Tag: economic downturn

WPP eyes recovery with marginal growth

WPP eyes recovery with marginal growth

The world’s largest advertising group WPP, has today reported an increase in like-for-like revenues of 1% in March – its first since December 2008. The advertising giant is now raising its key like-for-like full-year revenue forecast to 2% growth. Its French rival, Publicis Groupe, exceeded expectations for its first-quarter sales last week, when it posted [...]

April 30, 2010 | 0 Comments More
Highland Airways enters administration

Highland Airways enters administration

Scottish airline, Highland Airways, has gone into voluntary administration putting 100 jobs at risk. The company, which is based in Inverness and also has routes to Wales, called in administrators last night, PricewaterhouseCoopers (PwC), to take over the running of the business. The Civil Aviation Authority (CAA) said operations had been suspended “with immediate effect”. [...]

March 25, 2010 | 0 Comments More
WPP expects stability in 2010

WPP expects stability in 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 [...]

March 5, 2010 | 0 Comments More
Ford returns to profitability amid cost-cutting

Ford returns to profitability amid cost-cutting

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 [...]

January 28, 2010 | 0 Comments More
Airline industry suffers worst ever year

Airline industry suffers worst ever year

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 [...]

January 27, 2010 | 0 Comments More
Hopes for PC market recovery as Intel Q4 profits surge

Hopes for PC market recovery as Intel Q4 profits surge

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 [...]

January 15, 2010 | 0 Comments More
American Airlines & TPG offer lifeline to Japan Airlines

American Airlines & TPG offer lifeline to Japan Airlines

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 [...]

December 3, 2009 | 0 Comments More
Borders UK placed into administration

Borders UK placed into administration

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. [...]

November 26, 2009 | 0 Comments More
Japan Airlines shares fall to record low

Japan Airlines shares fall to record low

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 [...]

November 24, 2009 | 0 Comments More
WHSmith walks away from Borders deal

WHSmith walks away from Borders deal

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 [...]

November 23, 2009 | 0 Comments More
Asia ‘leading world out of economic downturn’

Asia ‘leading world out of economic downturn’

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 [...]

November 13, 2009 | 1 Comment More
Russia’s biggest lender to axe 67,000 jobs

Russia’s biggest lender to axe 67,000 jobs

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. [...]

November 11, 2009 | 0 Comments More
Sainsbury’s profits up 32%

Sainsbury’s profits up 32%

November 11, 2009 | 0 Comments More
Ericsson to cut 17% of UK workforce

Ericsson to cut 17% of UK workforce

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 [...]

November 10, 2009 | 0 Comments More
Vodafone hints at further job cuts amid cost-cutting programme

Vodafone hints at further job cuts amid cost-cutting programme

Telecoms company Vodafone is seeking to increase its £1 billion cost-cutting programme by a further £1 billion by 2012 as a result of a sharp decline in revenues from its core UK market. The company, which is the world’s largest mobile phone operator, is struggling amid the global economic downturn and has already announced hundreds [...]

November 10, 2009 | 0 Comments More
Versace to cut quarter of workforce

Versace to cut quarter of workforce

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 [...]

October 28, 2009 | 0 Comments More
Threshers Off-Licence jobs at risk

Threshers Off-Licence jobs at risk

Thousands of jobs are at risk at Threshers and Wine Rack after a source close to the company revealed to The Times that administration could not be ruled out as the group struggles amid the economic downturn. The off-licence’s owner, First Quench Retailing, has confirmed it is looking at “restructuring options” after warning earlier this [...]

October 28, 2009 | 0 Comments More
Caterpillar to lay off 2,500 in US

Caterpillar to lay off 2,500 in US

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 [...]

October 26, 2009 | 0 Comments More
State-backed turnaround body to oversee Japan Airlines

State-backed turnaround body to oversee Japan Airlines

Asia’s largest carrier, Japan Airlines (JAL), is to be placed under the supervision of a state-backed turnaround body, according to reports. Speculation that the Enterprise Turnaround Initiative Corporation of Japan may take control of the loss-making airline next week sent its shares up 2.6%. The Enterprise Turnaround Initiative Corporation of Japan buys the debt of [...]

October 26, 2009 | 0 Comments More
Apple profits surge due to high demand

Apple profits surge due to high demand

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 [...]

October 20, 2009 | 0 Comments More