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Ad sales boost Time Warner profit
Quarterly profits at US media giant TimeWarner jumped 76% to $1.13bn (£600m) for the three months to December, from $639m year-earlier.
The firm, which is now one of the biggest investors in Google, benefited from sales of high-speed internet connections and higher advert sales. Tim... | TimeWarner said fourth quarter sales rose 2% to $11.1bn from $10.9bn.For the full-year, TimeWarner posted a profit of $3.36bn, up 27% from its 2003 performance, while revenues grew 6.4% to $42.09bn.Quarterly profits at US media giant TimeWarner jumped 76% to $1.13bn (£600m) for the three months to December, from $639m... |
Dollar gains on Greenspan speech
The dollar has hit its highest level against the euro in almost three months after the Federal Reserve head said the US trade deficit is set to stabilise.
And Alan Greenspan highlighted the US government's willingness to curb spending and rising household savings as factors which may ... | The dollar has hit its highest level against the euro in almost three months after the Federal Reserve head said the US trade deficit is set to stabilise.China's currency remains pegged to the dollar and the US currency's sharp falls in recent months have therefore made Chinese export prices highly competitive.Market c... |
Yukos unit buyer faces loan claim
The owners of embattled Russian oil giant Yukos are to ask the buyer of its former production unit to pay back a $900m (£479m) loan.
State-owned Rosneft bought the Yugansk unit for $9.3bn in a sale forced by Russia to part settle a $27.5bn tax claim against Yukos. Yukos' owner Menat... | Yukos' owner Menatep Group says it will ask Rosneft to repay a loan that Yugansk had secured on its assets.State-owned Rosneft bought the Yugansk unit for $9.3bn in a sale forced by Russia to part settle a $27.5bn tax claim against Yukos.The sale went ahead in December and Yugansk was sold to a little-known shell compa... |
High fuel prices hit BA's profits
British Airways has blamed high fuel prices for a 40% drop in profits.
Reporting its results for the three months to 31 December 2004, the airline made a pre-tax profit of £75m ($141m) compared with £125m a year earlier. Rod Eddington, BA's chief executive, said the results were "r... | Rod Eddington, BA's chief executive, said the results were "respectable" in a third quarter when fuel costs rose by £106m or 47.3%.To help offset the increased price of aviation fuel, BA last year introduced a fuel surcharge for passengers.BA had previously forecast a 2% to 3% rise in full-year revenue."It is quite go... |
Pernod takeover talk lifts Domecq
Shares in UK drinks and food firm Allied Domecq have risen on speculation that it could be the target of a takeover by France's Pernod Ricard.
Reports in the Wall Street Journal and the Financial Times suggested that the French spirits firm is considering a bid, but has yet to contac... | Pernod has reduced the debt it took on to fund the Seagram purchase to just 1.8bn euros, while Allied has improved the performance of its fast-food chains.Shares in UK drinks and food firm Allied Domecq have risen on speculation that it could be the target of a takeover by France's Pernod Ricard.Pernod said it was seek... |
Japan narrowly escapes recession
Japan's economy teetered on the brink of a technical recession in the three months to September, figures show.
Revised figures indicated growth of just 0.1% - and a similar-sized contraction in the previous quarter. On an annual basis, the data suggests annual growth of just 0.2%, sug... | On an annual basis, the data suggests annual growth of just 0.2%, suggesting a much more hesitant recovery than had previously been thought.A common technical definition of a recession is two successive quarters of negative growth.Revised figures indicated growth of just 0.1% - and a similar-sized contraction in the pr... |
Jobs growth still slow in the US
The US created fewer jobs than expected in January, but a fall in jobseekers pushed the unemployment rate to its lowest level in three years.
According to Labor Department figures, US firms added only 146,000 jobs in January. The gain in non-farm payrolls was below market expectations... | The job gains mean that President Bush can celebrate - albeit by a very fine margin - a net growth in jobs in the US economy in his first term in office.Analysts said the growth in new jobs was not as strong as could be expected given the favourable economic conditions.The Labor Department also said it had revised down... |
India calls for fair trade rules
India, which attends the G7 meeting of seven leading industrialised nations on Friday, is unlikely to be cowed by its newcomer status.
In London on Thursday ahead of the meeting, India's finance minister, lashed out at the restrictive trade policies of the G7 nations. He objected to s... | At a conference on developing enterprise hosted by UK finance minister Gordon Brown on Friday, he said that he was in favour of floating exchange rates because they help countries cope with economic shocks.In London on Thursday ahead of the meeting, India's finance minister, lashed out at the restrictive trade policies... |
Ethiopia's crop production up 24%
Ethiopia produced 14.27 million tonnes of crops in 2004, 24% higher than in 2003 and 21% more than the average of the past five years, a report says.
In 2003, crop production totalled 11.49 million tonnes, the joint report from the Food and Agriculture Organisation and the World Food... | In 2003, crop production totalled 11.49 million tonnes, the joint report from the Food and Agriculture Organisation and the World Food Programme said.The Food and Agriculture Organisation (FAO) recommend that the food assistance is bought locally.Last year, a total of 965,000 tonnes of food assistance was needed to hel... |
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... |
Ask Jeeves tips online ad revival
Ask Jeeves has become the third leading online search firm this week to thank a revival in internet advertising for improving fortunes.
The firm's revenue nearly tripled in the fourth quarter of 2004, exceeding $86m (£46m). Ask Jeeves, once among the best-known names on the web, is ... | Ask Jeeves has become the third leading online search firm this week to thank a revival in internet advertising for improving fortunes.Its $17m profit for the quarter was dwarfed by the $204m announced by rival Google earlier in the week.During the same quarter, Yahoo earned $187m, again tipping a resurgence in online ... |
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... |
Peugeot deal boosts Mitsubishi
Struggling Japanese car maker Mitsubishi Motors has struck a deal to supply French car maker Peugeot with 30,000 sports utility vehicles (SUV).
The two firms signed a Memorandum of Understanding, and say they expect to seal a final agreement by Spring 2005. The alliance comes as a badly... | Struggling Japanese car maker Mitsubishi Motors has struck a deal to supply French car maker Peugeot with 30,000 sports utility vehicles (SUV).Mitsubishi Motors has forecast a net loss of 472bn yen in its current financial year to March 2005.Last month, it signed a production agreement with Japanese rival Nissan Motor ... |
Telegraph newspapers axe 90 jobs
The Daily and Sunday Telegraph newspapers are axing 90 journalist jobs - 17% of their editorial staff.
The Telegraph Group says the cuts are needed to fund an £150m investment in new printing facilities. Journalists at the firm met on Friday afternoon to discuss how to react to the s... | "Journalists are the lifeblood of any newspaper, and maintaining the quality of The Daily Telegraph and The Sunday Telegraph for our readers is vital," he said.The two Telegraph titles currently employ 521 journalists.Telegraph executive Murdoch MacLennan said the two newspapers would add eight colour pages in the comi... |
Air passengers win new EU rights
Air passengers who are unable to board their flights because of overbooking, cancellations or flight delays can now demand greater compensation.
New EU rules set compensation at between 250 euros (£173) and 600 euros, depending on the length of the flight. The new rules will apply to... | In addition, if a flight is cancelled or delayed for more than two hours through the fault of the airline, all passengers must be paid compensation.However, airlines do not have to offer compensation if flights are cancelled or delayed due to "extraordinary circumstances"."We reckon it's going to cost European air pass... |
China keeps tight rein on credit
China's efforts to stop the economy from overheating by clamping down on credit will continue into 2005, state media report.
The curbs were introduced earlier this year to ward off the risk that rapid expansion might lead to soaring prices. There were also fears that too much stress m... | The breakneck pace of economic expansion has kept growth above 9% for more than a year.Rapid tooling-up of China's manufacturing sector means a massive demand for energy - one of the factors which has kept world oil prices sky-high for most of this year.Growth in China remains at a breakneck 9.1%, and corporate investm... |
Parmalat boasts doubled profits
Parmalat, the Italian food group at the centre of one of Europe's most painful corporate scandals, has reported a doubling in profit.
Its pre-tax earnings in the fourth quarter were 77m euros (£53m; $100m), up from 38m in the same period of 2003. Less welcome was the news that the fir... | On Tuesday, the company's administrator, turnaround expert Enrico Bondi, sued Morgan Stanley, its former banker, to return 136m euros relating to a 2003 bond deal.The company has also sued former auditors and financial advisors for damages.That brought to 49 the number of banks that Mr Bondi has sued, a mass of legal a... |
India's rupee hits five-year high
India's rupee has hit a five-year high after Standard & Poor's (S&P) raised the country's foreign currency rating.
The rupee climbed to 43.305 per US dollar on Thursday, up from a close of 43.41. The currency has gained almost 1% in the past three sessions. S&P, which rates borrowers... | India's rupee has hit a five-year high after Standard & Poor's (S&P) raised the country's foreign currency rating.India's foreign currency rating is now one notch below investment grade, which starts at 'BBB-'.S&P, which rates borrowers' creditworthiness, lifted India's rating by one notch to 'BB+'.The currency has gai... |
India widens access to telecoms
India has raised the limit for foreign direct investment in telecoms companies from 49% to 74%.
Communications Minister Dayanidhi Maran said that there is a need to fund the fast-growing mobile market. The government hopes to increase the number of mobile users from 95 million to betwe... | "We need at least $20bn (£10.6bn) in investment and part of this has to come as foreign direct investment," said Mr Maran.Potential foreign investors will however need government approval before they increase their stake beyond 49%, Mr Maran said.Communications Minister Dayanidhi Maran said that there is a need to fun... |
Call centre users 'lose patience'
Customers trying to get through to call centres are getting impatient and quicker to hang up, a survey suggests.
Once past the welcome message, callers on average hang up after just 65 seconds of listening to canned music. The drop in patience comes as the number of calls to call cen... | The drop in patience comes as the number of calls to call centres is growing at a rate of 20% every year.Poor training frustrates both call centre workers and customers.In what Dimension Data calls an "alarming development", the average induction time for a call centre worker fell last year from 36 to just 21 days, lea... |
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... |
Sluggish economy hits German jobs
The number of people out of work in Europe's largest economy has risen for the tenth straight month as growth remains stubbornly slow.
German unemployment rose 7,000 in November to 4.464 million people, or 10.8% of the workforce. The seasonally adjusted rise showed a smaller rise tha... | But officials said stagnant growth was still stifling the job market.With unemployment stuck above 4 million for years, the government of Chancellor Gerhard Schroeder has put job creation at the top of the agenda.The seasonally adjusted rise showed a smaller rise than expected, as government measures to encourage job c... |
Mixed signals from French economy
The French economy picked up speed at the end of 2004, official figures show - but still looks set to have fallen short of the government's hopes.
According to state statistics body INSEE, growth for the three months to December was a seasonally-adjusted 0.7-0.8%, ahead of the 0.6% f... | Despite the apparent shortfall in annual economic growth, the good quarterly figures - a so-called "flash estimate" - mark a continuing trend of improving indicators for the health of the French economy.Also on Friday, France's industrial output for December was released, showing 0.7% growth.It leaves GDP up 2.3% for t... |
US trade gap hits record in 2004
The gap between US exports and imports hit an all-time high of $671.7bn (£484bn) in 2004, latest figures show.
The Commerce Department said the trade deficit for all of last year was 24.4% above the previous record - 2003's imbalance of $496.5bn. The deficit with China, up 30.5% at $... | The Commerce Department said the trade deficit for all of last year was 24.4% above the previous record - 2003's imbalance of $496.5bn.The gap between US exports and imports hit an all-time high of $671.7bn (£484bn) in 2004, latest figures show.However, on a monthly basis the US trade gap narrowed by 4.9% in December ... |
Yukos loses US bankruptcy battle
A judge has dismissed an attempt by Russian oil giant Yukos to gain bankruptcy protection in the US.
Yukos filed for Chapter 11 protection in Houston in an unsuccessful attempt to halt the auction of its Yugansk division by the Russian authorities. The court ruling is a blow to effort... | The court ruling is a blow to efforts to get damages for the sale of Yugansk, which Yukos claims was illegally sold.Yukos had argued that a US court was entitled to declare it bankrupt before its Yugansk unit was sold, since it has local bank accounts and its chief finance officer Bruce Misamore lives in Houston.A judg... |
Safety alert as GM recalls cars
The world's biggest carmaker General Motors (GM) is recalling nearly 200,000 vehicles in the US on safety grounds, according to federal regulators.
The National Highway Traffic Safety Administration (NHTSA) said the largest recall involves 155,465 pickups, vans and sports utility vehic... | The affected vehicles in the product recall are from the 2004 and 2005 model years, GM said.The NHTSA said a pressure accumulator in the braking system could crack during normal driving and fragments could injure people if the hood was open.The world's biggest carmaker General Motors (GM) is recalling nearly 200,000 ve... |
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... |
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... |
UK firm faces Venezuelan land row
Venezuelan authorities have said they will seize land owned by a British company as part of President Chavez's agrarian reform programme.
Officials in Cojedes state said on Friday that farmland owned by a subsidiary of the Vestey Group would be taken and used to settle poor farmers. ... | The Vestey Group said it had owned the land since 1920 and would co-operate fully with the authorities.Officials in Cojedes state said on Friday that farmland owned by a subsidiary of the Vestey Group would be taken and used to settle poor farmers.Venezuelan authorities have said they will seize land owned by a British... |
Soaring oil 'hits world economy'
The soaring cost of oil has hit global economic growth, although world's major economies should weather the storm of price rises, according to the OECD.
In its latest bi-annual report, the OECD cut its growth predictions for the world's main industrialised regions. US growth would rea... | US growth would reach 4.4% in 2004, but fall to 3.3% next year from a previous estimate of 3.7%, the OECD said.But the outlook was worst for the 12-member eurozone bloc, with already sluggish growth forecasts slipping to 1.8% from 2.0% this year and 1.9% from 2.4% in 2005, the OECD said.Overall, the report forecast tot... |
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... |
Japanese banking battle at an end
Japan's Sumitomo Mitsui Financial has withdrawn its takeover offer for rival bank UFJ Holdings, enabling the latter to merge with Mitsubishi Tokyo.
Sumitomo bosses told counterparts at UFJ of its decision on Friday, clearing the way for it to conclude a 3 trillion yen ($29bn) deal wi... | Japan's Sumitomo Mitsui Financial has withdrawn its takeover offer for rival bank UFJ Holdings, enabling the latter to merge with Mitsubishi Tokyo.Sumitomo, Japan's third-largest bank, tabled a higher offer for UFJ than its rival, valuing the company at $35bn.However, UFJ's management was known to prefer the offer from... |
Rich grab half Colombia poor fund
Half of the money put aside by the Colombian government to help the country's poor is benefiting people who do not need it, a study has found.
A total of 24.2 trillion pesos ($10.2bn; £5.5bn) is earmarked for subsidies for the poor, the government department for planning said. But i... | A total of 24.2 trillion pesos ($10.2bn; £5.5bn) is earmarked for subsidies for the poor, the government department for planning said.Sound distribution of the cash could cut poverty levels to 36% from 53%, the government believes.Half of the money put aside by the Colombian government to help the country's poor is be... |
Rover deal 'may cost 2,000 jobs'
Some 2,000 jobs at MG Rover's Midlands plant may be cut if investment in the firm by a Chinese car maker goes ahead, the Financial Times has reported.
Shanghai Automotive Industry Corp plans to shift production of the Rover 25 to China and export it to the UK, sources close to the neg... | But Rover told BBC News that reports of job cuts were "speculation".SAIC was unavailable for comment on the job cuts when contacted by BBC News.Rover and SAIC signed a technology-sharing agreement in August.Some 2,000 jobs at MG Rover's Midlands plant may be cut if investment in the firm by a Chinese car maker goes ahe... |
Ad firm WPP's profits surge 15%
UK advertising giant WPP has posted larger-than-expected annual profits and predicted that it will outperform the market in 2005.
Pre-tax profits rose 15% from a year ago to reach £546m ($1.04bn), ahead of average analysts' forecasts of £532m. Revenues were £4.3bn while the firm's o... | WPP in recent years has also bought firms such as Ogilvy & Mather and Cordiant Communications.UK advertising giant WPP has posted larger-than-expected annual profits and predicted that it will outperform the market in 2005.Pre-tax profits rose 15% from a year ago to reach £546m ($1.04bn), ahead of average analysts' fo... |
US gives foreign firms extra time
Foreign firms have been given an extra year to meet tough new corporate governance regulations imposed by the US stock market watchdog.
The Securities and Exchange Commission has extended the deadline to get in line with the rules until 15 July 2006. Many foreign firms had protested ... | Many foreign firms had protested that the SEC was imposing an unfair burden.The SEC said it had taken into consideration the fact that foreign companies were already working to meet more onerous financial reporting rules in their home countries.Section 404 of the Sox Act, as the legislation is nicknamed, calls for all ... |
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 ... |
Deutsche Telekom sees mobile gain
German telecoms firm Deutsche Telekom saw strong fourth quarter profits on the back of upbeat US mobile earnings and better-than-expected asset sales.
Net profit came in at 1.4bn euros (£960m; $1.85bn), a dramatic change from the loss of 364m euros in 2003. Sales rose 2.8% to 14.96b... | A year ago, debt was more than 11bn euros higher.This was more than expected and helped to bring debt down to 35.8bn euros.Sales rose 2.8% to 14.96bn euros.Sales of stakes in firms including Russia's OAO Mobile Telesystems raised 1.17bn euros. |
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 s... | 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... |
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... |
Fed chief warning on US deficit
Federal Reserve chairman Alan Greenspan has warned that allowing huge US budget deficits to continue could have "severe" consequences.
Speaking to the House Budget Committee he urged Congress to take action to cut the deficit, such as increasing taxes. While the US economy is growing a... | Federal Reserve chairman Alan Greenspan has warned that allowing huge US budget deficits to continue could have "severe" consequences.He also urged Congress to reinstate lapsed rules that require tax cuts and spending to be offset elsewhere in the budget in an effort to prevent the US heading further into the red.While... |
UK Coal plunges into deeper loss
Shares in UK Coal have fallen after the mining group reported losses had deepened to £51.6m in 2004 from £1.2m.
The UK's biggest coal producer blamed geological problems, industrial action and "operating flaws" at its deep mines for its worsening fortunes. The South Yorkshire compan... | UK Coal said it was making "significant progress" in shaking up the business.The recent rise in coal prices has failed to benefit the company as most of its output had already been sold, it said.The South Yorkshire company, led by new chief executive Gerry Spindler, said it hoped to return to profit in 2006.Total produ... |
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... |
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... |
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... |
Industrial output falls in Japan
Japanese industrial output fell in October while unemployment rose, casting further doubt on the strength of the country's economic recovery.
Production dropped 1.6% in October, reflecting a decline in exports, while unemployment levels edged up 0.1% to 4.7%, slightly higher than fore... | The economy has grown for six quarters but growth slowed dramatically in the last quarter amid weaker global demand.Japanese industrial output fell in October while unemployment rose, casting further doubt on the strength of the country's economic recovery.Analysts had been forecasting a 0.1% rise in month on month ind... |
Ryanair in $4bn Boeing plane deal
Budget airline Ryanair has placed an order for 70 Boeing 737-800 planes, in a deal valued at $4bn (£2.1bn) which should lead to 2,500 new Ryanair jobs.
It also has an option for a further 70 aircraft, a move which brings the Ryanair/Boeing order book up to 225 firm orders and option... | "With this new order and new pricing in place, Ryanair expects that unit operating costs (excluding fuel) will continue to fall each year for the next five years," he added.At the end of this year, Ryanair will have taken delivery of about 100 new planes, while the 70 new orders are due for delivery between 2008 and 20... |
Parmalat to return to stockmarket
Parmalat, the Italian dairy company which went bust after an accounting scandal, hopes to be back on the Italian stock exchange in July.
The firm gained protection from creditors in 2003 after revealing debts of 14bn euros ($18.34bn; £9.6bn). This was eight times higher than it had ... | The plan is likely to give creditors of Parmalat Finanziaria shares worth about 5.7% of the debts they are owed.Creditors of Parmalat, the main operating company, are likely to see the percentage of debt they receive fall from 7.3% to 6.9%.As part of the re-listing on the Italian stock exchange, creditors' debts are ex... |
BMW cash to fuel Mini production
Less than four years after the new Mini was launched, German car maker BMW has announced £100m of new investment.
Some 200 new jobs are to be created at the Oxford factory, including modernised machinery and a new body shell production building. The result of the investment could be ... | Less than four years after the new Mini was launched, German car maker BMW has announced £100m of new investment.Last year, almost one in six cars sold by the BMW group was a Mini.Initially, BMW said it would produce 100,000 Mini models a year at its vast Cowley factory on the outskirts of Oxford, but the target was q... |
Bad weather hits Nestle sales
A combination of bad weather, rising raw material costs and the sluggish European economy has hit sales at Swiss food and drink giant Nestle.
Revenue dipped 1.4% to 86.7bn Swiss francs ($74.6bn; £39.1bn) in 2004 as sales of ice cream and mineral water were dampened by the wet summer. Ho... | As well as increasing its dividend, Nestle plans to buy back shares worth 1bn Swiss francs ($861m; £451m).Nestle said that the strength of the Swiss franc against the US dollar, the disposal of businesses and challenging trading conditions in Europe all dented sales.Uncertainty remains over the future of Perrier, the ... |
Fiat mulls Ferrari market listing
Ferrari could be listed on the stock market as part of an overhaul of Fiat's carmaking operations, the Financial Times has reported.
It said Fiat was set to restructure its business after reaching a $2bn (1.53bn euros; £1.05bn) settlement with GM about Fiat's ownership. Steps being ... | It said Fiat was set to restructure its business after reaching a $2bn (1.53bn euros; £1.05bn) settlement with GM about Fiat's ownership.That sale valued Ferrari - which owns the Maserati brand - at 2.3bn euros.Steps being considered include listing Ferrari and bringing Maserati and Alfa Romeo closer together, it said... |
Italy to get economic action plan
Italian Prime Minister Silvio Berlusconi will unveil plans aimed at kickstarting the country's sputtering economy on Thursday night in Rome.
He will present an "Action Plan for the Development of Italy" in a meeting with industrialists and trade union leaders. Mr Berlusconi is expect... | The government says that it has set about tackling the problems, adding that getting growth going was the responsibility of all of Italy's 60 million population.Consumer spending accounts for about two-thirds of Italy's economy.According to Il Sole 24 Ore, Italy's business newspaper, the government will focus on "openi... |
Weak dollar hits Reuters
Revenues at media group Reuters slipped 11% during 2004, mainly due to the weakness of the dollar, the group said.
The company said it was optimistic about growth even as revenues slipped 11% from £3.24bn ($6.13bn) in 2003 to £2.89bn in 2004. Reuters beat profit forecasts, posting a 52% ris... | Reuters beat profit forecasts, posting a 52% rise in profits for the year to £198m from the £130m seen a year earlier.Reuters also managed to slow a decline in underlying revenues to 5.4% from 10.2% in 2003 and cut its debt back to £160m from £610m a year earlier.The news and financial data seller said the year had... |
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% ... |
SA unveils 'more for all' budget
The South African government has put tax cuts and increased social spending at the centre of its latest budget.
Aiming to both stir economic growth and aid the country's poor, finance minister Trevor Manuel said the focus of the 2005 budget was "more for all". The tax cuts target firm... | The South African government has put tax cuts and increased social spending at the centre of its latest budget.Unveiling the 418bn-rand budget to parliament, Mr Manuel said the South African economy had grown by an average of 3.2% over the past four years, slightly below the African average of 4%."In this budget, the f... |
BMW drives record sales in Asia
BMW has forecast sales growth of at least 10% in Asia this year after registering record sales there in 2004.
The luxury carmaker saw strong sales of its three marques - BMW, Mini and Rolls-Royce - in Asia last year after the launch of three new models. The company, which is vying with... | BMW has forecast sales growth of at least 10% in Asia this year after registering record sales there in 2004.The luxury carmaker saw strong sales of its three marques - BMW, Mini and Rolls-Royce - in Asia last year after the launch of three new models.China remains the main area of concern for BMW after sales there fel... |
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.... |
Electrolux to export Europe jobs
Electrolux saw its shares rise 14% on Tuesday after it said it would be shifting more of its manufacturing to low-cost countries.
The Swedish firm, the world's largest maker of home appliances, said it is to relocate about 10 of its 27 plants in western Europe and North America. It di... | The Newton Aycliffe plant could also be affected by Electrolux's separate announcement that it is to spin-off its outdoor products unit into a new separate company.Electrolux saw its shares rise 14% on Tuesday after it said it would be shifting more of its manufacturing to low-cost countries.The Swedish firm, the world... |
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... |
Insurance bosses plead guilty
Another three US insurance executives have pleaded guilty to fraud charges stemming from an ongoing investigation into industry malpractice.
Two executives from American International Group (AIG) and one from Marsh & McLennan were the latest. The investigation by New York attorney genera... | A Marsh spokeswoman said Mr Bewlay was no longer with the company.The highest ranking executive pleading guilty on Tuesday was former Marsh senior vice president Joshua Bewlay.Another three US insurance executives have pleaded guilty to fraud charges stemming from an ongoing investigation into industry malpractice.Mr S... |
Further rise in UK jobless total
The UK's jobless total rose for the second month in a row in December, official figures show.
The number of people out of work rose 32,000 to 1.41 million in the last three months of 2004, even as 90,000 more people were in employment. Average earnings rose by 4.3% in the year to Dece... | The number of people out of work rose 32,000 to 1.41 million in the last three months of 2004, even as 90,000 more people were in employment.Throughout 2004, the number of people in work increased by 296,000 to 28.52 million - the highest figure since records began in 1971.But, despite more people being in work, the ma... |
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 w... | 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 ... |
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... |
Lufthansa may sue over Bush visit
German airline Lufthansa may sue federal agencies for damages after the arrival of US president George W Bush disrupted flights.
Lufthansa said that it may lose millions of euros as a result of Air Force One landing at Frankfurt airport. Flights were affected for an hour on Wednesday... | German airline Lufthansa may sue federal agencies for damages after the arrival of US president George W Bush disrupted flights.Central to the problem was that instead of half an hour, the arrival of President Bush on the German leg of his European tour took the best part of an hour, Lufthansa said.Despite the problems... |
EU aiming to fuel development aid
European Union finance ministers meet on Thursday to discuss proposals, including a tax on jet fuel, to boost development aid for poorer nations.
The policy makers are to ask for a report into how more development money can be raised, the EU said. The world's richest countries have s... | Any tax would only be implemented after full consultation with the airlines, the EU said.It added that any plan to levy taxes on jet fuel "should not hinder the competitiveness of the airlines and that they themselves will not be solely funding development".said Ulrich Schulte-Strathaus, secretary general of the Associ... |
German business confidence slides
German business confidence fell in February knocking hopes of a speedy recovery in Europe's largest economy.
Munich-based research institute Ifo said that its confidence index fell to 95.5 in February from 97.5 in January, its first decline in three months. The study found that the o... | Analysts said that the Ifo figures and Germany's continuing problems may delay an interest rate rise by the European Central Bank.Munich-based research institute Ifo said that its confidence index fell to 95.5 in February from 97.5 in January, its first decline in three months.Latest indications are that growth is stil... |
FAO warns on impact of subsidies
Billions of farmers' livelihoods are at risk from falling commodity prices and protectionism, the UN's Food & Agriculture Organisation has warned.
Trade barriers and subsidies "severely" distort the market, the FAO report on the "State of Agricultural Commodity Markets 2004" said. As ... | The FAO has urged the World Trade Organisation to swiftly conclude negotiations to liberalise trade, easing developing countries' access to the world market.The market situation has divided developing nations in two groups, the FAO said.Trade barriers and subsidies "severely" distort the market, the FAO report on the "... |
India seeks to boost construction
India has cleared a proposal allowing up to 100% foreign direct investment in its construction sector.
Kamal Nath, Commerce and Industry Minister, announced the decision in Delhi on Thursday following a cabinet meeting. Analysts say improving India's infrastructure will boost foreign... | He said, "No country can develop on the basis of foreign investment alone."India has cleared a proposal allowing up to 100% foreign direct investment in its construction sector.The government proposal states that foreign investment of up to 100% will be allowed on the 'automatic route' in the construction sector, on pr... |
Boeing unveils new 777 aircraft
US aircraft firm Boeing has unveiled its new long-distance 777 plane, as it tries to regain its position as the industry's leading manufacturer.
The 777-200LR will be capable of flying almost 11,000 miles non-stop, linking cities such as London and Sydney. Boeing, in contrast to Europe... | Both Boeing and Airbus have been taking orders for their new planes.Boeing said it expected to sell about 500 of its 777-200LR planes over the next 20 years."Airbus is now where Boeing was a few years ago" with its product range, said Flight International's Mr Learmount.US aircraft firm Boeing has unveiled its new long... |
Circuit City gets takeover offer
Circuit City Stores, the second-largest electronics retailer in the US, has received a $3.25bn (£1.7bn) takeover offer.
The bid has come from Boston-based private investment firm Highfields Capital Management, which already owns 6.7% of Circuit City's shares. Shares in the retailer w... | Bill Armstrong, a retail analyst at CL King & Associates, said he expected to see other private investment firms come forward for Circuit City.The bid has come from Boston-based private investment firm Highfields Capital Management, which already owns 6.7% of Circuit City's shares.Highfield said that it intends to take... |
Japan turns to beer alternatives
Japanese brewers are increasingly making money from beer-flavoured drinks rather than beer itself
Beer and spirits are heavily taxed in Japan, driving breweries to search for alternatives. Japan's long economic downturn helped drive the trend, as drinkers looked for cheaper opportunit... | Asahi is predicting profits to rise 50% in 2005 as it launches a drink based on soybean peptides rather than malt.Japanese brewers are increasingly making money from beer-flavoured drinks rather than beer itself Beer and spirits are heavily taxed in Japan, driving breweries to search for alternatives.Now, according to... |
S Korean consumers spending again
South Korea looks set to sustain its revival thanks to renewed private consumption, its central bank says.
The country's economy has suffered from an overhang of personal debt after its consumers' credit card spending spree. Card use fell sharply last year, but is now picking up agai... | The country's economy has suffered from an overhang of personal debt after its consumers' credit card spending spree.The government last year tightened the rules for card lending to keep the card glut under control.Credit card debt is falling, with only one in 13 of the 48 million cards now in default - down from one i... |
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