Tube strike causes gridlock and costs economy £48m September 7, 2010 Millions of commuters across London struggled to get to work on Tuesday as a 24-hour strike by workers on the underground rail system crippled much of the network, hurting the city’s convalescent economy. Passengers took to bikes, buses, walked, or made use of extra boat services on the Thames that runs through the city in [...]
Connaught “on brink of administration” September 7, 2010 Connaught, the property services group that specialises in social housing, is on the brink of going into administration, the BBC has reported. The company, which employs 10,000 people, has suspended trading of its shares, and said a further announcement would be made “in due course”. Connaught has £220m of debt, provided by six banks and [...]
Sports Directs sales hike fuelled by World Cup September 7, 2010 Sporting goods retailer ports Direct posted an 8.8 per cent rise in first-quarter sales – fuelled by the World Cup in South Africa The firm, in which Newcastle United club owner Mike Ashley has a 71 per cent stake, said on Tuesday sales were £408m in the 13 weeks to July 25, up from £375m [...]
Whitbread boosted by Premier Inn September 7, 2010 Britain’s biggest hotel operator Whitbread said it was confident for the full year after its budget Premier Inn chain saw a surge in demand from business customers and Costa Coffee delivered strong growth. Whitbread, which also owns the Beefeater and Brewers Fayre pub restaurant chains, said comparable sales across the group were up by 7.9 [...]
Ocado sales surge by 30pc after flotation September 7, 2010 ONLINE grocer Ocado reported a 30 per cent jump in third-quarter sales as it seeks to boost confidence in the business following a turbulent initial public offering (IPO) in July. Ocado, whose shares are trading 13 per cent below an IPO price which had already been cut by almost a quarter from the company’s original [...]
Bob Diamond set to lead Barclays September 6, 2010 Barclays will today name investment banking president Bob Diamond as successor to chief executive John Varley in a surprise shake-up at the top of the British bank. Diamond, who is credited with propelling Barclays Capital into the premier league of Wall Street players, is expected to take the reins next year around the time of [...]
Gartmore hit by row over trust September 6, 2010 AILING fund manager Gartmore suffered another blow yesterday as the independent board of one of its most high-profile investment trusts threatened to cut ties with the company. The Gartmore Growth?Opportunities trust served 12-month notice on Gartmore following the shock resignation of star fund manager Gervais Williams. Williams, who quit last week after 17 years at [...]
Obama plans $50bn spend September 6, 2010 US President Barack Obama yesterday announced a six-year plan to revamp ageing roads, railways and runways with a $50bn (£32.4bn) up-front investment to jump-start job creation. The plan is one of several economic initiatives that Obama is due to unveil this week aimed at generating some desperately needed US job growth and limiting predicted Democratic [...]
Strikes and Brussels cripple London September 6, 2010 BY one estimate, today’s strikes will cost London £50m. That is hugely expensive for an exercise in grandstanding by politically motivated militants – and it fails to quantify intangible costs such as stress, inconvenience and general misery. Anyway, if you are reading this in a print copy of City A.M., congratulations – you’ve made it [...]
Green tipped for coalition September 6, 2010 HSBC chairman Stephen Green could stun the City by resigning to become the coalition government’s trade minister, it was reported last night. Green has been named as the frontrunner to take up the post after months of searching by Prime Minister David Cameron. He would succeed Lord Davies, who was lured away from Standard Chartered [...]