LCH.Clearnet buys back shares September 29, 2009 LCH.Clearnet, Europe’s biggest independent clearing house, moved to shrink its shareholder base with an offer to buy out settlement house Euroclear’s stake as part of a €444m (£405.4m) payout. LCH, which has been under pressure to revamp its investor structure, said yesterday it would buy back up to 45 per cent of its shares and [...]
CITY MOVES WHO’S SWITCHING JOBS September 29, 2009 AvivaThe insurer has appointed Andrea Moneta, chief executive of its European business, to its PLC board with immediate effect. Moneta joined the firm in July 2008 to lead its European operations outside the UK. Prior to that, he was managing director of Dubai Financial Group and has also held senior executive positions with the European [...]
US consumer woes offset housing cheer September 29, 2009 HOUSE prices in America rose for a third month in July, but consumer confidence fell unexpectedly in September as the worst job market in 26 years fuelled worries about personal finances on the other side of the Atlantic, data showed yesterday. The data indicates the economic rebound is still in its early days following the [...]
Moss Bros reports wider loss September 29, 2009 MENSWEAR retailer Moss Bros yesterday posted widening losses but said it was confident that it would return to profit “sooner rather than later”. Moss Bros reported a pre-tax loss of £3m for the six months to 1 August, compared to £2m for the same period the year before. The group, which also runs the Savoy [...]
Independent News & Media agrees a 332m debt reduction rescue strategy September 29, 2009 INDEPENDENT News & Media, the highly-indebted media group, yesterday announced that it had agreed with its bond-holders and banks a restructuring plan that will reduce its debts by £332m. The plan, which still faces several hurdles before it can be implemented, involves the stakes held by Sir Anthony O’Reilly and rival Denis O’Brien being almost [...]
BA’s business-only flights launched at City Airport September 29, 2009 BRITISH AIRWAYS (BA) yesterday launched its premium-class only flights from London to New York, as its chief executive said the route would be profitable within a year. The flight, which comes as passengers shun upper-class flying in a bid to save cash, goes from London City airport, and stops in Ireland. The flag-carrier has traditionally [...]
Mercedes Vito to drive black cab out of London September 29, 2009 IT could soon be lights out for London’s black cab, as the newly licensed Mercedes Vito, which is greener, and fits six passengers rather than the normal five, attempts to take 25 per cent of the new London taxi market. The Mercedes, which costs £35,000, could outsell the traditional Manganese Bronze TX4 in a year, [...]
Investor confidence drops down September 29, 2009 Global Investor Confidence fell by 4.7 points to 118.1 from a revised August level of 122.8, this month’s State Street Investor Confidence Index has shown. Regionally, there was some divergence in risk appetite. The confidence of North American institutional investors declined slightly by 4.6 points from 118.3 to 113.7. Elsewhere, however, the tone was more [...]
Enterprise says less pubs closing September 29, 2009 Enterprise Inns, the UK’s second-biggest pubs firm, said the rate of closures across its properties had slowed and fewer tenants needed financial support as conditions improved. Enterprise, which has around 7,500 leased and tenanted pubs, said yesterday it had benefited from selling underperforming pubs and had seen a stabilisation in beer sales, improved food sales [...]
GM’s eBay venture set to end September 29, 2009 Car giant General Motors’ short-lived effort to sell cars online through eBay is set to end this week. The scheme, which was kicked off in August, hasn’t driven sales as much as had been hoped, dealers and sales figures show. The online venture was one of GM's first acts after it emerged from bankruptcy in [...]
