ADMINISTRATORS: THE PWC TEAM HANDLING THE WIND-UP OF LEHMAN BROTHERS May 26, 2009 THE administration process in the UK is being conducted by PricewaterhouseCoopers, whose team is led by the quartet of Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis. A mammoth taskforce of 250 PwC staff work under the four lead administrators, alongside a further 500 Lehman staff, who are assisting with the process. The PwC [...]
TRAINS SERVICES STAY ON TRACK May 26, 2009 MORE trains arrived on time last year than in any period since records began almost 20 years ago, according to figures from Network Rail. The network operator said 90.6 per cent of services arrived on time between April 2008 and March 2009, the best performance since 1992.
Pace of slump starts to ease May 26, 2009 THE pace of the decline in the service sector, the powerhouse behind three quarters of the UK economy, has begun to slow, according to the CBI. In the consumer services sector, such as hotels, the volume of business fell at its fastest rate since November 2001 over the past quarter, but this was offset by [...]
Fund managers boost share holdings on bullish FTSE view May 26, 2009 UK FUND managers are piling their personal cash into FTSE 100 companies to benefit from an expected upturn in the markets, according to a study by Lloyds TSB UK Private Banking. Almost half (48 per cent) of the managers have increased their stock market investments to reflect their positive outlook. In the report, 135 of [...]
Holidaybreak losses widen as the weak pound takes its toll May 26, 2009 TRAVEL firm Holidaybreak yesterday reported half year losses had doubled at the group, but said current trading remains within expectations. The pre-tax loss for the six months ended 31 March 2009 jumped to £36.6m from £18.2m a year ago on revenue down to £153.2m from £156m. The group said demand for trips at its adventure [...]
MILES HAS THE MPC FACTOR May 26, 2009 MORGAN Stanley’s chief UK economist David Miles beat 71 other applicants when he clinched a £128,600 role on the Bank of England’s nine-member Monetary Policy Committee. Miles will replace David Blanchflower, the policy maker widely credited with predicting the scale of the recession. Blanchflower leaves this week, and Miles is expected to stay for a [...]
Shell’s Linda Cook to stand down in June May 26, 2009 OIL giant Royal Dutch Shell said yesterday that Linda Cook, an executive who lost out on the battle for the top job at the company, was standing down from her role as head of its gas and power division. Cook’s resignation comes ahead of current chief executive Jeroen van der Veer standing down on 1 [...]
US consumer confidence rises but house prices continue to fall May 26, 2009 FURTHER evidence of green shoots in the US emerged yesterday as stronger than expected consumer confidence data for May boosted optimism the recession could be nearly over. The Conference Board’s sentiment index jumped from a revised 40.8 in April to 54.9 in May, well above forecasts for 42, and suggesting underlying improvement in the economy. [...]
Luxury car sales fall after millionaires hit by crunch May 26, 2009 SALES of luxury cars have plummeted after the number of UK millionaires fell sharply on the back of the credit crunch. Sales of Bentleys are down 66 per cent so far this year, while sales of BMWs are down by 35 per cent, against a 29 per cent fall for the entire car market. In [...]
South African economy hit by recession May 26, 2009 SOUTH Africa’s economy suffered its sharpest contraction in a quarter of a century, declining by an annualised 6.4 per cent in the first three months of 2009 and confirming its first recession in 17 years. Africa’s biggest economy has been hard hit by global woes, with recession in developed countries slashing demand for its minerals [...]
