UBS shake-up may take three years September 25, 2011 THE SHAKE-UP of the investment bank at UBS will take two to three years to complete, its chairman said yesterday after the resignation of Oswald Gruebel. Kaspar Villiger has asked interim chief executive Sergio Ermotti to quicken a scaling back of the investment bank so details can be revealed at the bank’s investor day on [...]
End of the journey for fast car fanatic September 25, 2011 IN EARLY 2009 Oswald Gruebel was retired and basking in the glow of leading Credit Suisse’s drive to shed its image as an accident-prone and under-achieving bank. Fast forward two-and-a-half years and his name has lost its lustre, to be forever associated with that of Kweku Adoboli, whose alleged fraud cost UBS $2.3bn (£1.5bn). It [...]
BAE poised to cut 3,000 jobs across Britain September 25, 2011 AEROSPACE giant BAE Systems is this week set to announce plans to cut up to 3,000 jobs as the cuts to government defence budgets take their toll. Britain’s biggest manufacturer said it had informed staff that it is reviewing operations “across various businesses” to make sure the company is performing “as effectively and efficiently as [...]
Gatwick owner prepares bid for Spain’s airports September 25, 2011 THE OWNER of Gatwick and London City Airports has joined forces with the operator of Paris’ Charles de Gaulle airport and German insurer Allianz SE to bid for Madrid and Barcelona airports. Global Infrastructure Partners, the $5.6bn (£3.6bn) investment fund backed by Credit Suisse and General Electric, is understood to be putting together a bid [...]
BOEING DELIVERS FIRST DREAMLINER 787 September 25, 2011 Boeing will deliver its first 787 Dreamliner jet to Japan’s All Nippon Airways today, following three years of delays in the ambitious project to build the new lightweight passenger plane. The Dreamliner is made using more carbon fibre instead of the traditional aluminium, allowing it to be more fuel efficient than rival air carriers. Boeing, [...]
Number two set to replace Spirit’s Dyson September 25, 2011 THE SECOND in command at pubs company Spirit looks set to step up to the top job when Ian Dyson (pictured) quits as chief executive. Mike Tye, currently deputy chief executive, is tipped to take over when Dyson – who has been at the firm for just one year – departs. It is understood that [...]
Asda’s bid for Iceland warms up with Barcap September 25, 2011 ASDA appears to have moved closer to a bid for frozen food chain Iceland by lining up backing from Barclays Capital. It comes after Asda, Britain’s second-largest supermarket, brought on board advisers from Lazard in June to help it put together an offer. Iceland’s current owner, the resolution committee of collapsed bank Landsbanki, needs to [...]
High Street boosts discounts September 25, 2011 HIGH street retailers stepped up the battle to win over cash-strapped shoppers this weekend by slashing prices and launching promotions, days after Britain’s supermarkets announced fresh price cutting campaigns. Top fashion retailers including Next and Gap launched a two day “flash sale” over the weekend, with items discounted at 50 and 30 per cent respectively [...]
Novartis ready to shed jobs to keep costs low September 25, 2011 SWISS drugmaker Novartis will make sweeping job cuts at sites across the world in a bid to keep a cap on costs, according to sources in its home country. Like many pharmaceutical companies, Novartis is starting to face generic competition, with its breast cancer drug Femara and its blood pressure medicine Diovan losing patent protection. [...]
GERALD RONSON’S COLOURFUL NEW TENANTS ARRIVE AT HERON TOWER September 25, 2011 NOT content with winning City A.M.’s award for Personality of the Year, real estate tycoon Gerald Ronson has gained another title – owner of Britain’s largest privately held aquarium. The larger-than-life character has been putting the finishing touches to the colourful marine addition at Bishopgate’s 230m high Heron Tower. Ronson is of course not one [...]
