Hopes up for Iberia deal July 9, 2009 SPANISH flag carrier Iberia appointed Antonio Vazquez as its new chairman and CEO yesterday, boosting hopes of a tie-up with British Airways (BA). Hard-nosed dealmaker Vazquez, who was already involved in the merger talks due to his role as director at Iberia, will kick-start discussions which have become bound up in red tape a year [...]
Mervyn King’s gilts move very welcome July 9, 2009 IT was a brave decision – and one few thought the Bank of England would choose to make. Its decision not to increase its quantitative easing target from £125bn to £150bn, contrary to what was widely expected, must mean that it is confident the economy is starting to grow again or is at least stagnating; [...]
Flights rise at City airport July 9, 2009 CITY Airport yesterday won approval to increase its number of annual flights by 50 per cent by the end of 2010. The increase at the airport, where 70 per cent of passengers are business travellers, is expected to boost the number of people flying per year from 3.3m to 3.9m. The CBI welcomed the news, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 9, 2009 FINANCIAL TIMESSTRATEGIC REVAMP FOR LLOYD’SLloyd’s of London has begun the biggest strategic review it has undertaken this decade in an attempt to ensure the more than 320-year-old insurance market does not fail in exploiting the gaps in the market thrown up by the financial crisis. The institution, which deals in insurance risks from all over the [...]
GM gears up to exit bankruptcy July 9, 2009 General Motors is preparing to today announce its exit from bankruptcy after a 40-day rejig under US government backing that has wiped away most of its debts and recurring costs. A court order allowing GM’s key assets to be sold to a new company that will be more than 60 per cent-owned by the US [...]
New York Times considers fees July 9, 2009 US publishing giant the New York Times is considering bringing in a $5 a month fee for access to its news website. The group said results of a survey of its print subscribers suggest the fee would go down well. The group is keen to bring in new revenue streams after its income through online [...]
Rio’s packaging talks continue July 9, 2009 Australian packaging group Amcor is still in discussions with global miner Rio Tinto to buy parts of its packaging assets, Amcor said in a statement last night. “Those discussions continue to be incomplete in nature, and there can be no assurance that any binding proposal or transaction will result,” Amcor said.
Credit Suisse u-turn boosts Four Seasons July 9, 2009 FOUR Seasons, the care home company, last night came back from the brink after convincing its senior lenders to back its latest restructuring proposal. The group is currently struggling with its £1.5bn debt pile and has proposed a restructuring plan that would have seen most of its lenders’ debt converted to equity. And earlier this [...]
Citigroup reshuffle aimed at smoothing asset sales July 9, 2009 WALL Street giant Citigroup yesterday unveiled a boardroom shuffle as it continues efforts to sell off non-core parts of the business. Chief financial officer (CFO) Edward “Ned” Kelly will become vice chairman with responsibility for strategy, as well as mergers and acquisitions, which will in practice mean disposing of assets from Citi’s “bad bank”, Citi [...]
Buffett talks of new US stimulus July 9, 2009 Legendary investor Warren Buffett said yesterday unemployment in the US could hit 11 per cent and a second stimulus package might be needed as the economy struggles to recover from recession. Buffett, the billionaire founder of Berkshire Hathaway, said Americans suffered “a shock to the system” from the economic difficulties in the final quarter of [...]