FIRST CLASS GROUNDED May 25, 2009 AUSTRALIAN airline Qantas will stop selling first class fares on most of its flights, the firm said yesterday, as it struggles to cope in the downturn. Last week, British Airways said it would not fit first class cabins on its new aircraft, as business and consumer demand for premium travel falls.
Mountgrange property fund May 25, 2009 In fresh evidence of opportunistic property funds sniffing for the bottom of the market Mountgrange Investment Management has announced that it closed a new fund with a total of £300m of committed equity. Mountgrange has attracted over 30 global investors from mainly pension funds and sovereign wealth funds. The UK focused fund has also succeeded [...]
Toyota bumped down in the US May 25, 2009 Toyota lost its top spot in a rank of suppliers in the US yesterday, as Honda beat it to the post. Toyota came second in the annual survey. Among the US carmakers, Ford climbed from the bottom two years ago to make its largest lead over General Motors (GM), while Chrysler ranked last for the [...]
Raytheon in radar development May 25, 2009 Raytheon, the American defence company, has been approached by the National Air Traffic Services (Nats), to design a system which will allow radars to see through wind farm interference. The project will cost £5m, and is expected to be funded by the wind energy industry. The number of radar blackouts is increasing as the number [...]
Fiat boss goes to Germany in drive for Opel May 25, 2009 FIAT’S deputy chairman is due to meet the German economy minister today, ahead of tomorrow’s decision on a preferred buyer for General Motors’ (GM) European unit Opel. John Elkann will meet Minister Karl-Theodor zu Guttenberg as the Italian carmaker seeks to create a three-way tie-up with Chrysler and Opel. It is up against Canadian car [...]
Aquascutum chief quits after failed takeover bid May 25, 2009 AQUASCUTUM chief executive Kim Winser has left the luxury brand after her attempt to take control of the firm through a management buyout failed. Sources close to the business said that Winser – who was drafted in from Pringle to turn the business around three years ago – had seen her offer for the firm [...]
UBS to regain control of pay May 25, 2009 UBS WILL be able to set the level of executive bonuses it pays out in 2009 after the rescue package it received from the Swiss government saw it subjected to state approval of variable pay schemes. A spokesman for the Swiss financial services watchdog Finma said it had not received instructions from the government to [...]
Deadline passes for Irish banks May 25, 2009 THE DEADLINE for Irish banks wishing to make use of the state’s loan guarantee scheme passed yesterday, with six lenders outlining the lending portfolios they wish to transfer to the National Asset Management Agency (Nama), the Republic’s “bad bank”. The firms had to provide information on their loan portfolios to officials from the National Treasury [...]
Britain is a world power in entrepreneurialism May 25, 2009 A COLLEAGUE of mine, who is a first-born child, once admitted that all of life is the playing out of what was done to you as a child by your elder siblings. Apparently, he once said to his younger brother pointing at a suitcase, “why don’t you get in and see if you fit?” Things [...]
ONS tells firms to cease unfair calls May 25, 2009 The Office of National Statistics has warned six debt management firms and four cold-calling groups to stop making misleading calls or face legal action. The organisation couldn’t name the groups for legal reasons, but deputy director of consumer credit Nigel Cates said the firms were taking advantage of those “suffering distress through debt problems”. He [...]