WHAT THE OTHER PAPERS SAY THIS MORNING May 18, 2009 FINANCIAL TIMESCASH-STRAPPED TOURISTS AVOID SPANISH SUNBritish tourists impoverished by the weak pound, German holiday makers worried about recession and a domestic market laid low by the sharpest economic contraction for 40 years: it would be hard to imagine a worse combination for Spain’s tourism industry as bookings in many places are down by at least [...]
UBS tax cash could backfire May 18, 2009 US banks and the economy could suffer as a result of the high-profile tax evasion case pitting the Internal Revenue Service against UBS, supporters of the Swiss bank said in a federal court filing yesterday. In a joint filing on Friday, five business and banking groups urged Federal District Court Judge Alan Gold to reject [...]
Aegis insists it’s resilient as revenues fall May 18, 2009 SHARES in marketing and communications group Aegis fell 4.6 per cent yesterday, after it said that its core revenue was down 11.6 per cent in the first quarter due to client losses and tough market conditions. But the group said it is well-positioned to “produce a resilient performance in difficult market conditions” – with $1.05bn [...]
We need a new online democracy May 18, 2009 PRETTY much every UK citizen is ready to shout “you’re fired” at their local MP after the depressing expenses revelations. I’ve always believed that form is content – that how you say something is just as important as what you say. Barack Obama came to power by having such an effective way of expressing himself, [...]
Porsche to restart VW talks May 18, 2009 The family owners of Germany’s Porsche yesterday scrambled to bring stalled merger talks with Volkswagen back to life as thousands of workers at the debt-ridden sports carmaker gathered to protest against Ferdinand Piëch, VW’s chairman. Earlier VW said that constructive negotiations were not possible at the moment and urged Porsche to reduce its debt.
UBS tax cash could backfire May 18, 2009 US banks and the economy could suffer as a result of the high-profile tax evasion case pitting the Internal Revenue Service against UBS, supporters of the Swiss bank said in a federal court filing yesterday. In a joint filing on Friday, five business and banking groups urged Federal District Court Judge Alan Gold to reject [...]
IS THE PERFORMANCE OF AEGIS SURPRISING GIVEN THE CURRENT CLIMATE? May 18, 2009 STEVE LIECHTI INVESTEC“The (Aegis) statement implies disappointing organic sales declines against its larger agency peers, though Havas’ statement on Friday was also poor. This is to some extent a result of strong comparatives in better times, but cannot help near-term sentiment. Comment on costs is more positive with interim chief executive John Napier clearly focusing [...]
We need a new online democracy May 18, 2009 PRETTY much every UK citizen is ready to shout “you’re fired” at their local MP after the depressing expenses revelations. I’ve always believed that form is content – that how you say something is just as important as what you say. Barack Obama came to power by having such an effective way of expressing himself, [...]
Morgan Stanley sells off MSCI May 18, 2009 Morgan Stanley said it is selling its remaining stake in MSCI, the investment analysis and market index company spun-off from the investment bank in 2007, triggering a 10 per cent fall in MSCI shares. The offering will consist of 27.7m shares of MSCI class A shares.
American Express axes 4,000 jobs May 18, 2009 American Express, the credit card and travel services company, yesterday said it plans to eliminate 4,000 jobs, or six per cent of its workforce, as the weakened economy causes higher customer defaults. The cuts are part of the company’s plan to save $800m (£521.5m) over the rest of 2009. They are in addition to 7,000 [...]