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Northern Rock will pay Gary Hoffman, its new arch executive, £1.1m a
year additional a benefit for his aboriginal three years in the job,
afterwards adorable him from Barclays.
The nationalised coffer said Mr Hoffman would accept a bacon of
£700,000 a year additional three annual payments of £400,000 to atone
him for abrogation Barclays' abiding allurement plans. The accord will
accomplish him the country's best-paid accessible servant.
Mr Hoffman will accompany on 1 October if Ron Sandler, the
bank's chairman, will duke over controlling responsibilities to him.
The 47-year-old is currently vice-chairman at Barclays.
Mr Hoffman has been out of hands-on cyberbanking at Barclays
back acceptable vice-chairman amenable for affairs such as accumulated
sustainability, accessible action and governance. He has formed at
Barclays back 1982.
Mr Hoffman's bacon endure year at Barclays was £625,000,
admitting his balance were additional by a benefit and added allowances
to £1.15m.He will acquire a abate bacon than Mr Sandler has pocketed
back demography over in February. The chairman's £90,000-a-month accord
will be advised afterwards he easily over the controlli
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Category: business news | Reads: 670 | Date: 2008-07-24 | Rating: 0.0/0
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The media accumulation Daily Mail & General Trust suffered
addition aciculate abatement in commercial sales over the accomplished
three months, as the UK's bread-and-butter arrest connected to hit its
bi-weekly groups.
Viscount Rothermere, DMGT's chairman, said: "Inevitably, the
well-publicised abasement in the UK abridgement back we endure appear
in May is accepting an appulse on our bi-weekly businesses."
DMGT's bounded newspapers accumulation Northcliffe Media was
hit decidedly hard, with commercial sales down 11 per cent over the
three months to the end of June compared with the aforementioned aeon
endure year. Northcliffe's sales are heavily abased on classified
sectors, area there has been a affecting abatement in spending by
advertisers. Revenues from acreage ads were down 25 per cent on endure
year, with application and retail commercial down by 10 per cent and 9
per cent respectively.
DMGT aswell warned that the clip of abasement at Northcliffe
had quickened during May and June and that the aboriginal few weeks of
July had offered little respite. In June, revenues from acreage
commercial fell 36 per cent compared with the aforementioned ages in
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Category: business news | Reads: 687 | Date: 2008-07-24 | Rating: 0.0/0
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Would-be home buyers, businesses atrocious for investment funds and
bankers adverse the achievability of ruin accustomed blackballed
account bygone from the Coffer of England.
New abstracts from the British Bankers' Association (BBA)
appearance that the amount of mortgages accustomed for abode purchases
has collapsed by added than two thirds in a year. It is now at its
everyman akin aback annal began in 1997.
The Account of the endure affair of the Bank's Monetary Policy
Committee, captivated on 9 and 10 July, acknowledge a growing address
to use college absorption ante to accouterment inflation, with one
economist, Timothy Besley, breaking with the accepted attack at accord
to vote for a division allotment point acceleration - "to ensure the
Committee's credibility". One added member, David Blanchflower, who
said beforehand this anniversary that the UK was already in a
recession, autonomous for a division allotment point cut. It larboard
the MPC breach three agency in a 1-7-1 vote to leave ante on authority
at 5 per cent, but the trend arise a "hawkish" appearance on
aggrandizement accompanying with a austere anticipation for advance a
part of Coffer admiral seems
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Category: business news | Reads: 674 | Date: 2008-07-24 | Rating: 0.0/0
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More than 100 advisers at attic banker Floors-2-Go, which went into
administering this week, will not accept their account pay packet
tomorrow.
The 97 advisers who were fabricated bombastic this week, as
able-bodied as some arch arrangement agents in the attic specialist’s
affairs division, which serve accumulated customers, accept been told
they will not get paid, including sales commission, for the endure
month.
The 132-store chain, which specialises in sales of coat
flooring, is gluttonous a client for the business afterwards it
declared in Kroll as ambassador on Monday evening.
The 97 abundance redundancies came afterwards Kroll’s collective administrators were affected to abutting 41 stores.
Floors-2-Go was the victim of arid trading in the home advance
sector, but some industry experts accept that the trend to bandbox up
homes with coat attic is waning.
A Kroll backer said: “Unfortunately, advisers fabricated
bombastic aloft the arrangement of the collective administrators did
not accept their final pay for the aeon above-mentioned to the
arrangement due to banknote breeze constraints of the business.”
A bang-up at addition restru
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Category: business news | Reads: 647 | Date: 2008-07-24 | Rating: 0.0/0
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Nuclear ability abutting British Activity is set to be awash for added than £12 billion next week, according to letters today.
The client - French activity abutting EDF - is said to be abutting to
absolute the accord in the next few canicule afore affairs a boyhood
pale of about 25 per cent to British Gas ancestor Centrica.
British Energy, which is able of bearing one-sixth of the UK's
activity needs, aboriginal accepted takeover talks in March afterwards
the Government absitively to advertise its 36 per cent pale in the
business.
But in June the accumulation absolved a alternation of
approaches as not "representing actor value" - including a appear
action of about 680p from EDF.
British Activity said none of the abeyant deals were aloft the
735p a allotment mark - declining to yield into annual aerial broad
electricity costs and the potentially above role of its sites in the
development of Britain's nuclear ability supply.
But according to the BBC, EDF could now be able to pay as abundant as 775p, account British Activity at added than £12 billion.
Shares in British Activity rose about 6 per cent afterward the
address as the renewed b
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Category: business news | Reads: 651 | Date: 2008-07-24 | Rating: 0.0/0
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A customer spending arrest today looked to accept alternate with a
avengement afterwards official abstracts showed retail sales endure
ages suffered their better slump for added than 20 years.
The Office for National Statistics said the retail sales
volumes fell 3.9 per cent amid May and June, the better abatement back
annal began in January 1986. It followed a 3.5 per cent sunny-weather
aggressive sales bound apparent the antecedent month.
Clothing and cossack shops were the affliction hit in June,
with sales down 6.9 per cent. Aliment sales aswell fell 3.6 per cent,
the better bead back almanac began.
Economists had been assured a abatement in sales volumes of
about 3 per cent endure month, afterward May's shock 3.5 per cent rise.
Consumers accept been aggressive with aerial ammunition and
activity costs this year, as able-bodied as aggressive aliment
inflation.
Non-food aliment as a accomplished suffered a 4.5 per cent
sales bead amid May and June, the ONS said, which was the better
abatement on record.
Sales volumes at domiciliary appurtenances stores, which
includes appliance and electrical appurtenances sellers, fell 5%, the
better
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Category: business news | Reads: 669 | Date: 2008-07-24 | Rating: 0.0/0
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Amazon.com Inc says its annual accumulation angled and sales grew 41
per cent, advertence to Wall Street that abounding cost-conscious
shoppers are branch online to save money in a boxy economy.
Amazon shares jumped 8 per cent, afterwards zig-zagging in
aboriginal connected barter because an hasty accretion on an asset
auction initially blocked the basal balance performance.
"The numbers are good, actual solid," Stifel Nicolaus analyst
Scott Devitt said. "It shows the aggregation is assuming actual
able-bodied about to the industry."
The aggregation said it benefited from shoppers traveling
online to save on gasoline. Chief Executive Jeff Bezos aswell said
Amazon's Kindle agenda book clairvoyant was accepting readers, while
the amount of absolute sellers alms appurtenances on Amazon's website
connected to grow.
Recent black after-effects from battling eBay Inc and tech
giants Apple Inc and Google Inc accept afraid investors, who seemed
unfazed by Amazon nudging lower the mean of its 2008 operating assets
ambition range.
The aggregation acquaint second-quarter net accumulation of
$158 million, or 37 cents per share, compared with $78 million, or
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Category: business news | Reads: 638 | Date: 2008-07-24 | Rating: 0.0/0
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Halfords steered bright of the retail abatement afresh if it
acquaint better-than-expected first-quarter profits, apprenticed by a
focus on costs and able-bodied sales of car aliment products.
However, the banker acquaint all-embracing like-for-like
auction advance of just 0.2 per cent for the 13 weeks to 27 June,
although it cited getting up adjoin boxy commensurable sales for the
aforementioned aeon endure year. While Halfords is not allowed to the
retail downturn, its boilerplate transaction amount of £20, growing
sales of bikes as barter embrace a convalescent and greener affairs and
capital absorb on car aliment gave it a amount of protection.
The banker said that its car aliment division, additional by
appeal for articles such as windscreen wipers, batteries and oil, has
"continued to accomplish strongly, absorption its inherent
counter-seasonal and arresting characteristics". Helped by its
favourable allowance position and focus on amount control, the banker
said its first-half profits were advanced of its expectations, although
it did not accommodate a accumulation number.
Nick Wharton, Halfords' fin-ance and collective managing
director, said the ac
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Category: business news | Reads: 714 | Date: 2008-07-24 | Rating: 0.0/0
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In an awkward U-turn, the Government has shelved affairs to change
the way the Treasury taxes the adopted assets becoming by subsidiaries
of bunch companies based in Britain.
In a letter to the CBI, the Financial Secretary to the
Treasury, Jane Kennedy, said: "The budgetary risks are too abundant to
accredit us to acquaint a allotment absolution in next year's Finance
Bill. I would acceptable added altercation on the assay of these costs.
This will accredit us to appear to a bigger compassionate of the
associated budgetary accident and plan appear a amalgamation that would
enhance UK competitiveness and accommodated our cold of acquirement
neutrality."
The move was accustomed by the administrator accepted of the
CBI, Richard Lambert, who replied to the Treasury stating: "This is a
decidedly important affair for internationally adaptable businesses,
abounding of which accept accretion adaptability on area to locate.
Much plan is still bare but this needs to be pushed advanced with the
minimum of delay. Business still hopes that proposals can be included
in the 2009 Finance Bill."
The Treasury capital to abridge taxes on business and offered a
accord whereby a
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Category: business news | Reads: 628 | Date: 2008-07-22 | Rating: 0.0/0
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American Express, the acclaim agenda company, issued a assault
profits admonishing endure night, sending its shares diving and
potentially anxiety a new leg of the acclaim crisis.
The company, whose barter spent $647bn (£323bn) on 86.4 actor
Amex cards endure year, said even abiding borrowers it believed to
accept gold-plated acclaim histories accept amorphous falling abaft on
their payments.
Ken Chenault, its arch executive, said Amex was not traveling
to accommodated its accumulation forecasts for the year and would
accept to cut agents and added costs to chargeless up banknote for
greater accoutrement adjoin bad loans.
Amex shares were down added than 11 per cent in after-hours
trading afterward the absolution of second-quarter balance abstracts
that did not appear abutting to affair Wall Street's expectations.
The aggregation said net assets was $653m, compared to $1.06bn
in the aforementioned three months endure year. Balance per allotment
came at 56 cents adjoin forecasts of 83 cents.
"The fall-out from a weaker US abridgement accelerated during
June," Mr Chenault said, "with customer aplomb dropping, unemployment
ante affective acutely c
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Category: business news | Reads: 689 | Date: 2008-07-22 | Rating: 0.0/0
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Underwriters and sub-underwriters of HBOS's £4bn rights affair will
be larboard captivation £2.6bn of the bank's banal afterwards investors
bootless to buy added than 30 per cent of the shares larboard from the
banknote call.
Only 8.3 per cent of the bank's shareholders took up their
rights to buy new shares in the issue, which bankrupt on Friday. Morgan
Stanley and Dresdner Kleinwort, who absolutely underwrote the basic
raising, awash addition 29.5 per cent at the rights amount of 275p
yesterday. The two investment banks and the investors they active up in
beforehand to yield about 40 per cent of the left-over banal will now
accept added than 932 actor shares in Britain's bigger mortgage lender
on their books.
The buyers of the shares were said to accept included
acceptable abiding investors, barrier funds accoutrement abbreviate
positions. Sub-underwriters requesting added than their agreed
allocation bought added than 131 actor new shares bygone and a baby
amount of new investors were aswell said to accept bought stakes.
The take-up for the affair was so low because HBOS's shares
traded beneath the action amount in the canicule arch up to the closing
of t
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Category: business news | Reads: 631 | Date: 2008-07-22 | Rating: 0.0/0
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Expansion of the world's off-shore wind ability industry could
actualize up to 30,000 accomplishment jobs in the North-east and
accompany in £3bn of investment, the Government's Activity Minister
will say today.
Malcolm Wicks is in Gates-head and Northumberland to accessible
the website area the world's better wind agent – a behemothic 7.5
megawatt accession that will angle 10 times college than the Angel of
the North – is to be developed at the region's New and Renewable
Activity Centre (NaREC) by Clipper Wind, the Californian activity
giant.
"The North-east already has a abundance of abilities and
acquaintance in the accomplishment area to alter in to the blooming
activity market," Mr Wicks said. "NaREC is ambience a absurd archetype
and I achievement abounding added accomplishment companies will
recognise the opportunities a about-face to a low-carbon abridgement
will create."
The arena has already been busy. The NaREC accessories at
Blyth, congenital with added than £30m of bounded and European
development funding, opened in 2002 with an eye on the beginning
all-around bazaar for acceptable activity technologies. Clipper Wind is
application the centre's
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Category: business news | Reads: 717 | Date: 2008-07-21 | Rating: 0.0/0
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HBOS is accepted to accept today that its shareholders accept taken
up as little as 10 per cent of the £4bn rights affair launched at the
end of April.
Morgan Stanley and Dresdner Kleinwort, the two capital
underwriters of the scheme, accept today and tomorrow to abode some
£3.6bn-worth of shares at the 275p price. Although HBOS bankrupt at
282p on Friday, the banal amount was able-bodied beneath 275p if the
rights action bankrupt at 11am and has been admiring for weeks.
HBOS is not alone. Barclays accepted endure anniversary that
alone 19 per cent of its investors had bought into its £4.5bn scheme.
At atomic allotment of the botheration for HBOS is its top
admeasurement of baby shareholders. It has the better baby broker
abject in the UK, with 2.1 actor holders authoritative up 25 per cent
of the company. But the better affair was the adverse appulse on
cyberbanking stocks of endure week's crisis in the US over the Fannie
Mae and Freddie Mac state-backed mortgage fin-ance companies, which
coincided with institutional investors' controlling on the UK bank's
rights issue.
Barclays' bootless rights affair was rescued endure anniversary
by the bank's "anchor" i
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Category: business news | Reads: 637 | Date: 2008-07-21 | Rating: 0.0/0
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The top artery chains demography on their landlords' rental behavior
could account from acutely falling appeal for bartering prop-erty,
decidedly in the retail sector.
Sixteen big name retailers are abutting calm to put burden on
their landlords to acquire hire on a account basis, rather than in
beforehand every quarter, to affluence the appulse of slowing customer
spending. Campaigners cover Carphone Warehouse, BHS and Boots, and
targets cover both acreage companies and alimony funds. "Everything
abroad is accepting squeezed," one above banker told The Independent.
"In the ablaze of all that is traveling on, it is time for the
landlords to appear to the party."
But bartering landlords are already activity the pinch, the
latest analysis from the Royal Institute of Chartered Surveyors (Rics)
will say today.
The antithesis of surveyors rep-orting a abatement rather than
a acceleration in appeal was -50 per cent during the three months to
the end of June, down from -32 per cent in the antecedent division and
+12 per cent in the aforementioned per-iod endure year.
Although avalanche were recorded beyond all three capital
comm-ercial acreage sectors – ind-
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Category: business news | Reads: 665 | Date: 2008-07-21 | Rating: 0.0/0
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Mobile arrangement operators accept addition few months' adroitness
on the catechism of adrift abstracts prices, afore the accommodation
about adjustment is made, the European telecoms abettor says.
Viviane Reding, whose rulings on articulation adrift cut the
amount to consumers by up to 70 per cent, said endure anniversary that
proposals to adapt the appraisement of pan-European argument letters
will be put afore the European Parliament in the autumn.
"The adaptable industry is just greedy," Ms Reding said. "When
I fabricated the articulation adrift decision, the industry said actual
acutely that the bazaar was cap-able of alignment things, but
afterwards a year's oppor-tunity we accept apparent the boilerplate EU
roamed argument bulletin go from 23p to 22p today, and I'm absolutely
not impressed."
But the board is still out on the added capital breadth of
focus – admission to abstracts casework such as adaptable internet.
Abstracts adrift is a beneath complete market, and prices accept
already appear down from £4.11 per megabyte in January to £3.50 today.
"The accommodation to do something on SMS is after doubt, but on
abstracts we are still seeing what is
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Category: business news | Reads: 642 | Date: 2008-07-21 | Rating: 0.0/0
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You accept to adore Vincent McKevitt, this year's almsman of the
Courvoisier 'Future 500' One to Watch award, admitting few of us will
be blooming with envy. Still in his bloom days, the 28-year-old
administrator is defying the bread-and-butter abatement and the
accident of the British summer in his bid to become the baron of
advantageous fast aliment – demography on the brand of Pret a Manger
with his alternation of bloom bars, Tossed.
While a lot of of us are extensive for abundance aliment and
wellies as temperatures abatement unseasonably low, Mr McKevitt is
advancing to accessible three branches in London. Now, with adventure
basic funding, he has his architect set on franchising the concept,
which is big on ecology responsibility. Tossed even has electric supply
vans, admitting athirst punters will be adequate to apprehend these are
not solar powered.
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Category: business news | Reads: 652 | Date: 2008-07-20 | Rating: 0.0/0
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The able accumulated accretion aggregation assassin on Friday to
amount the portfolios of Dawnay, Day's bootless acreage companies, will
yield at atomic three weeks to authorize their auction prices.
DTZ, the arch bartering acreage agent, was assassin by receiver
BDO Stoy Hayward at 10am on Friday to admonish on the auction of 64
backdrop at Starlight Investments and Insureprofit.
The acreage companies were put into administering beforehand in
the anniversary as belief army that Dawnay, Day, a banking-to-property
conglomerate, was falling abhorrent of its acknowledgment to bartering
absolute estate.
Shortly afterwards the appointment, Richard Stanley, DTZ's
administrator of accumulated accretion and restructuring, said that it
would yield "three-to-four weeks" to appraise the properties. Only
again could a auction calendar be produced.
There has been belief that the acreage portfolios, which cover
retail, appointment and automated units, could be account about £300m.
Mr Stanley added that his team's plan has soared as a
aftereffect of the administrations and receiverships crisis a part of
acreage companies. "We accept had a 60 per cent access i
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Category: business news | Reads: 675 | Date: 2008-07-20 | Rating: 0.0/0
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The UK abridgement is branch for recession next year and
unemployment could top two actor by 2010. That's the black cast from
the Ernst & Young Item Club, which publishes its summer
anticipation tomorrow.
Peter Spencer, Ernst & Young's arch economist, said: "Both
on the top artery and in the apartment market, it will get a abundant
accord worse afore it gets better."
He added that the abridgement will attempt to abstain recession
next year, with predicted GDP advance of alone 1 per cent. "Our anguish
is that afterwards the accepted medication from the Bank of England,
consumers will move from their accepted accompaniment of abnegation
into a accompaniment of despair."
Ernst & Young's afflictive anticipation comes afterwards
Sir John Gieve, agent governor of the Bank of England, warned that
aggrandizement is set to ascend able-bodied over 4 per cent this year.
He aswell accepted that a recession looks likely.
In a astringent draft to Gordon Brown, the Treasury has been
affected to accept it is alive on affairs to ameliorate its budgetary
rules on spending and debt as the Government will breach its own
aphorism attached net public-sector deb
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Category: business news | Reads: 669 | Date: 2008-07-20 | Rating: 0.0/0
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Nicolas Sarkozy's affairs to actualize a Parisian banking centre to
battling the City of London accept been hit by a year-long adjournment
in the achievement of a €1.1bn (£870m) iconic skyscraper.
La Phare – The Lighthouse – is the centrepiece of the French
President's drive to brace La Défense, which Paris boasts is the better
business commune in Europe. At 145,000 aboveboard metres, La Phare will
accommodate three times added appointment amplitude than the Gherkin.
However, a admixture of abstruse difficulties and the arrest in
the bartering acreage bazaar has delayed the aperture until 2013. The
skyscraper, which at about 300 metres would be alone hardly beneath
than the Eiffel Tower, is getting developed by Unibail-Rodamco,
Europe's better acreage company.
Some analysts accept that Unibail-Rodamco will affirm the
adjournment in its acting after-effects account on Thursday,
conceivably with account of slowdowns in added locations of its
architecture programme.
Patrick Tondat, agent managing administrator of Etablissement
Public cascade l'Aménagement de la région de La Défense (Epad), which
manages the area's regeneration, said: "The activity is act
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Category: business news | Reads: 709 | Date: 2008-07-20 | Rating: 0.0/0
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Qantas appear 1,500 job cuts bygone as the Australian carrier
abutting the cycle alarm of airlines slashing agents to cope with
aerial ammunition prices.
The airline is acid 4 per cent of its workforce and auctioning
its advance plan for the advancing year, admonishing that the business
would be at accident if it fails to account aerial ammunition prices.
The plan was Qantas's fifth belt-tightening in three months. It had already aloft fares alert and cut accommodation twice.
Analysts said it was difficult to acquaint if this would be the
end of the cost-cutting. "Jet-fuel prices are abundantly top about the
apple and the alien is how abundant humans are traveling to cut aback
on their air biking in this weaker climate," said Angus Gluskie, a
portfolio administrator at White Funds Management.
The all-around airline industry faces what it calls a "perfect
storm" of skyrocketing oil prices, with carriers common address bags of
jobs and closing down routes as losses mount, aggressive some of them
with insolvency. "This is one of the toughest industries out there,"
said Geoff Dixon, Qantas's arch executive. Qantas aswell cut its
anticipation accommodatio
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Category: business news | Reads: 652 | Date: 2008-07-19 | Rating: 0.0/0
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