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 [...]
Threadneedle loses two top fund bosses March 15, 2010 THREADNEEDLE has seen two top fund managers exit in recent weeks as the British firm rejigs its investment teams in the aftermath of the financial crisis. William Frewen, head of fixed income, left Threadneedle last month and Chris White, senior fund manager in the equities team, has also quit. The fund firm — which managed [...]
UK urged to stand firm against AIFM March 15, 2010 THE government has been urged to take a stand against proposed rules from Brussels on hedge funds and private equity amid warnings the measures could cost the City £4.7bn. As European Union finance ministers attempt to reach agreement on the controversial Alternative Investment Fund Managers (AIFM) directive today, industry figures made a last-ditch call on [...]
