News Tag: downturn
March 11, 2010
According to the International Air Transport Association (IATA), the global airline industry is improving, with both passenger and freight numbers expected to grow this year.
In January, the industry body said 2009 saw the biggest decline in air passenger traffic since the aftermath of World War II.
The global economic downturn had a devastating impact on the airline industry, which led to a slump ...
“Blue skies ahead”, say IATA
by Kay Murchie
January 27, 2010
Online search giant Yahoo has posted strong quarter four profits but said sales continue to decline.
The company said net profit in the October to December period was $153 million (£95 million) compared with a $303 million loss in the same period in 2008.
However, revenue was down 4% to $1.7 billion in the quarter compared with the previous quarter.
The economic ...
Pick up in advertising spend boosts Yahoo profits
by Kay Murchie
January 25, 2010
Swedish telecoms equipment maker Ericsson is to eliminate a further 1,500 jobs, as it posted a 92% slump in fourth quarter profits.
The company said net profit for the October to December period was 314 million kronors (£27 million), compared with 3.89 billion kronors in the same period a year earlier.
The results were far worse than analysts had expected.
Meanwhile, ...
Ericsson announces more job losses as profits slump
by Kay Murchie
January 22, 2010
US search engine giant, Google, said revenues rose 17% in the fourth quarter 2009 compared with the same period a year ago.
Advertising earnings were higher at the company with revenues totalling $6.67 billion (£4 billion) in the October to December period - up from $5.7 billion a year ago.
However, the figures were at the lower end of market forecasts and shares fell ...
Google reports strong Q4 performance
by Kay Murchie
January 15, 2010
Motor parts manufacturer Bosch has announced plans to close its site in Miskin, near Cardiff, in summer 2011 which will result in the loss of approximately 900 jobs.
The decision follows three months of consultation and the firm has now decided to recommend complete closure of the plant and is said to be transferring the work to ...
900 jobs at risk as Bosch plans to close Welsh factory
by Kay Murchie
November 24, 2009
Bank Rossii, Russia’s central bank, has cut interest rates by 50 basis points to 9% - a record low and the ninth time rates have been cut since April in bid to boost demand.
Russia’s economy, which is heavily reliant on oil exports, has suffered from a severe downturn but the economy appears to now be on the road ...
Russia cuts interest rates to record low of 9%
by Kay Murchie
November 18, 2009
Wolseley, which is the world’s largest supplier of plumbing and heating equipment, today reported a 45% fall in underlying profits in the three months to the end of October.
The company has been badly hit by the housing market downturn and warned that its struggles continue after revenue slumped 13% to £3.4 billion in the three month period.
The plumbers’ merchant ...
Wolseley continues to struggle as profits slump
by Kay Murchie
November 4, 2009
British retailing giant, Marks and Spencer (M&S), has reported flat profits for the six month period to September 28 and said it is cautious about the year ahead.
While profits were at the top end of analysts forecasts, profit before tax and one-off items was £298.3 million.
In a statement Chairman Stuart Rose said: “We have had a good start to the third quarter. However, ...
M&S reports flat profits
by Kay Murchie
October 28, 2009
The Land Registry has today reported a rise in house prices in England and Wales in September.
According to the Registry, house prices rose by 0.9% in September compared with August putting the average cost of a home at £158,377.
It must be noted that the Land Registry compiles its data from completed transactions and therefore lags behind other ...
Land Registry reports 0.9% rise in house prices in September
by Kay Murchie
October 16, 2009
General Electric (GE) has revealed a poor performance between the July and September period as the US conglomerate's finance arm was hit hard by the economic downturn.
The group, which is seen as barometer of US economic health, reported earnings of $2.5 billion (£1.5 billion) for the quarter, compared with $4.3 billion in the same period a year ago.
Revenues ...
General Electric posts big fall in Q3 profits
by Kay Murchie
October 7, 2009
Figures show that US consumers continue to seek out bargains amid the downturn as US discount retailer, Family Dollar, posted a 13% rise in fourth quarter profits.
The store said it continues to attract budget-conscious shoppers who are looking to buy its discounted name-brand consumables. The store stocks items for under $10 and has been rearranging store space to ...
US consumers continue to hunt for bargains amid downturn
by Kay Murchie
October 6, 2009
There is more turmoil for the airline industry today after British Airways (BA) continues to slash costs by wielding the axe on 1,700 cabin crew members and a two-year pay freeze.
The airline admitted during the summer it was fighting to survive and has since been looking at ways to cut costs.
BA, like many others, is struggling ...
British Airways to axe 1,700 cabin crew jobs and freeze pay
by Kay Murchie
Tesco posts strong results amid downturn
by Kay Murchie
September 28, 2009
Wolseley, which is the world's largest supplier of plumbing and heating equipment, has today posted an annual loss due to the ongoing problems in the housing market.
The company, which owns Plumb Center and Build Center in the UK, slumped to a pre-tax loss of £766 million for the year to 31 July, compared with a profit of £399 ...
Wolseley continues to be hit by housing market downturn
by Kay Murchie
September 24, 2009
Blacks Leisure calls in administrators for O’Neill boardwear stores
by Kay Murchie...
September 15, 2009
Despite major losses among FTSE 100 companies, directors at these companies saw their basic salaries soar 10% last year.
In the midst of the worst global recession in decades, these companies lost nearly a third of their value but their salary continued to rise.
The Guardian's annual survey of boardroom pay discovered that full-and part-time directors of the FTSE 100 shared more than ...
Survey finds executive pay up 10%
by Kay Murchie
September 3, 2009
Minutes from the latest Federal Reserve meeting have revealed that policymakers are optimistic that the US downturn is coming to an end.
However, the minutes did say that the economy is “likely to recover only slowly during the second half of this year and all saw it as still vulnerable to adverse shocks."
Furthermore, policymakers expressed their uncertainty as to how ...
Fed minutes reveal upbeat outlook for US economy
by Kay Murchie
September 1, 2009
The International Air Transport Association (Iata) said major airlines continue to suffer amid higher fuel prices.
According to the industry group, in the first six months of the year, airlines are likely to have lost £3.7 billion.
Furthermore, the body said airlines made losses between April and June - the spring season when they would traditionally make 50% of their yearly profits.
Many airlines ...
Airline industry suffers amid severe losses
by Kay Murchie
August 16, 2009
The housing market downturn has left up to 3.5 million Britons unable to move, according to research from John Charcol.
The mortgage broker estimates that one third of UK households with residential mortgages are stuck in their properties because falling prices have eroded the amount of equity they hold and restricted access to mortgage finance.
The firm has calculated that around two ...
Homeowners pinned down by shrinking equity
by Gill Montia
