EU finance chiefs agree capital plan July 7, 2009 EUROPEAN Union finance ministers have agreed to make changes to capital requirements on financial institutions, to ensure that they build up greater cash cushions during good times. The plans, which will form the basis of legislation to be drafted in October, is intended to prevent banks lending recklessly when growth is strong and allow them [...]
Brown pulled plug, say the Rover four July 7, 2009 FOUR former MG Rover executives accused of asset-stripping the company blamed Prime Minister Gordon Brown yesterday for pulling the plug on Britain’s last major car maker, leaving it to collapse in 2005. They say he took advice from key treasury adviser Baroness Vadera while he was chancellor. The so-called “Phoenix Four” – John Towers, Nick [...]
LONDON BOMBINGS COMMEMORATED July 7, 2009 PRIME Minister Gordon Brown and London mayor Boris Johnson joined the families of the 52 victims who lost their lives in the July 7 attacks, for the unveiling of an official monument in Hyde Park yesterday. The monument, consisting of 52 stainless steel pillars, came at the fourth anniversary of the terrorist attacks.
Michael Page: UK job market is stabilising July 7, 2009 SHARES in job market bellwether Michael Page rose yesterday after its chief executive Steve Ingham said that it had seen a stabilisation in some markets but did not expect a firm recovery until next year. “I wouldn’t say the shoots are green out there but there’s some stabilisation which is reassuring,” Ingham said. The statement came as [...]
US probe into Verizon’s might July 7, 2009 THE US Justice Department has begun a review of big telecom firms such as AT&T and Verizon, to determine if they have abused their market power. Sources close to the matter said that the Antitrust Division’s probe could concern exclusive agreements between phone companies and handset makers or whether phone operators are “unduly restricting” services [...]
Airbus A350 to get aid from UK July 7, 2009 BUSINESS secretary Peter Mandelson yesterday made an offer of financing to help Airbus’ new A350 jetliner. Airbus, part of defence company EADS, has said the A350 project is expected to cost around €11bn (£9.5bn). Spain is understood to have pledged to stump up €300m for the project, Germany €1.1bn, and France around €1.4bn. Britain would [...]
KPMG called in as Coffee Republic fails July 7, 2009 COFFEE Republic, the high street coffee shop chain, yesterday said its three main subsidiaries had fallen into administration after months of teetering on the brink due to the slump in consumer spending. KPMG’s David Crawshaw and Richard Hill – who have been appointed joint administrators to Coffee Republic UK, Coffee Republic Franchising and Goodbean – warned [...]
DEUTSCHE TO SELL NYC SKYSCRAPER July 7, 2009 DEUTSCHE Bank has reached an agreement to sell Worldwide Plaza, its 1.8m square foot skyscraper in New York, for $600m (£371m). The bank will sell the building to developer George Comfort & Sons and RCG Longview. The buyers will pay part of the price with $130m in equity and take on Deutsche’s $470m mortgage.
Nomura continues its western push July 7, 2009 JAPANESE bank Nomura has become the London Stock Exchange’s (LSE) third-largest broker, thanks to its acquisition of bankrupt Lehman Brother’s European trading business. Nomura revealed its position as it laid out its intentions to top the table by the end of the year. A spokesperson for the LSE confirmed that Nomura has been growing its trading [...]
Telefonica connects with Palm’s rival to the iPhone July 7, 2009 TELEFONICA’S O2 and Movistar said yesterday that they have won an exclusive deal to sell Palm’s new Pre smartphone – regarded as the closest rival to Apple’s iPhone – in the UK, Ireland, Germany and Spain. Palm said that O2 would have initial exclusivity in the UK, Ireland and Germany, while Movistar would have an exclusive deal [...]
