Eurostar buys new fleet in £700m deal October 7, 2010 EUROSTAR will buy 10 new trains for £700m to add to its existing fleet as it extends services to Amsterdam and Geneva. The upgrade will be funded by Eurostar through cash and bank loans. The move will significantly improve Eurostar’s fleet with faster trains, capable of travelling up to 320kph. The new trains, to be [...]
French anger as Siemens wins new trains deal October 7, 2010 A ROW erupted over the choice of trains for the Channel Tunnel as France hit out a decision by Eurostar to switch to a German manufacturer for its next generation of high-speed trains. Eurostar said Siemens will supply 10 trains for its fleet. Until now French rival Alstom, manufacturer for France’s high-speed TGV network, has [...]
Axa rejigs UK insurance as its chief exits October 7, 2010 AXA UK Insurance chief executive, Philippe Maso, has stepped down from his role after two years following a strategic review that will see the company reorganise into two distinct business units. Axa said one unit will focus on commercial business with the other focusing on consumer business. It said the change would give it a [...]
Apcims CEO David Bennett quits role October 7, 2010 THE Association of Private Client Investment Managers and Stockbrokers (Apcims) chief executive David Bennett stepped down at the organisation’s annual Brussels conference yesterday. Bennett’s departure follows that of the body’s head of regulation Ian Cornwall. It is understood Bennett will now focus on his role as deputy chairman of Europe Analytica, the public affairs company [...]
IMF chief warns against currency manipulation October 7, 2010 THE spirit of global economic cooperation, first forged in 2008 during the darkest days of the financial crisis, was weakening as the recession gives way to an uneven and shaky recovery, the head of the International Monetary Fund (IMF) said yesterday. “Many do consider their currency a weapon. That is not good for the global [...]
Michael Page grows on US and Asia fees October 7, 2010 MICHAEL PAGE said that its profits improved by more than a third yesterday, mainly bolstered by stronger job markets in Asia and the Americas. The white-collar recruitment giant saw third quarter gross profits – also known as fee income – climb by 37 per cent to £112.7m compared with the same period in 2009. This [...]
Cairn shareholders approve purchase of Vedanta stake October 7, 2010 Vedanta Resources cleared some hurdles to its $10bn (£6.3bn) plan to take a sizeable stake in Cairn India yesterday but concerns of potential delays to the deal weighed on Cairn Energy shares. Cairn Energy agreed in August to sell London-listed miner Vedanta Resources a stake of between 40 and 51 per cent of Cairn India, [...]
Australia pushes Hays’ fees up as the UK continues to struggle October 7, 2010 HAYS said buoyant economies in Australia and Asia boosted first quarter results, offsetting a limp UK market which was dragged down by public sector job cuts. The UK-based recruitment business said in a first quarter trading update yesterday that overall fee income during the period rose reported a 21 per cent, and 18 per cent [...]
West LB’s bad bank records €1bn in losses October 7, 2010 GERMANY’S first bad bank, WestLB’s EAA, posted risk provisions of €1.44bn (£1.2bn) for its 2010 fiscal year and expects more to come as its markets show little signs of recovery. EAA (Erste Abwicklungsanstalt) posted a net loss of €1.05bn in its shortened fiscal year from December 2009 to June 2010, co-head Matthias Wargers said yesterday. [...]
Vatican Bank turns to courts to have €23m in assets freed October 7, 2010 THE Vatican Bank has asked an Italian court to free €23m (£20.1m) of funds frozen in Italian banks when magistrates opened an investigation into suspicion of money laundering. Vincenzo Scordamaglia, the lawyer representing the Vatican Bank, said a panel of three judges will hold a hearing within two weeks to decide on the request. Scordamaglia [...]
