London to get 600 Routemasters September 20, 2012 ■ Transport for London yesterday agreed to roll out 600 new Routemaster buses over the next four years, but fare-payers will bear the cost. TfL will buy the buses directly from the manufacturer, after bus operators were reluctant to splash out on the vehicles individually. Around 93 buses will appear by the end of 2013, [...]
There must be an alternative to a Direct Line flotation September 20, 2012 Despite rumblings from analysts that Direct Line might jettison an IPO in favour of a sale to a private equity bidder, RBS has in recent weeks firmly batted away indications of interest from would-be buyers. Instead it has been making it abundantly clear to a number of frustrated investment bankers that it wishes to persevere [...]
UBS risk culture under scrutiny in Adoboli trial September 20, 2012 A CULTURE existed at UBS where traders felt they could ignore risk limits as long as they were making money for the Swiss bank, the lawyer for accused “rogue trader” Kweku Adoboli told Southwark Crown Court yesterday. Adoboli, 32, was arrested on 15 September 2011, and is now on trial accused of fraud and false [...]
US lawmakers review high frequency trading networks September 20, 2012 US SENATORS launched a probe into high frequency trading laws yesterday following the botched Facebook offering in May and the near collapse of US broker Knight Capital last month. Influential lawmaker senator Jack Reed, who leads the Senate Banking subcommittee on securities, said market problems related to HFT programmes needed to be reviewed. “These failures [...]
M&A in Europe crashes to hit a ten-year low September 20, 2012 EUROPEAN merger and acquisition activity crashed to a 10-year low in the third quarter of the year, as dealmaking across the world fell to its slowest level since the depths of the financial crisis, figures out today show. M&A in Europe has totalled $84.2bn (£52bn) so far in the three months to the end of [...]
New trains help to take private spending on railways to £503m September 20, 2012 SPENDING on new trains has pushed private investment in the UK rail system up 35 per cent in the last financial year, figures from the Office of Rail Regulation showed yesterday. This helped to take total spending to £503m, the highest level of investment since 2006/7. Private firms spent £369m on rolling stock during the [...]
Fashion’s finest welcome new September 20, 2012 THERE’S nothing like a magazine launch for an excuse for a party. And we made sure that the celebrations to mark our new luxury lifestyle magazine City A.M. Bespoke were suitably lavish. The champagne was in full flow as guests partied in the relaxed grandeur of the Georgian townhouse of private members club Home House [...]
Ocado blames slowdown on Olympic effect September 20, 2012 OCADO yesterday blamed a slowdown in sales on the disruption caused by the Jubilee and this summer’s sporting events, but said it expects sales to pick up in the last quarter of the year. The online supermarket said sales rose 9.9 per cent to £163m in the 12 weeks to 5 August, down from first-half [...]
Moss Bros suffers flat first half after couples delay weddings September 20, 2012 MOSS BROS said yesterday it missed out on reporting £2m in suit hire bookings in the first half of the year after the Olympics and other sporting events prompted couples to postpone their weddings to later on in the year. The suit hire specialist said pre-tax profits remained unchanged at £2.2m compared with a year [...]
British Land to keep its stake in Meadowhall September 20, 2012 BRITISH Land has shelved plans to sell part of its stake in the Meadowhall shopping mall in Sheffield, opting instead to retain its full 50 per cent because of the centre’s strong performance over the past year. British Land had put the holding up for sale to capitalise on strong demand for shopping mall assets, [...]
