BAA scraps plans to add new runways May 24, 2010 BAA, the UK airports operator, scrapped controversial plans to add extra runways at Stansted and Heathrow yesterday, after the new government said it would not back expansion. The operator withdrew its planning application for a second runway at Stansted and cancelled work on a planning application for a third runway at Heathrow in reaction to [...]
BA strike gives rivals a boost May 24, 2010 BRITISH Airways (BA) faced the first day of a mammoth cabin crew strike action yesterday, while rival easyJet reported a spike in bookings from new passengers. BA said yesterday that it flew at least one flight to all of the short haul destinations it serves, while 85 per cent of long-haul destinations were served. Gatwick [...]
CFTC: We may never know the cause of the flash crash May 24, 2010 US regulators may never know what caused the market to plunge nearly 700 points on 6 May despite an exhaustive probe by securities and futures officials, according to two commissioners at the Commodity Futures Trading Commission. “I think that it’s possible that we may never know what happened on that day”, said CFTC Commissioner Jill [...]
KPMG appointed as administrators of FirstCity after the company splits in two May 24, 2010 KPMG has been appointed as administrator of FirstCity Insurance Group and its holding company, FirstCity Partnership. Restructuring partners David Costley-Wood and Michael Walker at KPMG have been appointed as joint administrators by the company’s directors and will work to wind-up FirstCity Insurance. Walker said: “We are currently assessing the position and are looking to put [...]
Magazine distributor MMC collapses with huge debts May 24, 2010 MAGAZINE distributors MMC today collapsed into administration with debts totalling up to £700,000. The distributor of magazines including the Spectator has cast a shadow over the industry, with small publishers fearing they could be driven out of business because they are owed cash by MMC. MMC, founded in 1988, was the UK’s largest independent newstrade [...]
Banks publish data for dark pool trading May 24, 2010 SIX big investment banks have published trading volumes for their “dark pools” for the first time, showing them as a tiny fraction of the market, not the major hidden rivals to stock exchanges that some argue. Citi, Credit Suisse, Deutsche Bank, JP Morgan Cazenove, Morgan Stanley and UBS together executed €596m (£512m) of equity trades [...]
Northern Rock deposits lose savings guarantees May 24, 2010 RHIAN NICHOLSON INTERACTIVE INVESTOR THE government yesterday lifted its 100 per cent guarantee on all variable rate accounts at Northern Rock as the beleaguered bank slowly returns to health. Millions of savers will now have the same protection as depositors with other banks. This covers them for up to £50,000 for individual accounts or £100,000 [...]
Russia’s Orient Express bank plans listing May 24, 2010 ORIENT Express, a mid-sized lender, said it plans to launch Russia’s first initial public offering in the banking sector since the financial crisis struck in 2008. Russia’s banking sector has been hit hard by the global economic downturn, and the deal to raise at least $200m (£138m) would show the level of appetite among investors [...]
Invensys sees better 2011 on strong orders May 24, 2010 ENGINEER Invensys yesterday said it would perform better this year as its markets in industrial systems, railways and appliances recovered, after currency movements helped full-year operating profit rise 2 per cent. “We have emerged stronger and with increased confidence in our growth prospects,” chief executive Ulf Henriksson said. “”Our order book increased by 11 percent [...]
Successful people help the next generation May 24, 2010 CAMERON’S campaign message about the Big Society didn’t exactly electrify the masses. But I wonder if that’s because it’s already happening, and he just had the good sense to hold up a mirror to what the people of the UK are already doing. Last Friday afternoon, I attended an event hosted by the Fredericks Foundation [...]