Jul
2009
Articles from 1st Jul 2009
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Government to run East Coast Mainline
Jul 01 2009 | Business News
THE Government is to take over the running of the East Coast Main Line after cash-strapped operator National Express defaulted on its franchise. Read
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Fashion designer Heidi is one of a kind
Jul 01 2009 | Business News
A FASHIONABLE graduate who has styled for top designer Nicole Farhi is bringing her own creations to the North East. Read
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Brake on rail travel to hit Arriva
Jul 01 2009 | Business News
TRANSPORT group Arriva has warned that slackening growth at its CrossCountry rail franchise will affect first-half results. Read
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Algae can be the source of eco-friendly energy
Jul 01 2009 | Business News
SCIENTISTS and industrialists are working together to create an environmentally friendly energy source out of the kind of green algae found on the beach at the seaside. Read
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Governmeny urged to buy British and Save Our Steel
Jul 01 2009 | Business News
TEESSIDE MPs have swung behind a second plank in the Gazette’s Save Our Steel campaign, by calling on government to buy British. Read
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The future is green, says Centre for Process Innovation
Jul 01 2009 | Business News
SCIENTISTS on Teesside are planning to use some of the tiniest organisms on the planet to capture carbon emissions from entire cities. Read
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Dead end in fight to scrap port taxes
Jul 01 2009 | Business News
CAT (UK), the Teesport-based company locked in a bitter row with the Government over a £500,00 backdated rates bill, said it had exhausted all political avenues in getting the cost overturned. Read
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Euro-cash call for Corus
Jul 01 2009 | Business News
THE £5m announced by business minister Pat McFadden to help striken Corus workers is not new money, but recycled cash, it has been revealed. And around half the bill must be met by local taxpayers. Read
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Tentative talk of recovery by FSB
Jul 01 2009 | Business News
A NEW survey has pinpointed a “tentative recovery” among Britain’s small firms as official data highlighted the worst slump in British output for 50 years. Read
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Output falls at its fastest rate for 51 years
Jul 01 2009 | Business News
THE UK economy recorded its sharpest decline in more than 50 years during the first quarter of 2009. And revisions to figures revealed the current recession began earlier than first thought, with a 0.1% decline seen between April and June last year compared with previous estimates of zero growth. Read
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Property shortage boosts house prices
Jul 01 2009 | Business News
HOUSE prices rose for the third time in four months during June as the market was boosted by a shortage of properties being put up for sale. Read
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'Banks must plan for crises'
Jul 01 2009 | Business News
THE Deputy Governor of the Bank of England has called for a "radical simplification" of some of the biggest banks under contingency plans for future financial crises. Read
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Earnings update puts pressure on Yell's share price
Jul 01 2009 | Business News
YELLOW Pages firm Yell has warned that next quarter earnings were likely to be 30% lower as it continues to feel the pain of the economic slump. Read
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Northern Rock needs greater reserves
Jul 01 2009 | Business News
THE Northern Rock has been given the go-ahead to continue without the necessary level of capital reserves until its bid to split itself into a "good bank" and a "bad bank" has been decided upon by the European Commission. Read
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Corporate hospitality fit for an oligarch
Jul 01 2009 | Business News
A KEEN sailor who set up a yacht rental business after quitting his job as a printer is now making a splash in the corporate entertainment market. Read
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Blackswan soars with cargo of training ideas
Jul 01 2009 | Business News
A GLOBAL management consulting business in Newcastle is linking up with a bestselling author and eyeing up other joint ventures or acquisitions before the end of the year. Read
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PM refuses to rule out budget cuts
Jul 01 2009 | Business News
FEARS of spending cuts in regional transport budgets were last night ratcheted up after Gordon Brown refused to guarantee their future. Read
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Rail link takeover
Jul 01 2009 | Business News
THE Government is to take over the running of the rail link that connects Tees Valley with London and Scotland. Read
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North East to escape Lloyds job cuts
Jul 01 2009 | Business News
THE North East look set to escape the latest round of job losses announced by the Lloyds Banking Group. Read
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Bingo operator to close five clubs
Jul 01 2009 | Business News
THE UK’s biggest bingo operator Gala Coral says it plans to close five clubs and shed backroom staff, putting around 300 jobs at risk. Read
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Newcastle firm Inpress takes on publishing giants
Jul 01 2009 | Business News
A BUSINESS which helps independent publishers compete against the industry giants is aiming to recruit more members after relocating to the North East. Read
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Stay on side of angels
Jul 01 2009 | Business News
BUSINESSES are being encouraged to attend an event later this year which will help them navigate the potential minefield of staff relations. Read
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Junk mail busters box clever
Jul 01 2009 | Business News
HOUSEHOLDERS fed up with junk mail have a new ally in the form of North East business UK Letterbox Choice. Read
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Why final salary schemes could soon be pensioned off
Jul 01 2009 | Business News
THERE are around 100 companies in the North East still providing final salary pension schemes, but for how long will that situation last? Peter McCusker reports. Read
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Brothers get first refusal on bars
Jul 01 2009 | Business News
THE struggling group behind the Living Room bar and restaurant chain has confirmed it has made a deal with Newcastle Racecourse owner Reuben Brothers which could lead to its sale. Read
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Iran unrest hampers 1,000-job contract for North East firm
Jul 01 2009 | Business News
POLITICAL unrest in Iran has delayed the arrival in the North East of an oil rig construction contract which is hoped to create 1,000 jobs. Read
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Northern Rock's capital reserves fall below required levels
Jul 01 2009 | Northern Rock
THE Northern Rock has been given the go-ahead to continue without the necessary level of capital reserves until its restructuring request has been decided upon by the European Commission.In 2008 the nationalised lender revealed it had made pre-tax losses of £1.36bn after repossessing 63% more homes than the previous year and reducing its Government loan from £26.9bn to £8.9bn.And with the Rock expected to make a further loss in 2009 the levels of capital it should hold in reserve have now declined below the levels the regulator, the Financial Services Authority (FSA), require. But the FSA today confirmed it will make an exception for the Northern Rock and waiver the capital reserve requirements until a decison has been made on its restructuring request by the EC.A spokesman for the Rock said: “Northern Rock's capital base has now reduced to a level below its minimum regulatory capital requirement. “Northern Rock proposes to address this situation through a legal and capital restructuring of the company.“The Government is also committed to providing a further £3bn to the company when, as is expected, the restructuring is approved by the EC.”The Rock expects to get permission from the EC to split itself into two separate entities commonly referred to as the “good bank” and the “bad bank” prior to being sold off.The good bank will include all of the retail deposits, the branch network and some higher quality mortgages. The bad bank will mostly include the “toxic” mortgages and include those loans it made in 2006 and 2007 which were 125% of the value of a property.Part of the EC deal will see the Government give the Rock a further £3bn which will help improve its capital position.The Rock today declined on speculation that Tesco has made an approach to the buy the good bank. Read
