Economy

Typhoons signed off

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Economy
Written by Gary Howes and Sharecast   
Wednesday, 13 May 2009

Morning Business News, Wed 13 May: Eurofighter project, TNK-BP, mortgage repayments and more.

 

Gordon Brown is set to sign off on the UK’s latest order of Eurofighter Typhoon jets, but is still examining options on how to contain production costs.

Following an intervention by Lord Mandelson, business secretary, the British prime minister has ruled out cancelling the order because of the cost to jobs and the UK’s reputation, reports the FT.

TNK-BP


BP's (LON:BP) troubled Russian subsidiary, TNK-BP, is slipping farther from its grasp amid fresh delays to the appointment of a new chief executive at the joint venture.

Tony Hayward, the British oil giant's chief executive, travelled to Moscow last month for secret talks with Mikhail Fridman, the Russian oligarch who heads the AAR consortium that is BP's 50-50 partner in TNK-BP, The Times has learnt.

Mortgage repayments


Tens of thousands of landlords are struggling to meet their mortgage repayments as the economic downturn devastates the buy-to-let market, according to a new report. Moody’s, the ratings agency, released figures yesterday showing that 3.55% of landlords were at least three months behind with mortgage payments in the first quarter of the year — compared with 0.95% in the same period a year ago, reports the Times.

General Motors heads for bankruptcy


Shares in General Motors fell by 20% yesterday after senior executives of the troubled carmaker sold stock worth $315,000 (£206,000). Fritz Henderson, the chief executive, acknowledged on Monday that a Chapter 11 bankruptcy filing had become more likely.

At the same time, the company’s present and former vice-chairmen, its North America president, Eu-opean chief executive, manufacturing head and chief information officer sold their remaining GM shares, reports the Times.

Reform of pub industry


A shake-up of Britain’s ailing pub industry could be on the cards after a parliamentary inquiry concluded that a reform of the “pubco” business model was needed.

In a report of its findings, the Commons Business and Enterprise Committee, said it was calling on the Competition Commission to look into the “tied” arrangement that binds half of Britain’s pubs, the FT reports.
 

 
 
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