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The Business Matrix: Monday 16 April 2012
Blackpool inquiry set to be released
A report into two small earthquakes last year near Blackpool is set to be published this week and is expected to show they were caused by "fracking", the controversial drilling method used to extract shale gale. The independent inquiry by the Department of Energy and Climate Change comes following a report in November commissioned by Cuadrilla Resources, which said it was "highly probable" the energy firm's operations caused the earth tremors.
5,000 jobs may go at Credit Suisse
Credit Suisse could announce the loss of up to 5,000 jobs in its investment banking business at its forthcoming first-quarter results, according to reports from Switzerland. Citing an estimate from a member of senior management, the Sonntag newspaper said the bank could cut around 5,000 positions. The investment bank is "simply completely oversized", the person was quoted as saying. The bank is due to report first-quarter results on 25 April. REUTERS
BAE set to land £500m boost
The Independent on Sunday reports that BAE Systems is on course to receive a boost of around £500m as the defence giant enters the final stage of negotiations over major changes regarding a deal to build 72 Eurofighter Typhoons for Saudi Arabia, one of the company's largest customers.
KKR eyes double diamond deal
Private-equity firm KKR is working on a plan to merge the diamond businesses of FTSE 100 mining giants Rio Tinto and BHP Billiton, says The Sunday Times . Both groups have put their gem operations up for sale, and a tie-up would create the world's third-largest diamond miner.
Barclays to pay £600,000 tax bill
Barclays is expected this year to fork out more than £600,000 to cover boss Bob Diamond's US tax bill, says the Mail on Sunday. This would come on top of the £5.7m it paid out in 2011 to cover Mr Diamond's tax bill, which has fuelled shareholder unrest ahead of Barclays' AGM next week.
Adele record label attacks EMI deal
The chairman of Beggars Group, whose XL label is home to Adele, has warned that the world could miss out on the next Elvis Presley if Universal's £1.2bn takeover of EMI is approved, reports the Sunday Telegraph. Martin Mills claimed the bid risked creating a "lowest common denominator music market".
Optimistic analyst sees M&S growth
Marks & Spencer is announcing its numbers for the fourth quarter tomorrow, and Panmure Gordon's analyst Jean Roche is more optimistic than most scribes, predicting a 0.6 per cent and 2.3 per cent growth in like-for-like sales from its UK general merchandise and food operations respectively.
Tesco to reveal UK turnaround
All eyes will be on Philip Clarke on Wednesday as, at the same time as the supermarket's final results, the Tesco boss will announce the results of the major strategic review launched following January's shock profits warning. Berenberg's Niamh McSherry expects a "plan to address deteriorating UK sales".
Debenhams' strong sales boost
Following department-store rival Marks & Spencer's results earlier in the week, it is Debenhams' turn on Thursday to update the market. With the retailer already having announced underlying sales over the first half up 0.3 per cent, Deutsche Bank believes it will reveal a "strong" performance.
Place your bets on William Hill
Any punters who have a flutter on William Hill will be eager to hear from the high-street bookie on Friday when it announces its first-quarter results. Deutsche Bank is expecting a "strong update" from the group, with the broker's analysts predicting a 3 per cent jump in net revenue from the UK business.
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- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
- 5 Now diplomacy has failed, boycotting Israel might be the only way we can protect the people of Gaza