Asia’s largest airline is US rivals’ target September 13, 2009 DELTA Air Lines and American Airlines, the world’s two largest carriers, are said to be considering making rival bids for a stake in Japan Airlines (JAL). Asia’s largest airline by revenue recently posted quarterly losses of 99bn yen (£654m), and is 721bn yen in debt. Despite cutting jobs and unprofitable routes, JAL is still in [...]
Let’s help UK economy by reining in our jealousy September 13, 2009 Jealousy is the tribute mediocrity pays to genius, according to Fulton J Sheen. Now whilst it is hard to argue that there is much genius in a financial community that a year ago brought us to the brink of global financial meltdown, it is important to not let our jealousy get in the way of [...]
3i’s venture arm sold in 130m deal September 13, 2009 LISTED private equity fund 3i Group has sold most of its venture portfolio of smaller-sized European companies to a consortium of rivals, in a transaction that has netted it around £130m. The move is part of 3i chief executive Michael Green’s plans to exit the group’s so-called venture and small minority investment portfolios as it [...]
CITY MOVES WHO’S SWITCHING JOBS September 13, 2009 Berwin Leighton PaisnerThe law firm has hired Russell Clifford as an asset finance partner and David Irving, pictured, as a director in the trusts and private tax team. Clifford, who was previously at Allen and Overy, specialises in structured asset finance, particularly rolling stock financing transations. Irving, who formerly ran a private equity and real [...]
GREYHOUND LEAVES THE STALLS September 13, 2009 GREYHOUND will take off in the UK today, as its first bus, Peggy Sue, embarks on her maiden voyage. The journey, from Southampton to London, will depart at five thirty this morning. Greyhound, part of transport company FirstGroup, will run £1 services between London Victoria and Portsmouth and Southampton, in a bid to compete with [...]
Job loss tally still rising as pay rate slips September 13, 2009 UNEMPLOYMENT is expected to show another sharp rise this week when official data is released on Wednesday, raising fears about consumer demand and the effect on the economic recovery. Economists expect the broader International Labour Organisation (ILO) measure of unemployment – which is seen as a truer picture of the state of the British labour [...]
HOW WILL UNEMPLOYMENT PROGRESS? September 13, 2009 JONATHAN LOYNES CAPITAL ECONOMICSSurveys of employment intentions suggest that the rate of job-cutting is now easing. We expect the pace of increase in this measure to slow further from here. But it could be years before unemployment is falling. even more sharply. HOWARD ARCHER IHS GLOBAL INSIGHTUnemployment still looks likely to reach 3m in 2010. [...]
Years of hard work yield success for London’s first couple of wine September 13, 2009 WHEN wine-lover Xavier Rolet, the new CEO of the London Stock Exchange, first saw the house known as La Verriere in southwest France in 1992, he knew he liked it. What he didn’t know was that the 100 acres of old, neglected vineyards on the mountainous property would become the site of a full-blown, deeply [...]
Primark founder steps down September 13, 2009 Arthur Ryan, the founder of clothing retail giant Primark, has stepped down as chief executive officer after 40 years at the helm. The 74-year-old Irishman is succeeded by Paul Marchant, who was Primark’s chief operating officer. Marchant joined Primark in January from New Look, and has also worked for Debenhams, Topman and River Island. Ryan [...]
BARCAP TRIUMPH IN SQUARE MILE RELAY September 10, 2009 THE City’s many sporting fanatics were out in force last night at the Bloomberg Square Mile Relay, which saw around 100 teams of ten runners competing over a specially-designed mile-long course. Special mention must go to third-placed West LB, second-placed Legal & General, and Barclays Capital, who broke L&G’s two-year winning streak to take this [...]