Military giants eye £29bn merger deal September 12, 2012 BRITISH defence giant BAE Systems yesterday confirmed that it is in merger talks with Airbus’ parent company EADS to create the world’s biggest aerospace company. The deal would create a European manufacturing giant worth £29bn that could revolutionise the commercial airliner business and compete with Boeing and Lockheed Martin for government defence contracts across the [...]
BAE must show that tie-up won’t damage national security September 12, 2012 GOVERNMENTS and defence companies are inextricably linked. There is no free market in military equipment, of course, as governments are the buyers; there is less – but still lots of – political intervention in civil aviation, where governments often lobby on behalf of planes produced by companies or factories located in their country. So the [...]
Labour market manages to defy economic slump September 12, 2012 THE LABOUR market continued to recover strongly in the three months to July, despite the double dip recession, the Office for National Statistics revealed yesterday. Employment rose 236,000 in May to July, compared to the February to April period, putting the total at 29.56m, just 11,000 below its all-time peak in early 2008. The unemployment [...]
What the other papers say this morning September 12, 2012 FINANCIAL TIMES UBS looks to cap banker bonuses UBS is looking at capping bankers’ bonuses following regulatory and investor pressure. Switzerland’s largest bank by assets is considering a range of options including putting a lid on executives’ bonuses, increasing the time for deferred pay to five years and aligning its absolute remuneration level with the [...]
Think-tank says red tape behind housing deficit September 12, 2012 LEADING house builders are exploiting the planning system to boost their profits, according to a paper released today by the think-tank Policy Exchange. It claims that residential development is delayed by an outdated planning system, rather than an inability to access credit. The organisation says that 2012 is on course to be the year with [...]
Pensions Bill to cut £65bn costs September 12, 2012 THE GOVERNMENT will today publish legislation that aims to reduce the public sector pension bill by £65bn over the next 50 years. The Public Service Pensions Bill aims to cut the cost of such retirement funds by half. Measures include moving workers from final salary schemes to career average pensions and forcing public sector employees [...]
Talanx pulls plug on IPO September 12, 2012 TALANX, Germany’s third-largest insurer, has called off plans for its €750m (£600m) IPO in Frankfurt after investors were not willing to pay the price the company had expected to achieve in the offering. Rothschild was advising Talanx on the deal, with Deutsche, Citi and JP Morgan bookrunners. The sudden decision to cancel the share issue might [...]
Apple hits back at competition with iPhone 5 September 12, 2012 APPLE last night revealed a thinner and more powerful version of the iPhone, as the world’s biggest company sought to wrestle back the initiative from rival smartphone makers. Chief executive Tim Cook took the stage at the first launch of Apple’s most profitable product since Steve Jobs’ death to say Apple was “stronger than ever”, [...]
FSA slaps ex-HBOS banker with £500,000 fine and lifetime ban September 12, 2012 A FORMER senior HBOS banker has been hit with a record fine from the Financial Services Authority (FSA), the regulator revealed yesterday. It also banned him from the industry for life. Peter Cummings, former head of corporate lending at HBOS, will pay £500,000 for failure to exercise due diligence and reasonable care. “Despite being aware [...]
Credit Suisse faces £23bn of withdrawals September 12, 2012 CREDIT Suisse could see clients in western Europe withdraw up to a net $37bn (£23bn) in the next few years as Switzerland bows to pressure to stop foreigners using secret offshore accounts to evade taxes. Swiss bank secrecy has come under heavy pressure in recent years as cash-strapped governments have sought to fight tax evasion. [...]
