Anglo Irish Bank bailout price tag £29bn September 30, 2010 Ireland’s central bank has put a 34 billion euro (£29bn) price on bailing out stricken Anglo Irish Bank under a worst case scenario and said Allied Irish Banks needs to raise an additional three billion euros by the end of the year. The government will announce plans to recapitalise Allied Irish Banks, the central bank [...]
BP announces company shake-up September 29, 2010 BP has announced a company shake-up in the wake of the Gulf of Mexico spill, creating a new safety unit and reviewing incentives it offers managers. The company said that the head of its upstream Exploration and Production unit, Andy Inglis, will leave the firm. The drilling of the blown out Macondo well, which caused [...]
Mortgage approvals drop September 29, 2010 Mortgage approvals for house purchase fell to a seven-month low in August and net consumer credit unexpectedly contracted, official data showed. The Bank of England said mortgage approvals numbered 47,372 in August, down from 48,346 in July and broadly in line with analysts’ forecasts and a weaker industry survey last week. Consumers unexpectedly made a [...]
LSE sees equities traded surge by 12 per cent September 29, 2010 London Stock Exchange said the value of equities traded was up 12 per cent on the year, maintaining market share in its key business, but volumes declined in the second quarter. The LSE was boosted by its Italian subsidiary Borsa Italiana, which saw traded equities rise by 20 per cent. Average daily value traded for [...]
Moss Bros plots return to profit September 29, 2010 Menswear retailer Moss Bros posted a wider first-half loss but said trading was improving under a new management team. The group, which also runs the Cecil Gee and Savoy Taylors Guild chains and the British franchise of Hugo Boss, said it made a pre-tax loss of £3.3m for the six months to 31 July. That [...]
Smiths Group warns over government defence cuts September 29, 2010 British technology company Smiths Group said tighter government spending would affect its sales growth and it would therefore focus on squeezing more costs out of the business to improve margins. Smiths’ customers include the US Department of Defense, the UK Ministry of Defence and airports operator BAA. “The economic environment remains uncertain and delivering sales [...]
BA seals alliance with American Airlines and Iberia September 29, 2010 British Airways, American Airlines and Spanish carrier Iberia have signed off on a long-awaited strategic alliance that will see them cooperate on flights between Europe and North America. “The joint business will launch this October,” British Airways said in a statement. “It will … enable the airlines’ alliance Oneworld to compete on an equal footing [...]
HSBC pledges to stay in London September 29, 2010 Top executives at HSBC Holdings Plc said there are no plans to move the bank’s headquarters from London, as they gathered for their regular board meeting amid a surprise shake-up in the corporate suite of Europe’s largest bank. “We haven’t reached a decision on whether to move the headquarters or not. If we ever come [...]
Miliband warns City of shake-up September 28, 2010 Ed Miliband warned that every chief executive in the UK should brace themselves as his party seeks a “fairer deal” for workers. The new Labour leader said that the UK was too dependent on the financial services industry and that the economy needed to be overhauled. “We were too exposed to financial services as an [...]
Morgan Stanley in recruitment freeze September 28, 2010 Morgan Stanley, which employs more than 5,000 people in London, has put a freeze on hiring staff for the rest of the year. The US investment bank said although it was not hiring it had no plans for large-scale lay-offs this year. THE Royal Bank of Scotland earlier announced the axing up to 500 back-office [...]
