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18th of October 2010
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News Tag: downturn

October 4, 2010

Crown Currency Exchange placed into administration

by Kay Murchie
Crown Currency Exchange placed into administration
Crown Currency Exchange has today been placed into administration. Its collapse has been attributed to the downturn in the travel industry. MCR has been appointed as administrator and said it believes 13,000 consumers will be directly affected by the collapse. Paul Clark, of MCR, said that Crown had been affected by the downturn in the travel market and it has “experienced a difficult ...




August 4, 2010

Standard Chartered first half profits rise

by Kay Murchie
”Standard
Standard Chartered bank has today unveiled a 10% increase in profits for the half-year ending June 30. The bank, which has a strong presence in Asia, said pre-tax profit came in at £1.96 billion during the six month period, a rise from the £1.78 billion it made in the same period a year earlier. Commenting on today’s figures, chairman John Peace said: "This ...




June 30, 2010

Economic downturn hits pension savings

by Kay Murchie
Economic downturn hits pension savings
A survey by Scottish Widows has found that the squeeze on household incomes, as a result of the economic downturn, has hit pension savings with nearly half of people in the UK saving less. According to the Edinburgh-based life and pensions provider, 41% of people saved less for their pensions - many of them blaming the downturn for not being able to put ...




March 18, 2010

Hundreds more jobs set to go at the Land Registry

by Kay Murchie
”Hundreds
According to The Times, the Land Registry is to axe a further 800 jobs, on top of the 1,500 job losses it announced last October. The Registry, which has 20 offices across the country and covers England and Wales and records and guarantees the ownership of domestic and commercial property, said staff would fall further to 4,200 in ...




March 11, 2010

“Blue skies ahead”, say IATA

by Kay Murchie
“Blue skies ahead”, say IATA
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 ...




February 1, 2010

Russia’s economy contracts 7.9% in 2009

by Kay Murchie
...




January 27, 2010

Pick up in advertising spend boosts Yahoo profits

by Kay Murchie
Pick up in advertising spend boosts Yahoo profits
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 ...




January 25, 2010

Ericsson announces more job losses as profits slump

by Kay Murchie
”Ericsson
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, ...




January 22, 2010

Google reports strong Q4 performance

by Kay Murchie
”Google
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 ...




January 15, 2010

900 jobs at risk as Bosch plans to close Welsh factory

by Kay Murchie
”900
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 ...




November 24, 2009

Russia cuts interest rates to record low of 9%

by Kay Murchie
”Russia
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 ...




November 18, 2009

Wolseley continues to struggle as profits slump

by Kay Murchie
”Wolseley
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 ...




November 4, 2009

M&S reports flat profits

by Kay Murchie
”M&S
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, ...




October 28, 2009

Land Registry reports 0.9% rise in house prices in September

by Kay Murchie
Land Registry reports 0.9% rise in house prices in September
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 ...




October 16, 2009

General Electric posts big fall in Q3 profits

by Kay Murchie
”General
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 ...




October 7, 2009

US consumers continue to hunt for bargains amid downturn

by Kay Murchie
US consumers continue to hunt for bargains amid downturn
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 ...




October 6, 2009

British Airways to axe 1,700 cabin crew jobs and freeze pay

by Kay Murchie
”British
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 ...




Tesco posts strong results amid downturn

by Kay Murchie
”Tesco
Supermarket giant Tesco has today announced a 1.5% rise in pre-tax profits for the half year to the end of August and has bucked the trend by creating 6,500 jobs in the period. Tesco, which has a 30% share of the grocery market, said pre-tax profits were £1.42 billion - up 1.5% compared with the same period last year. Group sales were ...




September 28, 2009

Wolseley continues to be hit by housing market downturn

by Kay Murchie
Wolseley continues to be hit by housing market downturn
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 ...





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