CITY MOVES | WHO’S SWITCHING JOBS March 15, 2010 Universal Music Max Hole has been promoted to the position of chief operating officer at Universal Music Group International (UMGI). Hole, who will take up his new role on 1 July, is currently executive vice president of UMGI and president of the group’s Asia Pacific operations. He joined the firm in 1998 from Warner Music [...]
Bank of England member warns economy could shrink March 15, 2010 BANK of England member Kate Barber has warned that the economy could shrink again but a double-dip recession is unlikely. Barker, who sits on the monetary policy committee that sets interest rates, predicted a another quarter of falling gross domestic product this year. She said: “It’s possible we will have a quarter when GDP falls, [...]
Liberty in sale of flagship store for £41.5m March 15, 2010 LIBERTY has confirmed it is selling its West End department store building for £41.5m to help pay off its debt. The company said it had exchanged contracts to sell the freehold interest in the 125,000-square- foot store, off Regent Street, to Sirosa Liberty Ltd. Liberty will take a 30-year lease on the building at an [...]
French Connection sells Nicole Farhi as losses mount March 15, 2010 FRENCH Connection is selling its loss-making Nicole Farhi brand for up to £5m and closing most of its US stores in a bid to return to profit. The group made a loss of £24.9m in the year ended 31 January – up from £16.4m the year before. The British fashion retailer, which has already offloaded [...]
PM brands BA strike plans “deplorable” March 15, 2010 A PLANNED seven-day strike by British Airways cabin crew is “unjustified and deplorable” and should be called off, Prime Minister said. Gordon Brown condemned the seven days of planned walkouts as BA and the Unite union met in a last ditch bid to avert the action. He said: “It’s the wrong time, it’s unjustified, it’s [...]
BT might offer free Premiership March 15, 2010 BT could launch a sensational attack on Sky’s dominance of subscription TV by offering Premier League football for free. Plans are being discussed at board level about how BT Vision could take advantage of an expected Ofcom ruling that will slash the price Sky can charge rivals for its prized premium content. One option being discussed [...]
Pearl hopes feud is over March 15, 2010 PEARL is just days away from ending a long-running battle with its investors. Bondholders are ready to hoist the white flag after months of acrimonious dispute over an unpaid coupon on £500m of its bonds. The final straw appears to be the announcement by Pearl that it will not attempt to raise capital with its [...]
Tories need to switch strategy or lose March 15, 2010 ALL the opinion polls are giving the same message: Britain is on course for a hung parliament, with no political party in overall control come May. Given that this election ought to be a shoo-in for the Tories, and that they were easily ahead just a few months ago, this is an extraordinary state of [...]
Osborne thinks long-term March 15, 2010 SHADOW Chancellor George Osborne has joined forces with US economist Jeffrey Sachs to warn about the dangers of not acting fast on the deficit. The two say delaying action on reducing the deficit will “darken consumer confidence. In a paper out today, Osborne and Sachs say recovery is a medium to long-term project and investment [...]
Liberals strike out alone March 15, 2010 Liberal Democrat leader Nick Clegg has quashed suggestion of a pre-election coalition with Labour or the Tories. “I am not the kingmaker,” he said.