Revalued Land Returns Persimmon to Profit
Housebulder Persimmon will start work on 90 new sites after a dramatic swing back into profit was largeloy aided by a revaluation of the land holdings.
UK’s thrid-biggest housebuilder reported 2009 pre-tax profits of £77.8 million, boosted by a £74.8 million writeback in the value of its land assets. It suffered losses of £780 million in the year of 2008.
Drop in Toyota Sales
Toyota’s sales in the US fell to 86240 vehicles in February, down by 11% on the same month in 2009. analysts had expected sales to fall by 26% after several vehicles recalls in recent weeks.
Last month, Ford edged ahead of GM for the very first time ever since 1998 to become the top-selling auto maker in the US . its sales rose up by 43% from the same period last year.
GM posted an 11.5% increase in sales on last year.
Lloyds Cuts Anger Union
The United union has criticized Lloyds Banking Group after it announced another 370 job cut in wealth and international, group operations and group executive operations. The bank wants to cut 15000 jobs in 2010.
According to the union, it is said that it had also been told that Capita had confirmed plans to cut 390 jobs in Bristol.
BP Aims to Cut Costs
BP chief executive—Tony Hayward, has warned the shareholders that he is preparing the company for years of weak demand and depressed refining margins.
The BP group, which has already cut 7500 employees in two years, indicated that it intended to reduce costs to 2004 levels to improve profitability by more than £2 billion over the next three years.
Sterling Pressure
Sterling remained under pressure amid concerns over a hung Parliament. The pound remained flat against the dollar after falling by 4 cents on Monday, but below the key rate of $1.50.
It is said that the prospect of a Tory governemnt was the only thing holding up sterling.
Bitain Must Invest in Basic Science
According to the senior MPs, it is said that the UK must cut its excessive regulation of medical research and invest in basic science to retain its pharmaceutical industry. They fear that the closure of AstraZeneca’s research unit at Charnwood in Leicestershire could signal the beginning of a worrying trend.
The decision to end its research into several areas, including blood clots and ovarian cancer, will involve the loss of up to 1000 jobs at the site.
1 in 10 Lives on an Overdraft
A new research by an online comparison site reveals that over 5 million bank clients are permanently in the red, with one in ten living on overdraft condition.
Meanwhile, the research also revealed that 38% of bank clients use their overdraft every year, and more than one in ten are using it more than five times.
The cost of being in the red varies dramatically between different banks, with some charging five times more for using an overdraft than others.
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