Q & A: EAST COAST RAIL LINE July 1, 2009 Q.WHY IS THE EAST COAST RAIL LINE STRUGGLING?A.The franchise – along with other train operators – is struggling as the downturn results in both leisure and business travellers cutting back on travel. It is also losing out on its premium passengers, as those who are still travelling stay away from first class travel. Rising fuel [...]
CITY VIEWS: WAS THE GOVERNMENT RIGHT TO NATIONALISE THE EAST COAST RAIL LINE? July 1, 2009 RANJIT BAHAD DAIWA SECURITIES “It’s right to take it out of the hands of National Express if they’re not doing a good enough job. Still, where’s the money going to come from to run the line? We’ve got such a big debt burden and running this line is going to be costly.” SARAH SKINNER LLOYD [...]
UK’S MAIN RAIL FRANCHISES July 1, 2009 ARRIVA WALES Shrewsbury – Swansea line. It also covers Cardiff, Manchester and Birmingham FIRST CAPITAL CONNECT A FirstGroup franchise, it runs from Bedford to Brighton via Luton. Also Luton to Wimbledon and Sutton. NATIONAL EXP. EAST ANGLIATrains run from London Liverpool Street to Sheffield, Chelmsford, and Peterborough. SOUTH WEST TRAINSPart of Stagecoach group, it was [...]
Madoff victim fund stands at 140m as the hunt goes on July 1, 2009 THE SECURITIES Investor Protection Corporation (SIPC) said yesterday a total of $231m (£140m) has so far been committed to pay for claims from victims of Bernard Madoff’s fraud, with a further $2.74bn “authorised for potential future recovery.” The group, which was established by the US Congress in 1970 to help swindled investors, said that the [...]
O2 considers T-Mobile bid July 1, 2009 T-MOBILE UK could find itself at the centre of a bidding war after O2 became the second mobile network operator to consider buying the firm from Deutsche Telekom, its German owner. O2’s Spanish parent company Telefonica is kicking the tyres at T-Mobile UK, after Vodafone entered talks with Deutsche Telekom earlier this week. Telefonica is [...]
American manufacturing output reached a 10-month high in June July 1, 2009 AMERICAN manufacturing output in June reached 44.8, its highest level since last August 2008, according to the ISM survey published yesterday. While the headline figure remained below 50, production jumped to 52.5 from 46 in May. Capital Economics said the index is finally at a level consistent with an actual expansion in GDP, rather than [...]
VIRGIN ATLANTIC CUTS ROUTES AND JOBS July 1, 2009 VIRGIN Atlantic, the airline majority-owned by Sir Richard Branson, said yesterday it will cut seven per cent of its winter services and axe up to 600 jobs due to falling passenger demand. Virgin said its daily Heathrow to Chicago service will not fly this winter and it would suspend one of two daily London to [...]
Factory data shows easing contraction July 1, 2009 BRITAIN’S manufacturing sector shrank at its slowest pace in June in more than a year according to the CIPS/Markit UK manufacturing purchasing managers’ index (PMI) published yesterday. The PMI survey hit a 13-month high in June, rising to 47.0 from 45.4 in May but it is still below the critical 50 mark that separates contraction [...]
RBS Asia to be sold in chunks July 1, 2009 ROYAL Bank of Scotland’s Asian assets look set to be divided up between Standard Chartered and Australia’s ANZ, despite the bank’s desire to offload the unit in one go. Standard Chartered, led by chief executive Peter Sands, is in talks to wrap up a deal for RBS’ units in China and India and is also [...]
Banks’ leverage needs limits July 1, 2009 MUCH stricter system-wide limits on banks’ leverage are needed, the Bank of England’s executive director for financial stability Andrew Haldane said yesterday. “These ratios will need to be state-dependent, rising as the temperature rises across the financial system as a whole.” Haldane stressed there is a need for more focus on returns on assets rather [...]