Fizzy drinks ousted by mineral water in ONS inflation gauge March 15, 2010 Canned fizzy drinks are out and small bottles of mineral water are in, according to the Office for National Statistics (ONS) in its latest annual rejig of the “shopping basket” of goods it uses to calculate inflation. The ONS has also ditched pitta bread in favour of garlic bread and included cereal bars in the [...]
Airlines hit by record slump in passengers March 15, 2010 AIRLINES saw the biggest drop in passenger numbers since World War Two last year, as the global recession wreaked havoc on the fortunes of the industry. According to figures published by the Civil Aviation Authority (CAA), 218m passengers passed through UK airports in 2009 – plunging 7.3 per cent on volumes recorded in 2008. The [...]
ANALYST VIEWS: WHAT DO YOU THINK THE FUTURE HAS IN STORE FOR THE AIRLINE INDUSTRY? March 15, 2010 HOWARD WHEELDON | BGC PARTNERS In the short term, I expect small yet hugely important signs of recovery. We should be under no illusions that the industry will return to its former strength in the next few years; that said, it would be foolish to assume it is an industry in terminal decline. It will [...]
Continental to scrap free in-flight meals March 15, 2010 CONTINENTAL Airlines yesterday unveiled plans to save around $35m (£23.3m) a year by axing its free in-flight meal service on shorter economy flights in the US. Continental was the last among its major competitors to hang on to the free meal concept in economy class, after the pressures of the economic downturn forced many to [...]
Gatwick staff facing redundancy March 15, 2010 GATWICK Airport is underway with a workforce restructuring programme under new private equity owner Global Infrastructure Partners (GIP), which could lead to as many as 120 staff losing their jobs. Gatwick is understood to have demanded that the members of its commercial and development divisions reapply for their jobs, though new chief executive Stewart Wingate [...]
FCUK to sell Nicole Farhi March 15, 2010 FRENCH Connection is selling its loss-making Nicole Farhi brand and closing most of its US stores, completing a restructuring aimed at returning it to profitability. It said was selling Nicole Farhi to US private equity firm OpenGate Capital for up to £5m in order to make it leaner and more profitable. And it will close [...]
CITY VIEWS: ARE YOU STILL DRINKING CHAMPAGNE? March 15, 2010 BRUCE MCDONAGH | CORVIL LATENCY “Now you mention it no, I’ve stopped. On the one hand, I’m watching the pennies, but also I don’t think anyone wants to be the flash guy at the bar buying champagne when both the economic and job markets are still so uncertain.” KEVIN MURPHY | BREWIN DOLPHIN “I don’t [...]
Champagne sales down but Brits still hit bottle March 15, 2010 IMPORTS of champagne plunged by 5m bottles last year as Britons turned to alternatives such as cava and prosecco. The 15 per cent slump from 35.98 to 30.52m bottles was the lowest since 2002. With the fall in sterling, importers were hit and the recession also took its toll on customers. At the same time, [...]
CK owner buys Tommy Hilfiger March 15, 2010 PHILLIPS-VAN-HEUSEN will buy fashion brand Tommy Hilfiger in a cash and stock deal for about $3bn (£2bn) in a bid to boost its presence in markets like Europe and Asia, it said yesterday. Tommy Hilfiger is currently owned by private equity firm Apax Partners. Phillips-Van Heusen – which also owns the Calvin Klein designer brand [...]
Punch Taverns directors reveal retirement plans March 15, 2010 PUNCH Taverns directors Fritz Ternofsky and Mike Foster will retire from the board at the end of March, the company announced yesterday. The company said there were no plans to directly replace him but that non-executive directors Tony Rice and Ian Wilson would pick up some of his duties. Rice will replace Ternofsky as senior [...]
