Tag Archives: ryanair

The latest news bites

Good afternoon and welcome back. It never rains but it pours:

1. “Recession will hit UK hardest” – says the Guardian.co.uk -, economists predict slowdown will be sharper in Britain than in any other major European countries and Britain will suffer a deeper recession than any other mature EU economy. Consequence? The European Commission’s latest half-yearly forecast predicts UK unemployment will rise from 5.3% in 2007 to 7.1% in 2009 — which would bring the number out of work to about 2.25 million.”

2. “HBOS deal to save Lloyds £1.5bn,” writes BBCNews.com. “Lloyds has said that its acquisition of HBOS would save it at least £1.5bn a year, raising fears of heavy job losses from the merger. Both banks have also unveiled further write-downs on assets ravaged by the credit crunch, with HBOS hardest hit. The banks also detailed plans to raise up to £17bn as part of the government’s bank bail-out plan. Unions said that the banks should think about the human cost of the takeover and avoid compulsory redundancies.”

3. “Ryanair profits fall sharply,” reveals today’s Financial Times. “[Its] profits fell heavily in the first six months under pressure from the doubling of fuel costs, and the group forecast that it would be in loss during the second half of the year… The group, Europe’s largest low cost carrier, had only “limited visibility” of forward bookings, but from October to March would fall by between 15 and 20 per cent leading to losses in the third and fourth quarters.”

4. WorldNews explains, “Gordon Brown hinted at another emergency global interest cut yesterday amid warnings that UK unemployment is set to soar to almost 3million. The Prime Minister promised ‘co-ordinated action’ across the world as pressure grew on the Bank of England to slash the cost of borrowing by as much as 1 per cent this week.” We shall see.

Latest News to start the new week

Good morning! We are back to make you more of a Londoner. So here is a quick update on all the latest business news:

  • Here comes summer, and with it the spectacle of swathes of public sector workers taking to the streets. Soaring inflation is cutting real-terms pay, say the unions, but employers claim they can’t afford any more. From PublicFinance.co.uk
  • Disgraced Tory MP Derek Conway given year to repay money Derek Conway, the MP who paid his son £50,000 as a researcher while he was away at university, has been given a year to repay a quarter of the money, it has been reported. From the Telegraph.co.uk
  • European Stocks, U.S. Futures Fall; Banks, Airlines Lead Drop. European stocks and U.S. index futures fell as concern deepened credit losses and the economic slowdown will hurt earnings. Most Asian shares advanced. From Bloomberg.com
  • Ryanair profits plunge 85%. Shares in airlines slumped today as budget carrier Ryanair reported an 85% fall in first-quarter net profit and warned it could plunge into the red for the full year. Ryanair shares tumbled 15% to €2.74 (217p), dragging down low-cost rival EasyJet, which fell 10% to 301.75p. From Guardian.co.uk
  • MPs seek windfall tax on energy profits. There is a “compelling rationale” for a windfall tax on the profits of energy companies, MPs argue in a report on Monday. They also claim businesses and households are paying excessive fuel bills because of failures in the British energy market. From FT.com
  • House Prices ‘Will Soar by 25%’. House prices fell for the 10th month in a row during July – but there are claims the property market will bounce back stronger than ever. House prices fell for the 10th month in a row during July – but there are claims the property market will bounce back stronger than ever. Homes in England and Wales lost a further 1.2% of their value during the past four weeks, new figures show. From Sky News

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