AkzoNobel swings to a €2.4bn net loss as Dulux dogs the firm October 18, 2012 DUTCH paintmaker AkzoNobel yesterday plunged to a quarterly net loss of €2.4bn (£1.95bn) after taking a €2.5bn writedown on its 2008 purchase of Dulux paint maker ICI. The world’s biggest paint manufacturer is also looking for more cost cuts on top of the €500m of savings announced last year to cope with weak consumer and [...]
Olympic chief: London could host Games in next 20 years October 14, 2012 LONDON could host the Olympic Games again within the next 20 years, the president of the International Olympic Committee (IOC) said yesterday. The capital won widespread praise for its staging of the sporting extravaganza earlier this year, with many observers calling it the best Games of all time. London has already hosted the modern summer [...]
Lamprell issues fourth warning October 3, 2012 ENGINEERING firm Lamprell yesterday issued its fourth profit warning since the spring, sending shares on a downward spiral yesterday. In July, the Middle Eastern-based rig maker warned that delivery of two windfarm vessels had been delayed, which incurred additional costs. A separate construction project has now pushed revenue and profit from this year into next, [...]
Britain is becoming an increasingly anti-libertarian society November 28, 2012 WELCOME to Britain, a land where rules, regulation and taxes are one of the few growth industries. In recent days, the government has decided that companies will no longer be allowed to decide freely at which price they can sell alcohol – there will be a minimum price, hurting those who enjoy two-for-one deals. Our [...]
Green light for shale: Now Britain will benefit from the dash for gas December 13, 2012 FORGET the Energy Bill; the announcement that exploration for shale gas can now resume is the big energy story of 2012. In Lancashire alone, there is enough shale gas in the ground to meet Britain’s needs for decades. But the big question is what proportion can be developed at a reasonable cost. Yesterday’s decision means [...]
Smart offices need stylish furnishings October 24, 2012 WHEN you have prestigious offices, you need an aesthetic to match. International law firm McDermott Will & Emery, which has offices in the stylish Heron Tower – the tallest tower in London at one point – were looking for an exceptional fit-out when they moved into the building last year. It was the first occupier [...]
BBC looks to veteran Lord Hall for director general November 22, 2012 THE BBC Trust yesterday made the surprise move of appointing Tony Hall, the chief executive of the Royal Opera House, as the replacement for departed director-general George Entwistle. Former BBC head of news Hall, who left the corporation after 28 years in 2001, was considered for the job during the process that saw Entwistle appointed [...]
BHP says committed to $20 bn Australian port project August 24, 2012 BHP Billiton, the world’s largest miner, said it was still committed to a $20bn (£13bn) expansion of the harbour at one of Australia’s biggest ports, Port Hedland, after it signalled earlier in the week it would delay the investment. “The outer harbour continues to be an important part of our long-term strategy,” BHP’s head of [...]
City jobs bloodbath shows that backlash has gone too far November 5, 2012 IT is time to start worrying about London’s financial and business services industry. The City is in crisis, with job cuts spiralling out of control. As we report on our front page, City-style jobs – investment banking, securities, corporate finance, trading, research, derivatives and forex, fund management (including hedge funds and private equity), insurance and [...]
Investors warm to UK nuclear plant projects September 23, 2012 THE UK’s next generation of nuclear power plants will come closer to construction this week, as bids roll in for the Horizon project and EDF progresses in talks with potential partners for work at Hinkley Point. Horizon’s future was put in doubt in March, when RWE and E.ON put the £15bn joint venture up for [...]