The Business Matrix: Tuesday 24 July 2012


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The Independent Online

Eurotunnel goes faster for Games

Eurotunnel has boosted capacity and sped up its passenger trains to meet soaring demand for travel into London for the Olympic Games. The operator of the Channel Tunnel and Le Shuttle car and coach train has already seen a "pre-Olympic" rise in traffic. Revenues rose 14 per cent to €473m (£368.8m) in the six months to June.

Sale of Rock to raise extra £538m

The Government is set to make a further £538m from the sale of Northern Rock to Virgin Money. UK Financial Investments said the Treasury had received an extra £73m cash from the sale, in addition to the £747m received on completion. Meanwhile, £465m of mortgage assets have been sold to Virgin Money at par value.

Prosecution over fall of Anglo Irish

Willie McAteer, the former finance director at Anglo Irish Bank, has become the first banker in Ireland to be prosecuted in connection with the collapse of the toxic bank. Anglo, the favoured bank of property speculators and developers, was nationalised in 2009 after a massive share price collapse.

Engine problems ground ANA's 787s

Japan's All Nippon Airways has grounded part of its fleet of 787 Dreamliners after tests revealed a risk of engine corrosion. The engines, Trent 1000s, were supplied by Rolls-Royce, which said it was replacing a component on a number of its engines.

Senior enjoys a profitable moment

UK manufacturer Senior has reported a 20 per cent increase in underlying first-half profits to £45.5m. Although its markets are subdued, it understood that major customers such as Boeing and Airbus have a backlog of orders for aircraft.

Rothschild fees beat giant rivals

Fee income at Rothschild, the privately owned advisory firm, came in at just under $1bn (£643.7m) last year. That beats those of the giants UBS, Credit Suisse and Bank of America Merrill Lynch, according to analysis by Financial News. Because of Rothschild's small size, it means it is not tainted by conflicts of interest.

Aberdeen says cash still flowing

UK fund manager Aberdeen Asset Management is still drawing in client cash, although continued turmoil in Europe is slowing the pace sharply. The company attracted £300m in the three months to the end of June, a slowdown on the £700m a year earlier. The money should mean £15m in fee income.

Arrests soon in fixed-rate scandal

International inquiries into the Libor-fixing scandal are soon to result in arrests, it was reported yesterday, but UK authorities still appear to be lagging their international peers. Reuters said prosecutors had contacted lawyers of suspects to inform them criminal charges and arrests could come in a few weeks.

Single currency break-up 'is 50/50'

John Paulson, one of the world's most closely watched hedge fund managers, has told clients that he sees a 50 per cent chance the eurozone will break up. He made billions betting against the US housing market in 2007 but his bets against the euro this year have hurt some of his portfolios.

Pennon bags 25-year contract

Pennon's Viridor waste disposal business has signed a 25-year contract with Glasgow City Council to design, build and operate a £160m recycling and renewable energy centre. Viridor expects to make a planning application this summer.