…. and will lead the way out of property slump October 5, 2009 DESPITE a deep recession and plummeting rental values, London is expected to lead the way out of the slump hitting office rents, according to the latest survey by King Sturge. King Sturge yesterday said there were already signs that in the first half of 2009 the market may have hit the bottom and the rate [...]
RBS closes the door on new credit cards October 5, 2009 ROYAL Bank of Scotland (RBS) has closed its credit card business to new customers in a bid to prevent a rise in bad debts. The lender, which is 70 per cent owned by the taxpayer, will limit new credit cards to existing banking customers, meaning that anyone who wants an RBS or NatWest credit card [...]
Aviva in Delta Lloyd listing next month October 5, 2009 INSURER Aviva yesterday said it was on track to sell off a chunk of its Dutch unit next month, raising hopes the firm will go on the hunt for buyout targets. Aviva said it will sell off part of the Delta Lloyd unit in November by listing the company on the Euronext stock exchange in [...]
CUTS WARNING October 5, 2009 RAILWAY maintenance cuts could lead to another crash on the scale of the Paddington disaster, union bosses warned yesterday. The RMT said “massive” cuts to track and signalling repairs would put thousands of passengers at risk. The warning came on the 10th anniversary of the crash that killed 31 and that resulted in the break-up [...]
HSBC CHIEF FEARS A DOUBLE DIP October 5, 2009 HSBC chief executive Michael Geoghegan has warned that the global economy could be facing a “double-dip” recession. Geoghegan said he was not convinced that a second financial downturn could be avoided and had put expansion plans at the UK’s largest bank on hold as a result. He said:“I’m not as convinced we’re through the worst [...]
CITY VIEWS: HOW DO YOU FEEL IN LIGHT OF HSBC BOSS MICHAEL GEOGHEGAN’S WARNING OF A DOUBLE-DIP RECESSION? October 5, 2009 PATRICK CROSS THOMSON REUTERS“We’re definitely heading into a recovery, technically speaking, but it is unwise to get too confident, too soon. Consumers need evidence of improvement before they’ll head out to the shops. A double-dip recession is a possibility, if confidence doesn’t rise.”JEREMY LEIVERS HALLIWELLS“We could certainly see a double dip, but the second slump [...]
Nomura ups USstaff count amid cash call October 5, 2009 JAPANESE bank Nomura is boosting its presence in the US by doubling its headcount, as it prepares to raise 433bn yen (£3bn) in its second cash call of the year. The fast-growing investment bank, which bought the European and Asian units of failed US bank Lehman Brothers last year, is now turning its attention to [...]
Bulk carrier prices stabilise as world economy improves October 5, 2009 THE cost of chartering bulk carriers to transport commodities worldwide has stabilised but looks unlikely to reach the peak hit during 2008, the International Financial Services London (IFSL) body said yesterday. Duncan McKenzie, director of economics at IFSL, said the Baltic Dry Index (BEDI) – which is based on the average spot price for chartering [...]
Bank of America in hunt for an emergency heir to Lewis October 5, 2009 A COMMITTEE of Bank of America (BoA) executives will meet this week to identify an emergency successor to chief executive Kenneth Lewis, in case he is forced out before his planned retirement at the end of the year. The bank’s chief executive last month announced his intention to step down at the end of 2009, [...]
Power workers snub pay deal October 5, 2009 Power workers and oil refinery staff across the UK yesterday rejected an offer on pay and conditions aimed at ending a long-standing row. Up to 30,000 workers at sites including BP FPS Grangemouth, Sellafield in Cumbria and Shell UK Stanlow say they want employers to stop undercutting agreed rates and employing cheaper foreign labour. The [...]
