The Economist helped by cuts June 22, 2009 The Economist Group said yesterday that a cost-cutting programme had helped it realise full year pre-tax profit growth of 19 per cent to £56m, but forecast a challenging year ahead as lower advertising and sponsorship revenues continue to decline. The publisher of The Economist said in its annual report that it reduced its headcount by [...]
Boston Globe close to a deal June 22, 2009 The Boston Globe was last night close to agreement from its unions on a proposal that would cut over $10m (£6.1m) from staff packages to help save the troubled US newspaper.
Fewer Brits to lose home this year June 22, 2009 FEWER homeowners will face having their houses repossessed in 2009 than previously thought because of low interest rates and government intervention, the Council of Mortgage Lenders (CML) said yesterday. The CML said it has cut its prediction for the number facing repossession this year to 65,000 from 75,000, but this is still much higher than [...]
ESPN scores rights for the Premiership June 22, 2009 DISNEY-owned ESPN yesterday scooped up the rights to show 46 games in next season’s Premier League, which were due to have been shown by ailing broadcaster Setanta. The deal marks the first time a broadcaster based outside of the British Isles has won the rights to air the English Premier League in the UK. Sources [...]
Japan Airlines to get state aid June 22, 2009 Japanese finance minister Kaoru Yosano said yesterday the government was preparing a loan for loss-making Japan Airlines (JAL), which has been caught up in the global economic crisis. A Development Bank of Japan official said it would likely provide around 100bn yen (£635m) in emergency financing to JAL. Government support for JAL will encourage commercial [...]
RBS sets up equity capital team June 22, 2009 Royal Bank of Scotland (RBS) has set up a financial institutions-focused equity capital markets team, to take advantage of the need for banks to increase capital.Charles Lucas, who previously ran RBS’s equity capital markets (ECM) business in central and eastern Europe, will head the team.
Third Boris deputy stands down June 22, 2009 London Mayor Boris Johnson has lost his third deputy since he was elected last year, after Ian Clement was been forced to resign over misuse of his corporate credit card. Clement, who was deputy mayor for government and external relations, was reprimanded earlier this month for using the card for personal spending. He was cleared [...]
Super-IPO set for Hong Kong June 22, 2009 China Metallurgical is understood to be preparing double stock market listing in Hong Kong and Shanghai which could see it become the biggest initial public offering of the year so far. The company has already applied to Hong Kong exchange authorities regarding a listing which could raise up to $2.7bn (£1.7bn).
ABI: EU plans could see UK pensions cut June 22, 2009 UK WORKERS could see their pensions cut by 20 per cent under new European Union (EU) plans to tighten pension and investment rules, the Association of British Insurers (ABI) warned yesterday. Peter Vipond, director of financial regulation at the Association of British Insurers (ABI), said he has been in talks with EU regulators over the [...]
HOW WILL SOLVENCY II LEGISLATION THREATEN UK PENSIONS? June 22, 2009 NIGEL CALLAGHAN HARGREAVES LANSDOWNThis is currently draft legislation and insurers, via the ABI, are pretty strongly lobbying the EU that these rules are way over the top. The current UK rules are pretty well developed. The UK is a far more mature market than some of the European countries. The 20 per cent – that [...]
