesia pays subsidies to importers in order to stabilise domestic fuel prices, but higher oil prices have forced the government to spend more on holding prices down.Since President Yudhoyono's government came to power in Oct... |
Bank holds interest rate at 4.75%
The Bank of England has left interest rates on hold again at 4.75%, in a widely-predicted move.
Rates went up five times from November 2003 - as the bank sought to cool the housing market and consumer debt - but have remained unchanged since August. Recent data has indicated a slowdo... | CBI chief economist Ian McCafferty said the economy had "slowed in recent months in response to rate rises" but that it was difficult to gauge from the Christmas period the likely pace of activity through the summer.Manufacturers' organisation, the EEF, said it expected the hold in interest rates to continue in the nea... |
Beer giant swallows Russian firm
Brewing giant Inbev has agreed to buy Alfa-Eco's stake in Sun Interbrew, Russia's second-largest brewer, for up to 259.7m euros ($353.3m; £183.75m).
Alfa-Eco, the venture capital arm of Russian conglomerate Alfa Group, has a one-fifth stake in Sun Interbrew. The deal gives Inbev, the ... | Inbev was formed in August 2004 when Belgium's Interbrew bought Brazilian brewer Ambev.Brewing giant Inbev has agreed to buy Alfa-Eco's stake in Sun Interbrew, Russia's second-largest brewer, for up to 259.7m euros ($353.3m; £183.75m).Sun Interbrew, which employs 8,000 staff, owns breweries in eight Russian cities - Kl... |
Ailing EuroDisney vows turnaround
EuroDisney, the European home of Mickey Mouse and friends, has said it will sell 253m euros (£175m; $328m) of new shares as it looks to avoid insolvency.
The sale is the last part of a plan to restructure 2.4bn euros-worth of debts. Despite struggling since it was opened in 1992, Eur... | EuroDisney will sell the new shares priced at 9 euros cents each.EuroDisney, the European home of Mickey Mouse and friends, has said it will sell 253m euros (£175m; $328m) of new shares as it looks to avoid insolvency.A new attraction - Walt Disney Studios - has recently opened its site near Paris.Despite struggling si... |
SEC to rethink post-Enron rules
The US stock market watchdog's chairman has said he is willing to soften tough new US corporate governance rules to ease the burden on foreign firms.
In a speech at the London School of Economics, William Donaldson promised "several initiatives". European firms have protested that US l... | The Act also applies to firms with more than 300 US shareholders, a situation many firms without US listings could find themselves in.It obliges all firms with US stock market listings to make declarations, which, critics say, will add substantially to the cost of preparing their annual accounts.The US stock market wat... |
Iraq to invite phone licence bids
Iraq is to invite bids for two telephone licences, saying it wants to significantly boost nationwide coverage over the next decade.
Bids have been invited from local, Arab and foreign companies, Iraq's Ministry of Communications said. The winner will work in partnership with the Iraq... | The ministry said that it wanted to increase Iraq's "very low telephone service penetration rate from about 4.5% today to about 25% within 10 years."Bids have been invited from local, Arab and foreign companies, Iraq's Ministry of Communications said.The ministry said it would base its selection on criteria including t... |
US retail sales surge in December
US retail sales ended the year on a high note with solid gains in December, boosted by strong car sales.
Seasonally adjusted sales rose 1.2% in the month, compared to 0.1% a month earlier, boosted by a surge in shopping just before and after Christmas. Sales climbed 8% for the year, ... | US retail sales ended the year on a high note with solid gains in December, boosted by strong car sales.Sales for the year also broke through the $4 trillion mark for the first time - with annual sales coming in at $4.06 trillion However, if automotives are excluded from December's data, retail sales rose just 0.3% on ... |
India's Maruti sees profits jump
India's biggest carmaker Maruti has reported a sharp increase in quarterly profit after a booming economy and low interest rates boosted demand.
Net profit surged 70% to 2.39bn rupees ($54.98m; £29.32m) in the last three months of 2004 compared with 1.41bn rupees a year earlier. Total... | Net profit surged 70% to 2.39bn rupees ($54.98m; £29.32m) in the last three months of 2004 compared with 1.41bn rupees a year earlier.Profit was 1.33bn rupees compared with 874.2m rupees a year earlier.India's biggest carmaker Maruti has reported a sharp increase in quarterly profit after a booming economy and low inte... |
Europe blames US over weak dollar
European leaders have openly blamed the US for the sharp rise in the value of the euro.
US officials were talking up the dollar, they said, but failing to take action to back up their words. Meeting in Brussels, finance ministers of the 12 eurozone countries voiced their concern that... | The comments come a day after US Treasury Secretary John Snow said a strong dollar was "in America's interest".US officials were talking up the dollar, they said, but failing to take action to back up their words.But analysts said the respite was likely to be only temporary.Nicolas Sarkozy of France said he and his col... |
Worldcom ex-boss launches defence
Lawyers defending former WorldCom chief Bernie Ebbers against a battery of fraud charges have called a company whistleblower as their first witness.
Cynthia Cooper, WorldCom's ex-head of internal accounting, alerted directors to irregular accounting practices at the US telecoms giant... | The prosecution's star witness, former WorldCom financial chief Scott Sullivan, has said that Mr Ebbers ordered accounting adjustments at the firm, telling him to "hit our books".However, Ms Cooper said Mr Sullivan had not mentioned "anything uncomfortable" about WorldCom's accounting during a 2001 audit committee meet... |
Yukos unit fetches $9bn at auction
A little-known Russian company has bought the main production unit of oil giant Yukos at auction in Moscow.
Baikal Finance Group outbid favourite Gazprom, the state-controlled gas monopoly, to buy Yuganskneftegas. Baikal paid 260.75bn roubles ($9.37bn: £4.8bn) for Yugansk - nowhere ... | Yukos reacted immediately by repeating its view that the auction was illegal in international and Russian law, and said Baikal had bought itself trouble.A little-known Russian company has bought the main production unit of oil giant Yukos at auction in Moscow.Meanwhile, Tim Osborne, head of Yukos main shareholders' gro... |
Steel firm 'to cut' 45,000 jobs
Mittal Steel, one of the world's largest steel producers, could cut up to 45,000 jobs over the next five years, its chief executive has said.
The Netherlands-based company is due to complete its $4.5bn acquisition of US firm ISG next month, making it one of the largest global firms of ... | Mittal Steel, one of the world's largest steel producers, could cut up to 45,000 jobs over the next five years, its chief executive has said.Mittal Steel has operations in 14 countries.Mr Mittal told US investors that once the acquisition of International Steel Group was completed, the company would aim to reduce its w... |
Yukos heading back to US courts
Russian oil and gas company Yukos is due in a US court on Thursday as it continues to fight for its survival.
The firm is in the process of being broken up by Russian authorities in order to pay a $27bn (£14bn) tax bill. Yukos filed for bankruptcy in the US, hoping to use international... | Russian oil and gas company Yukos is due in a US court on Thursday as it continues to fight for its survival.Deutsche Bank, which is also an advisor to Gazprom, has called on the US court to overturn its decision to provide Yukos with bankruptcy protection.Russian President Vladimir Putin and the country's legal author... |
Strong quarterly growth for Nike
Nike has reported its best second-quarter earnings, helped by strong demand for its athletic shoes and Converse sneakers.
The global sports giant said it posted a profit of $261.9m (£135.6m), for the three months to 30 November, up from $179.1m in the same period last year. Revenues i... | That is 9.1% higher than such orders reported for the same period last year.The global sports giant said it posted a profit of $261.9m (£135.6m), for the three months to 30 November, up from $179.1m in the same period last year.Nike has reported its best second-quarter earnings, helped by strong demand for its athletic... |
Dollar hovers around record lows
The US dollar hovered close to record lows against the euro on Friday as concern grows about the size of the US budget deficit.
Analysts predict that the dollar will remain weak in 2005 as investors worry about the state of the US economy. The Bush administration's apparent unwillingn... | The US dollar hovered close to record lows against the euro on Friday as concern grows about the size of the US budget deficit.The dollar was trading at $1.3652 versus the euro on Friday morning after hitting a fresh record low of $1.3667 on Thursday."There are no dollar buyers now, especially after the Chicago data ye... |
Yukos drops banks from court bid
Russian oil company Yukos has dropped the threat of legal action against five banks it had accused of involvement in the sale of its key Yugansk unit.
State-owned Rosneft bought the unit for $9.3bn (£5bn) after Yukos was forced to sell assets to meet a $27.5bn tax bill. Yukos says the... | Russian oil company Yukos has dropped the threat of legal action against five banks it had accused of involvement in the sale of its key Yugansk unit.Yukos says the sale was illegal and is pursuing damages in a US court.However, Yukos still has an outstanding complaint against Deutsche Bank, which it alleges to be the ... |
Water firm Suez in Argentina row
A conflict between the Argentine State and water firm Aguas Argentinas, controlled by France's Suez, is casting doubt on the firm's future.
The firm, which serves the province of Buenos Aires, wants a tariff rise of 60% to fund water-supply improvements. The government has rejected th... | The government has rejected the 60% rise and wants Aguas Argentinas to make an annual investment of 400m pesos ($136m; £72.3m) in improvements.But last week, Argentine Economic Minister, Roberto Lavagna, told the French media in Paris that the government was considering allowing a 16% increase in tariffs and the possib... |
Go-ahead for Balkan oil pipeline
Albania, Bulgaria and Macedonia has given the go ahead for the construction of a $1.2bn oil pipeline that will pass through the Balkan peninsula.
The project aims to allow alternative ports for the shipping of Russian and Caspian oil, that normally goes through Turkish ports. It aims ... | The pipeline will be built by the US-registered Albanian Macedonian Bulgarian Oil Corporation (AMBO).Albania, Bulgaria and Macedonia has given the go ahead for the construction of a $1.2bn oil pipeline that will pass through the Balkan peninsula.The project aims to allow alternative ports for the shipping of Russian an... |
Oil rebounds from weather effect
Oil prices recovered in Asian trade on Tuesday, after falling in New York on milder winter weather across the US.
With winter temperatures staying relatively high in the northern US, a barrel of light crude ended Monday down $1.33 to $42.12. However crude prices have rebounded in Asia... | With winter temperatures staying relatively high in the northern US, a barrel of light crude ended Monday down $1.33 to $42.12.With milder temperatures expected to continue in the northern parts of the US over the next few days at least, analysts have said the price of oil may fall further - even if the decline was onl... |
Macy's owner buys rival for $11bn
US retail giant Federated Department Stores is to buy rival May Department Stores for $11bn (£5.7bn).
The deal will bring together famous stores like Macy's, Bloomingdale's and Marshall Field's, creating the largest department store chain in the US. The combined firm will operate abo... | US retail giant Federated Department Stores is to buy rival May Department Stores for $11bn (£5.7bn).As part of the deal, Federated - owner of Macy's and Bloomingdale's - will assume $6bn of May's debt, bringing the deal's total value to $17bn.Federated has annual sales of $15.6bn, while May's yearly sales are $14.4bn.... |
Tsunami to cost Sri Lanka $1.3bn
Sri Lanka faces a $1.3bn (£691m) bill in 2005 for reconstruction after the tsunami which killed more than 30,000 of its people, its central bank says.
This estimate is preliminary, bank governor Sunil Mendis told reporters, and could rise in 2006. The island state is asking for about ... | Sri Lanka faces a $1.3bn (£691m) bill in 2005 for reconstruction after the tsunami which killed more than 30,000 of its people, its central bank says.A full reckoning of the economic cost to Sri Lanka of the tsunami will not be clear for some time to come.According to Mr Mendis, half the IMF support could come from a f... |
Japanese mogul arrested for fraud
One of Japan's best-known businessmen was arrested on Thursday on charges of falsifying shareholder information and selling shares based on the false data.
Yoshiaki Tsutsumi was once ranked as the world's richest man and ran a business spanning hotels, railways, construction and a ba... | But last year, he was forced to resign from all the posts he held in his business empire, after being accused of falsifying the share-ownership structure of Seibu Railways, one of his companies.Mr Tsutsumi's fall from grace follows the arrests of several other top executives in Japan as the authorities try to curb the ... |
Consumer spending lifts US growth
US economic growth accelerated in the third quarter, helped by strong consumer spending, official figures have shown.
The economy expanded at an annual rate of 3.7% in the July to September period, the Commerce Department said. The figure marked an increase on the 3.3% growth recorde... | US economic growth accelerated in the third quarter, helped by strong consumer spending, official figures have shown.However, President Bush is expected to point to Commerce Department figures showing that consumer spending grew at 4.6% in the third quarter, up from just 1.6% in the second, as evidence that his policie... |
Germany calls for EU reform
German Chancellor Gerhard Schroeder has called for radical reform of the EU's stability pact to grant countries more flexibility over their budget deficits.
Mr Schroeder said existing fiscal rules should be loosened to allow countries to run deficits above the current 3% limit if they met ... | Mr Schroeder also called for heads of government to play a larger role in shaping reforms to the pact.Mr Schroeder said existing fiscal rules should be loosened to allow countries to run deficits above the current 3% limit if they met certain criteria.Mr Schroeder - a staunch supporter of the pact when it was set up in... |
India's Deccan gets more planes
Air Deccan has signed a deal to acquire 36 planes from Avions de Transport Regional (ATR).
The value of the deal has not been revealed, because of a confidentiality clause in the agreement. But Air Deccan's managing director Gorur Gopinath has said the price agreed was less than the ca... | Air Deccan has signed a deal to acquire 36 planes from Avions de Transport Regional (ATR).Air Deccan has said it will base its business model on European firms such as Ireland's Ryanair.In a statement, ATR has said deliveries of the aircraft will begin in 2005 and will continue over a five-year period.Filippo Bagnato, ... |
Lacroix label bought by US firm
Luxury goods group LVMH has sold its loss-making Christian Lacroix clothing label to a US investment group.
The Paris-based firm has been shedding non-core businesses and focusing on its most profitable brands including Moet & Chandon champagne and Louis Vuitton. LVMH said the French d... | LVMH said the French designer's haute couture and ready-to-wear labels had been purchased by the Falic Group for an unspecified sum.Luxury goods group LVMH has sold its loss-making Christian Lacroix clothing label to a US investment group.The Falic Group bought two cosmetics labels from LVMH in 2003. |
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