Swiss too slow to act: report May 31, 2010 The Swiss government failed to act swiftly to prevent a credit and tax crisis that had endangered banking giant UBS in 2008-2009 and could have sunk the Swiss economy, a parliamentary report said yesterday. The report, the result of a 15-month inquiry by two parliamentary committees and 59 closed-door hearings with senior Swiss officials, showed [...]
Eurotunnel buys GB Railfreight May 31, 2010 Groupe Eurotunnel is on the brink of snapping up the UK’s largest rail-freight operator for £30m. The French group is desperate to expand its cross-Channel operations and has had FirstGroup’s GB Railfreight business in its sights for some time. It will link the firm with the Veolia Cargo business it acquired last year to ramp [...]
Pru fighting for $5bn price cut to seal takeover of AIA May 31, 2010 PRUDENTIAL investors are eagerly awaiting details of a rescue plan for the insurer’s $35.5bn (£24.5bn) takeover of AIA after their protests threatened to derail the deal. Prudential boss Tidjane Thiam and Robert Benmosche, head of AIA’s US parent company AIG, spent the bank holiday weekend battling to save the tie-up by persuading AIG’s government owners [...]
Campaign on capital gains wins support May 31, 2010 A FLOOD of support poured in from readers over the weekend after the launch of City A.M.’s campaign against the coalition government’s plans to hike capital gains tax (CGT). Keith Harris, the boss of stockbroker Seymour Pierce, added his name to the list of supporters, which also includes Tullett Prebon chief Terry Smith, entrepreneur Luke [...]
Over 170 civil servants earn more than £150,000 May 31, 2010 CIVIL servants’ pay has been revealed for the first time under a new government transparency drive. The Cabinet Office revealed more than 170 civil servants are paid more than £150,000 a year. David Nicholson, chief executive of the NHS, is paid £255,000, including £45,000 in kind for a rented flat. Sir Jock Stirrup, chief of [...]
Treasury says deficit is still main priority May 31, 2010 THE Treasury yesterday insisted it would not be distracted from reducing the deficit, despite the shock resignation of its second most-important minister just seventeen days after his appointment. Liberal Democrat David Laws resigned on Saturday night after it was revealed he had claimed £40,000 in parliamentary expenses to rent a room from his partner. Commons [...]
What do you think about a hike in CGT? May 31, 2010 Let us know what you think about the trouble at the?Treasury by joining our unique panel at www.cityam.com/panel before 12pm and answering these questions: 1) The government is planning an increase in capital gains tax, bringing in rates similar or near to income tax. How far do you agree or disagree with this policy? 2) [...]
Unite warns BA of strikes over summer May 31, 2010 UNITE, the union representing British Airways (BA) cabin crew, is preparing a new strike ballot that could see the airline’s operations disrupted during the all-important summer holiday period. Speaking yesterday at the union’s conference in Manchester, joint general secretary Tony Woodley warned that BA chief executive Willie Walsh’s “hard-man stance” on refusing to reinstate cabin [...]
EasyJet to launch volcano claims suit May 31, 2010 BUDGET airline easyJet is planning to launch a class action lawsuit to claim compensation for lost revenue during the Europe-wide flight ban. EasyJet, which lost up to £75m during last month’s closure of European airspace is hoping to group together with a number of airlines to make a legal claim. Chief executive Andy Harrison said [...]
Ryanair set to post better profits but ash cloud drags May 31, 2010 BUDGET airline Ryanair is expected to report net profits of up to €315m (£266.2m) today when it delivers its full year results. Analysts are forecasting that the Irish-based carrier will deliver profits of more than €310m for the year ending 31 March, which will be roughly in line with the company’s expectations. Ryanair upped its [...]
