C&W ARM EYES ASIA EXPANSION AFTER LISTING
Cable & Wireless’s UK business is stepping up its efforts to achieve growth in emerging markets as it secures a stock market listing later this month. The business, called C&W Worldwide, will focus on opportunities in Asia, Jim Marsh, its chief executive, told the Financial Times in a rare interview. C&W Worldwide is one of two listed companies resulting from the C&W group demerger that takes place on March 26.
COLONY CAPITAL TO TAKE OVER LEIBOVITZ’S LOANS
Annie Leibovitz, the celebrity photographer, is turning to Colony Capital, a private equity firm better known for its real estate investments, for loans to help clean up her finances, people familiar with the deal said. Under terms of their arrangement, Colony will become Ms Leibovitz’s sole creditor and help her market a library of photographs that includes such images as her Vanity Fair magazine cover of a naked, pregnant Demi Moore and her Rolling Stone photo of a nude John Lennon embracing Yoko Ono.
CME FACES SERIOUS THREATS TO ITS ASCENDANCY
Since Chicago’s futures exchanges created Treasury futures in the 1970s, the world has always come to the city to hedge on US interest rates. The Chicago Mercantile Exchange developed contracts on short-term Treasuries, while the Chicago Board of Trade launched longer-term contracts. When the former bought the latter for $11bn in 2007, it created the CME Group, a company with a vice-like grip over the US Treasury futures industry, with market share of more than 95 per cent. This behemoth is being presented with the most serious challenge in its history.
VODAFONE POISED TO CUT 500 JOBS AT NEWBURY HEADQUARTERS
Vodafone 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.
IBERIA STAFF ANGRY OVER PLAN FOR NEW AIRLINE PAYING LOWER WAGES
Iberia risks clashing with its staff over plans to launch a new airline in November that would pay crew lower wages. According to Spanish media reports, the new airline would be launched in November with 14 aircraft and about 350 staff. Spanish trade unions reacted angrily to the proposal and accused Iberia’s management of copying the cost-cutting of British Airways.
The Daily Telegraph
EADS GROUNDS $40BN US AIR TANKER BID
European defence giant EADS 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 took the dramatic decision not to make a bid for the 179 plane contract.
CHINA COULD EASE DOLLAR CURRENCY PEG SAYS 'DR DOOM'
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. Known he believes that the Chinese central bank could let the yuan appreciate as soon as the second quarter.
WALL STREET JOURNAL
MARRIOTT TO DOUBLE PROPERTIES IN EUROPE
Marriott International plans to more than double the number of its properties in Europe in the next few years. If successful, that would mean 40,000 more hotel rooms on the Continent would have Marriott brand names. The company now has 174 hotels in 24 countries in Europe.
PROTESTS ERUPT OVER REFINERY CLOSURE
Total announced a final decision to cease refining operations at its Flanders industrial complex near Dunkirk, France, and said it plans to take a ten per cent stake in a regasification project being put together by utility giant Électricité de France. The two moves heightened union opposition to Total, and the closure at Dunkirk sparked violent protests by around 300 people.