Dubai World to sell off overseas assets December 7, 2009 THE Dubai government has confirmed it will not sell any assets to help state-controlled Dubai World meet its debt repayments, while the company’s prize assets will be ring-fenced. The beleaguered conglomerate last week asked creditors for a six-month grace period while it restructured its $26bn (£15.5bn) debt pile. The payment standstill was announced on 25 [...]
Red Flag opens to the public December 7, 2009 Begbies Traynor, the insolvency and recovery specialist, will launch its Red Flag Alert system as a commercial tool to allow companies to measure the financial health of their customers and competitors. Until now, Red Flag Alert has been used internally by Begbies and for media houses to assess the corporate landscape in the UK. It [...]
Aer Lingus November traffic up December 7, 2009 Irish airline Aer Lingus said yesterday that the number of passengers travelling with it for long-haul flights last month was 25 per cent lower than in the same month last year. But overall passenger numbers were up by nearly 5 per cent. The airline also said its November traffic decreased 6.4 per cent to 1.08bn [...]
FORMER MERRILL LYNCH STAFFERS HERALD A TRIUMPHANT BULL RUN December 7, 2009 BANK of America’s integration with fellow banking scion Merrill Lynch might have been fraught with difficulty over the course of the past year, but it seems the powers that be are finally learning the art of tactful compromise. After Merrill’s beloved bovine logo appeared to have been dropped by BoA in favour of a new, [...]
EU seeking tighter rules and new growth model December 7, 2009 Europe needs a new growth model and tighter regulation to prevent another meltdown, said incoming EU internal market commissioner Michel Barnier yesterday. The former French agriculture minister said the financial crisis meant “more governance and regulation where needed,” adding, “obviously times are different now.” “Faced with the exit from the crisis that we’re trying to [...]
CITY VIEWS: IS LONDON STILL THE WORLD’S LEADING FINANCIAL CENTRE? December 7, 2009 ELLIOTT PERRY RK HARRISON“London is still at the top of the game as a financial centre. Technology is developing all the time, which drives people to come and work here. As long as the downturn doesn’t hit development in that area, London will remain competitive.” SAM WARD MARSH“There is real expertise in London – it’s [...]
Shanks asks for 10 per cent more after offer December 7, 2009 WASTE management firm Shanks Group revealed a £536m buyout approach yesterday, sending its shares soaring, but said its board and key shareholders were looking for at least 10 per cent more. Shanks did not name the company behind the approach but a person familiar with the matter said it was the Carlyle Group, the well-connected [...]
Chelsea boss Carlo keeps faith in Cech December 7, 2009 CHELSEA vs. APOEL NICOSIA CHELSEA boss Carlo Ancelotti insists he still has full faith in Petr Cech despite holding the goalkeeper responsible for Saturday’s shock defeat at Manchester City. Cech’s poor positioning allowed Carlos Tevez to curl home a match-winning free-kick and slash the Blues’ lead at the top of the Premier League to two [...]
British Grand Prix saved in 310m deal December 7, 2009 MOTORSPORT chief Damon Hill admits a deal to save the British Grand Prix was only finally struck after weeks of hard bargaining. Silverstone officials confirmed yesterday that the oldest race on the Formula One calendar would remain at the circuit for another 17 years. The announcement banished fears that a British date could be lost [...]
United missing 14 players for Germany trip December 7, 2009 WOLFSBURG vs. MANCHESTER UTDMANCHESTER UNITED’S injury crisis deepened further last night when strike pair Wayne Rooney and Dimitar Berbatov became the latest players to be ruled out.Rooney and Berbatov are set to miss this evening’s trip to German champions Wolfsburg with ankle and groin injuries respectively. They are among a staggering 14 first team stars [...]
