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30th of December 2010
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News Tag: restructure

July 29, 2010

Royal Dutch Shell Q2 profits surge 94%

by Kay Murchie
”Royal
Oil giant Royal Dutch Shell has today announced second quarter profits almost doubled after completing its restructuring programme ahead of schedule. Shell posted profits of $4.5 billion (£2.9 billion) - a rise of 94% on the $2.3 billion reported a year ago. The Anglo-Dutch firm, which is Britain’s second largest oil company, has undergone a major a restructuring programme and slashed thousands ...




June 9, 2010

Turnaround plan sees further 650 jobs go at Northern Rock

by Kay Murchie
”Turnaround
Nationalised Northern Rock has announced it will axe a further 650 jobs by the end of the year as it prepares to return to the private sector. The reduction in headcount is part of the bank’s radical turnaround plan and comes just one week after it said it is to close its banking operation in Guernsey in September. ...




April 28, 2010

Royal Dutch Shell profits up 50% on higher oil prices

by Kay Murchie
”Royal
Royal Dutch Shell has today reported a 49% rise in first quarter profits as a result of higher oil prices. The oil giant said profits totalled $4.96 billion (£3.2 billion) in the three month period - up 49% on the same period a year ago and much higher than the $1.2 billion profit in the last three months ...




April 14, 2010

British Midland announces cuts to jobs and flights

by Kay Murchie
British Midland announces cuts to jobs and flights
Lufthansa has announced it is planning to save £100 million pound at airline BMI, which involves slashing almost one quarter of its capacity and the loss of 800 jobs. The German owner also said the restructure will see BMI’s name changed back to its former name - British Midland International - believing that British Midland is a strong brand that ...




January 19, 2010

Japan Airlines files for bankruptcy

by Kay Murchie
”Japan
As expected, Japan Airlines (JAL) has today filed for bankruptcy protection. The airline, which is Asia's biggest carrier, has been struggling amid the global economic downturn and has been grappling with a mountain of debts of around $16.5 billion (£10 billion). The Japanese Government has said that flights will operate as normal and the airline will now begin its restructure under the watchful eye ...




Bankruptcy protection imminent for Japan Airlines

by Kay Murchie
Bankruptcy protection imminent for Japan Airlines
Japan Airlines (JAL) is expected to file for bankruptcy protection today in a move that will see the loss of 15,000 jobs at Asia’s largest carrier. Shares in the troubled airline have been plummeting over recent days as a bankruptcy filing seemed unavoidable. Yesterday, shares fell to a fresh low of 5 yen, having fallen as low as 3 yen. JAL has ...




December 21, 2009

Dubai World to meet creditors to discuss debt repayments

by Kay Murchie
Dubai World to meet creditors to discuss debt repayments
State-owned conglomerate, Dubai World, is to meet with creditors today to discuss its debt repayment plan. The company owes $59 billion of the country’s entire $80 billion debt mountain and is in need of restructuring. This morning, the Dubai Financial Market lost 1.75% as the debt-laden conglomerate commenced talks with over 90 banks to secure agreement for a ...




December 3, 2009

American Airlines & TPG offer lifeline to Japan Airlines

by Kay Murchie
”American
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 ...




December 1, 2009

UAE takes action to allay investors fears

by Kay Murchie
UAE takes action to allay investors fears
Shares in Dubai continued their decline today following the country’s debt crisis after the stock market closed 5.61% down. Abu Dhabi lost 3.57%, while Qatar's main index closed down 8.27%. However, in a bid to calm investors fears, the president of the United Arab Emirates has attempted to reassure them by issuing a statement saying that region's economy was in ...




November 25, 2009

bmi plans 600 job losses

by Kay Murchie
”bmi
Low-cost airline bmi has announced plans to axe around 600 jobs as part of a restructuring plan. The carrier, like many others around the world, has been hit by a slump in demand, higher fuel prices and increased competition. The economic downturn has meant many airlines have been forced out of business as fewer people are travelling by air. The restructure at bmi will see ...




September 24, 2009

Jaguar Land Rover to close plant, Lada cuts 27,600 jobs

by Kay Murchie
”Jaguar
Jaguar Land Rover has confirmed it is to shut one of its sites in the West Midlands due to a restructure of its operations. The group will decide next year whether it will close its Castle Bromwich plant in Birmingham or its Range Rover factory in Solihull. While the closure of the plant is not expected until after ...




Struggling Japan Airlines seeks Government funding

by Kay Murchie
”Struggling
Struggling Japan Airlines (JAL) has confirmed it has asked the Government for public funds to strengthen its capital base and save it from collapse. The news comes just a week after the loss-making carrier announced plans to cut its operating schedule and reduce headcount by almost 7,000. JAL president, Haruka Nishimatsu, said he is also proposing a major restructure after meeting with ...




September 15, 2009

US pharmaceutical giant could axe jobs in UK

by Kay Murchie
”US
A major restructure at US pharmaceutical giant, Eli Lilly, is set to put UK jobs at risk. The company has announced details of a restructuring programme, which it described as the most significant in its history, will see global headcount reduced by 14% over the next two years. The Indianapolis-based drugs company, which has a workforce of 40,500, is to axe ...




June 1, 2009

General Motors files for bankruptcy protection

by Kay Murchie
”General
US car giant General Motors (GM) has today declared itself bankrupt, symbolising the largest collapse of an industrial company in US history. The move, which has the support of the US Government, was widely expected in the wake of plummeting car sales. According to the Obama Administration, the US Government will take a 60% stake in the car maker, but according to ...




April 30, 2009

Chrysler to file for Chapter 11 bankruptcy protection

by Kay Murchie
”Chrysler
In a bid to strengthen and relaunch US carmaker, Chrysler, the company is set to file for Chapter 11 bankruptcy protection immediately. The procedure will see the company gain protection from its creditors and according to President Obama, give the company “a new lease of life.” Detroit-based Chrysler was given a deadline (which ends at midnight) to restructure the business in ...




April 28, 2009

Daimler redeems 20% stake in Chrysler

by Kay Murchie
”Daimler
There is now a definitive separation between car firms Daimler and Chrysler after the German carmaker has reached a deal to give up its 19.9% stake in the US firm. The agreement will also see Daimler forgive repayment of the loans extended to Chrysler, which were already written off in the 2008 financial statements, said Daimler. Once the deal is finalised, "the ...




April 27, 2009

GM embark on further brutal job cuts

by Kay Murchie
”GM
Struggling US carmaker General Motors (GM) has announced further job cuts to its workforce with 21,000 US jobs to be axed. GM, which is the world’s largest carmaker, has a deadline of 1 June to restructure the business in order to achieve a multi-billion dollar loan from the Government to avoid bankruptcy protection. So far, GM has received $15.4 billion in ...




February 26, 2009

RBS confirms biggest loss in UK corporate history

by Kay Murchie
”RBS
Royal Bank of Scotland (RBS), which is 68% owned by the taxpayer, has today reported a full 2008 year loss of £24.1 billion - the largest annual loss in UK corporate history. The loss was attributed to the "unprecedented turbulence" in financial markets according to the bank’s chairman, Philip Hampton. Mr Hampton warned that 2009 would be another challenging year ...




February 22, 2009

RBS to sell off £300bn worth of assets

by Kay Murchie
”RBS
Royal Bank of Scotland (RBS) is set to embark on a major restructure which will see it sell off at least 20% of its business worth around £300 billion. The bank is due to announce its full-year results on Thursday and is expected to report a £28 billion loss - setting a record in UK corporate history. Newly-appointed chief executive, Stephen ...




August 12, 2008

UBS announces further sub-prime losses

by Kay Murchie
”UBS
Switzerland’s largest investment bank, UBS, has announced its intention to split itself into three divisions after it revealed second quarter losses of SwFr358 million (£173 million). The bank’s sub-prime debt write-downs in the quarter totalled SwFr5.5 million. However, this was much less than the SwFr11.54 billion it lost in the first quarter. The bank again blamed the losses on its investment in securities ...