Loss of personal wealth drops June 14, 2009 Personal wealth loss from the credit crunch shrunk to £36,000 in May, from £40,000 in March, a survey out today will say. Recent recoveries in share prices and house prices have reduced the total UK household wealth loss from the credit crisis from its peak of around £1.9 trillion in March 2009 to around £1.7 [...]
Airbus not worried about slump June 14, 2009 Airbus SAS could cope with losing as many as 1,000 jetliner contracts without suffering unduly because of its formidable order book, chief executive Tom Enders said yesterday. Airbus is able to withstand its backlog of 3,500 contracts shrinking, he said. He added that, if the order book kept growing, customers would have to wait seven [...]
Davies returns to the high street June 14, 2009 George Davies, the designer responsible for Next, George at Asda and Per Una at Marks & Spencer, is poised to make his comeback to the high street this autumn with his new label, GIVe. Davies is set to plough his own money into a venture that will sell a 150-piece ranges in up to six [...]
Supervisory breakdown at fault for crisis June 14, 2009 THE financial crisis was caused by lack of supervision of the financial sector, rather than bankers breaking the rules, according to the influential Adam Smith Institute. Director of the free-market think-tank Eamonn Butler likens recent financial troubles to the parliamentary expenses scandal – with everyone sticking to the rules, but without proper supervision of the [...]
Anna Mann enlists top businesswomen to help crack boardroom glass ceiling June 14, 2009 ANNA Mann, one of the City’s most respected head-hunters, will today launch a new initiative called Women on Board, aimed at tackling the problem of gender imbalance on the boards of Britain’s biggest companies. Mann, co-founder of Whitehead Mann and senior partner at MWM Consulting, argues that women bring “valuable diversity of thinking and a [...]
Scramble for talent among smaller firms June 14, 2009 SMALLER City financial firms are frantically headhunting top-tier staff who have become casualties of cost-saving job cuts at giants like Credit Suisse, HSBC and Dresdner Kleinwort. Firms such as Arbuthnot Securities, Blue Oar and Panmure Gordon are scrambling to emerge from the recession with higher profiles by grabbing seasoned talent on lower salaries than ever, [...]
M&A sector to dine out on Rio Tinto venture June 14, 2009 THE JOINT venture between mining giants BHP Billiton and Rio Tinto is to pay dividends for the revenue-hungry investment-banking sector, with Morgan Stanley, Gresham Partners, Goldman Sachs and Lazard lining up to benefit from the deal. The deal, the second largest so far in a year where mergers & acquisitions (M&A) activity is down 43 [...]
Blanchflower, forecaster of recession, receives CBE June 14, 2009 DAVID “Danny” Blanchflower, the Bank of England rate-setter who forecast the recession ahead of his fellow Monetary Policy Committee (MPC) members has been made a CBE in the Queen’s Birthday Honours List. Blanchflower, a US-based expert on labour economics, joined the Bank in 2006. His calls for interest rates to be cut to avoid an [...]
Larry Fink’s BlackRock is here to stay June 14, 2009 ANALYSIS: THE WORLD’S LARGEST ASSET MANAGER WILL BE A MAJOR PLAYER IN LONDONBLACKROCK’S acquisition of Barclays Global Investors (BGI) will see it become the world’s largest asset manager with $2.89 trillion (£1.75 trillion) under management, more than twice the funds run by number-two group State Street. The new firm, BlackRock Global Investors, will be one [...]
Search for BP chair nears end June 14, 2009 OIL giant BP’s tortuous two-year slog to find a new chairman is finally drawing to a close, and mining and energy heavyweight Paul Anderson is tipped to be the man to end it. While BP refused to comment on who might fill the post – one of the most prestigious in corporate Britain – Anderson [...]