Merging airlines seek trial date August 22, 2013 Two major US aviation companies, American Airlines and US Airways, are asking to hear the US justice department’s opposition to their proposed merger in court on 12 November. US Airways chief executive Doug Parker, who would become the merged firm’s head, commented: “Action would deny millions of customers access to a more competitive airline that [...]
Saxo profits from trading volumes August 22, 2013 Danish lender Saxo Bank saw pre-tax profits rise to 407m Danish krone (£46.8m) in the first half of the year, up 436 per cent from 76m krone in the same period of 2012. Return on total equity increased from 2.3 per cent to 11.6 per cent, while headcount fell from 1,527 to 1,354. The bank [...]
John Lewis pays £40m to staff after pay error August 22, 2013 AROUND 69,000 John Lewis staff will share a £40m windfall this month after the retailer discovered an error in the way it calculated pay for Sundays and bank holidays. The firm said yesterday it had discovered that employees who were entitled to premiums for working on Sunday or bank holidays “had not been paid correctly [...]
Gold fund provider strikes deal with Royal Mint for bullion coins August 22, 2013 ONE OF the world’s top gold exchange traded fund providers yesterday struck a deal with the Royal Mint to help punters exchange their investment for physical gold bullion. ETF Securities, which looks after $12.2bn of gold-backed exchange traded products (ETP), has joined forces with the 1,000 year-old British institution to allow its Gold Bullion Securities [...]
Moody’s eyes downgrade for major US banks August 22, 2013 CREDIT ratings agency Moody’s warned last night that it may cut the debt ratings of four of the biggest US banks, citing expectations of reduced government assistance in the case of a fresh financial crisis. Moody’s placed Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo on review, and is considering whether to downgrade [...]
Former Egyptian President Mubarak freed August 22, 2013 FORMER Egyptian President Hosni Mubarak was yesterday released from prison in a move likely to fuel political tensions in Egypt. Mubarak still faces charges of corruption and complicity in the killing of demonstrators during the protests that toppled him in 2011. His release is being seen as a sign that the army is once again [...]
Card firms on hook for £1.3bn mis-selling bill August 22, 2013 THIRTEEN of Britain’s biggest lenders yesterday unveiled plans to repay consumers £1.3bn for mis-selling credit card protection products. Seven million customers bought the products which came from CCP and were sold through high street lenders and retailers. They either provided loss protection already covered by the bank, or were misleadingly advertised. If customers bought card [...]
Just 53 London Overground staff voted for this weekend’s strike August 22, 2013 LONDON Overground users are facing a bank holiday weekend of travel chaos due to strike action – despite just 53 staff voting for the walkout. Transport for London has unveiled plans to sack 130 guards on the network as part of a cost cutting measure, prompting Bob Crow’s RMT union to ballot for strike action against compulsory [...]
Consumer confidence rises as house market upswing unfolds August 22, 2013 CONSUMER spending power hit a fresh high in July, after steady gains through the year so far, according to a survey by Lloyds TSB. Optimism about the housing market drove the improvement, with sentiment ramping up around the UK, despite remaining concerns about financial pressure. Last month, 34 per cent of people had positive opinions [...]
Eli Lilly dragged into Chinese bribery scandal August 22, 2013 AMERICAN pharma giant Eli Lilly yesterday became the latest firm to be dragged into the scandal over alleged bribes in China. Illegal payments are claimed to have been widespread at Eli Lilly according to a report in a Chinese newspaper – the 21st Century Business Herald – that cites an anonymous former senior manager at [...]
