Vodafone Group staff restructure Print
UK Economic
Written by Will Peters   
Tuesday, 09 March 2010 09:53
Morning Micro-Economic News, 09 March 2010: Vodafone Group, UKFI, China currency peg, BAA and EADS drops out of air tanker race.



Vodafone Group (LON:VOD) is set to announce up to 500 job cuts at its Newbury headquarters. The mobile phone company, which was founded in Newbury in 1982, has about 3,000 staff in the Berkshire market town after cutting staff over recent years to bring down costs.

Vodafone Group shed 500 UK staff last year, mostly in Newbury, but also created new jobs in its retail and internet operations, the Times reports.

UKFI


An influential committee of MPs will today call for root-and-branch reform of the Treasury's dealings with UK Financial Investments, the organisation charged with overseeing the state's multi billion-pound stake in the banking sector.

The Treasury Select Committee's report into the administration and expenditure of the Treasury also expresses "alarm" at low staff morale and calls for stronger links between National Savings and the Post Office, the Independent reports.

Chinese currency peg


China could end its near two-year currency peg on the dollar by as soon as next month, according to respected economist Professor Nouriel Roubini, in a prediction that could have major implications for global trade markets.

Prof Roubini believes that the Beijing government will authorise a 2% increase against the dollar initially, followed by a further 1pc-2pc strengthening over the next 12 months, the Telegraph reports.

BAA


Cash-strapped airports operator BAA has been forced to mortgage 39 houses near Stansted airport, many of which it is planning to demolish to make way for a planned second runway.

The latest return for Stansted Airport, filed last week at Companies House, shows that BAA has taken out mortgages with Royal Bank of Scotland on properties including Rose Cottage in Bambers Green and 2 Chestnut Way, Takeley, the Telegraph reports.

EADS


European defence giant EADS (EPA:EAD) has dropped out of a nine-year, two-horse $40bn (£27bn) race to provide the US Air Force with a fleet of air tankers after accusing the American government of skewing the competition in rival Boeing's favour.

EADS and US partner Northrop-Grumman last night took the dramatic decision not to make a bid for the 179 plane contract after studying the latest terms drawn up by the US Department of Defence, the Telegraph reports.



Last Updated ( Tuesday, 09 March 2010 09:56 )
 
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