News Tag: economic downturn
March 5, 2010
The world’s largest advertising group WPP has seen an improvement in profits after a ‘brutal’ 2009.
The advertising giant said pre-tax profits had tumbled by 16% year-on-year to £812 million. However, this was better than the £780 million forecast.
Meanwhile, revenue grew by 16% to £8.7 billion, while like-for-like sales fell 8%.
The company was hit severely hard by the economic downturn and, as ...
WPP expects stability in 2010
by Kay Murchie
January 28, 2010
US carmaker Ford has today reported its first annual profit since 2005 after a turbulent 12 months for the American car industry.
The company reported an annual net profit for 2009 of $2.27 billion (£1.4 billion) compared with a loss of $15 billion in 2008.
Meanwhile, for the fourth quarter of 2009, profit was $868 million - a significant improvement on the loss ...
Ford returns to profitability amid cost-cutting
by Kay Murchie
January 27, 2010
The airline industry has been hit hard during the global economic downturn, which has led to a slump in demand for air travel with fewer people travelling.
Many airlines went bust during the downturn, not just due to a fall in demand but also as a result of higher fuel prices.
According to the International Air Transport Association (IATA), 2009 saw the biggest ...
Airline industry suffers worst ever year
by Kay Murchie
January 15, 2010
There were hopes that the personal computer market is staging a recovery after chipmaker Intel said net income in the three months to 26 December was £1.4 billion - surging ahead of the £143 million reported a year earlier.
Furthermore, the company, which is based in Santa Clara, California, exceeded analysts' expectations after sales soared 29% to £6.5 ...
Hopes for PC market recovery as Intel Q4 profits surge
by Kay Murchie
December 3, 2009
Struggling Japan Airlines (JAL) has been offered another financial lifeline, this time from American Airlines and private equity firm TPG.
The airline, which is Asia’s largest carrier, has been struggling amid the global economic downturn which has led to a slump in demand.
Many airlines have been forced out of business as fewer people are travelling by air.
However, JAL has ...
American Airlines & TPG offer lifeline to Japan Airlines
by Kay Murchie
November 26, 2009
Bookshop chain Borders UK has been placed into administration, according to Reuters.
The move is not unexpected after it was reported earlier this week that the 45-store book retailer does not have sufficient cash to see it through to Christmas as it has suffered amid increased competition from supermarkets and online retailers, such as Amazon.
The company’s website has not been taking orders ...
Borders UK placed into administration
by Kay Murchie
November 24, 2009
Struggling Japan Airlines (JAL) yesterday saw its shares close at a record low of 87 yen on the Tokyo Stock Exchange after it emerged that Mitsui & Co broking house had sold all its shares in the carrier.
A spokesperson for Mitsui & Co said it had sold all of its 11.7 million shares between the April and September period.
The ...
Japan Airlines shares fall to record low
by Kay Murchie
November 23, 2009
WHSmith has abandoned talks with bookshop chain Borders, which is set to see Borders UK enter administration unless a sale is imminent.
Borders is understood to not have sufficient cash to see it through to Christmas as it has suffered amid increased competition from supermarkets and online retailers, such as Amazon.
As a result, the chain has been in talks with ...
WHSmith walks away from Borders deal
by Kay Murchie
November 13, 2009
Business leaders of 21 member economies from Asia and the Pacific Rim have gathered together for their annual forum and their primary focus this year was about the global economic downturn.
The region’s leaders said that Asia is ‘leading the world out of the recession’. The Asia-Pacific Economic Co-operation’s (Apec) positive comments reflect those from the International Monetary Fund, which last ...
Asia ‘leading world out of economic downturn’
by Kay Murchie
November 11, 2009
Russia's largest retail bank Sberbank is to reduce headcount by 25% - or 67,000 jobs by 2014.
However, around 27,000 of the jobs will be axed by the end of 2009, said the bank.
The bank, which is state-controlled, has been hit by the economic downturn and the cuts are part of a modernisation plan.
Denis Bugrov, a vice president and member ...
Russia’s biggest lender to axe 67,000 jobs
by Kay Murchie
November 10, 2009
As part of its ongoing global cost-cutting programme, Swedish telecoms equipment maker Ericsson is to eliminate 700 jobs from its research and development operation in Coventry.
The cuts will be made by the middle of next year and the company said after that time, the facility would no longer be viable.
Ericsson has been in Coventry for four years since it acquired ...
Ericsson to cut 17% of UK workforce
by Kay Murchie
Vodafone hints at further job cuts amid cost-cutting programme
by Kay Murchie
October 28, 2009
Italian luxury fashion house Versace is to eliminate 350 jobs (around 25% of its workforce), due to a slump in demand for luxury and designer goods.
The jobs will be cut worldwide and completed by the middle of 2010 and are part of a strategic review of its stores.
The group, which employs 1,360 staff across its boutiques, is struggling amid the economic ...
Versace to cut quarter of workforce
by Kay Murchie
Threshers Off-Licence jobs at risk
by Kay Murchie
October 26, 2009
Caterpillar, which is the world's largest construction and mining equipment maker, said today it is to eliminate 2,500 US jobs.
However, the construction giant highlighted that signs of economic recovery has meant it has rehired more than 500 workers that it had previously laid off.
The 2,500 staff who are losing their jobs had previously been laid off, but will now be ...
Caterpillar to lay off 2,500 in US
by Kay Murchie
State-backed turnaround body to oversee Japan Airlines
by Kay Murchie
October 20, 2009
Apple has benefited from the popularity of iPhones and posted a net profit of $1.67 billion (£1 billion) in the three months to 26 September - a 47% rise compared with a year earlier.
The California-based technology giant, which has bucked the trend in the economic downturn, exceeded analysts expectations after sales grew 25% in the period to $9.87 billion.
The news ...
Apple profits surge due to high demand
by Kay Murchie
October 19, 2009
Asia’s largest carrier, Japan Airlines (JAL), is set to be bailed out by the Government after a restructuring plan was rejected by its creditor banks.
The airline, like many others throughout the world, is struggling to stay afloat during the global economic downturn which has led to a slump in demand. Many airlines have been forced out of business as fewer people are ...
Japanese Government to bailout JAL
by Kay Murchie
October 9, 2009
Marks and Spencer (M&S) is no longer Britain's most popular fashion retailer.
Shoppers seeking bargains amid the economic downturn means Asda’s George and discount clothing retailer Primark are the nation’s first and second favourite clothes shops.
The budget fashion chains are luring shoppers away from the more expensive retailers and this was highlighted last month after Primark ...
Recession see shoppers snub M&S as Primark and Asda grow in popularity
by Kay Murchie
