BA TALKS TRUNDLE ON June 30, 2009 BRITISH AIRWAYS will today re-start last ditch talks with its unions in a desperate bid to avert strike action, having failed to reach agreement before yesterday’s self-imposed deadline. It is thought that Unite and other unions could not agree with BA on a range of issues, including compulsory redundancies. Willie Walsh, the airline’s chief executive, [...]
Turner sketches capital rules June 30, 2009 LORD Adair Turner, the chairman of the Financial Services Authority (FSA), yesterday told bankers to prepare for “radical change” under the future regulatory regime, including the requirement to hold much higher capital ratios. Speaking at the annual British Bankers’ Association (BBA) conference, the FSA supremo said he supported US Treasury secretary Tim Geithner’s proposal that [...]
EU may force banks to sell off divisions June 30, 2009 LLOYDS Banking Group and Royal Bank of Scotland may be forced to dispose of assets in order to meet EU antitrust rules, the European competition commissioner warned yesterday. Speaking at the British Bankers’ Association (BBA) annual conference, Neelie Kroes said that the two banks had an unfair competitive advantage as a result of receiving state [...]
Prepare for worst, says BoE’s Tucker June 30, 2009 BANKS should implement procedures to limit damage to the economy in the event that they collapse, the deputy governor of the Bank of England Paul Tucker told the BBA conference yesterday. Tucker said that the social contract between banks and society needed to be redrawn and called on lenders to keep information on how they [...]
Sterling reaches an eight month high against the dollar but gains fizzle out June 30, 2009 STERLING hit an eight-month high against the dollar yesterday due to surprisingly strong UK house price data, but its gains fizzled out after a moderating decline in US home prices later boosted the US currency. Weaker-than-expected figures on UK gross domestic product also stung the pound on the view that the nation’s economy continues to [...]
Small businesses start to see upturn in confidence June 30, 2009 CONFIDENCE is on the up among small businesses which have borne the brunt of the economic turmoil over the past year or so, according to a leading industry body. The Federation of Small Businesses said yesterday that 23 per cent of its members had experienced an increase in trade recently. Only a quarter of SMEs [...]
EU approves Carphone deal June 30, 2009 TELECOMS and retail group Carphone Warehouse received approval from European Union antitrust authorities yesterday for its £236m takeover of Internet service provider Tiscali UK. The European Commission, executive arm of the 27-nation European Union, said in a statement that the transaction would not impede competition. It said that though Carphone Warehouse and Tiscali UK, a [...]
Shortfalls on pensions hit high in June June 30, 2009 PENSION deficits in the UK’s 200 largest private final-salary schemes almost doubled in June to their highest level since January 2006 thanks to plummeting yields on corporate bonds, according to consultancy Aon. Aon said pension deficits rose from £40bn to £73bn last month. Pension funds invest heavily in corporate bonds as a means of generating [...]
Monitise signs 8m deal with Visa International June 30, 2009 SHARES in mobile banking and payments service provider Monitise lifted by 28 per cent to 6.75p yesterday, after it said that it had signed a five-year strategic agreement with Visa International worth $13m (£7.9m). Monitise said Visa International, the world’s largest retail electronic payments network, would also subscribe to a rights issue of 73.2m new [...]
CITY MOVES WHO’S SWITCHING JOBS June 30, 2009 TalkTalkThe broadband provider has appointed David Cooper as chief information officer. Cooper will be responsible for the firm’s IT systems and, in particular, will oversee the integration of those systems with Tiscali UK, which it acquired in May for £236m. He previously worked at BT during the 1980s and 1990s, and most recently spent seven [...]