Axa Healthcare reduces its own medical cover for staff July 27, 2009 AXA PPP, the UK health insurer, has decided to reduce the amount of private healthcare provision it gives its own employees. As part of a consultation process with its workforce, the group is introducing restrictions to its cover to make it less costly. It has told employees the new cover will incorporate a so-called six [...]
Hapag-Lloyd taps shareholders July 27, 2009 Hapag-Lloyd, Germany’s largest container-shipping company, was yesterday locked in talks with its shareholders about a short term financial lifeline of €300m (£259m). Hapag, which reported a €222m operating loss in the first quarter, is hoping to gain a significant injection from its two largest shareholders – Tui, the tourism group, and Hamburg’s state government – [...]
China on alert for asset bubbles July 27, 2009 Chinese regulators yesterday warned banks to ensure unprecedented volumes of new loans are channelled into the real economy amid concerns that banks ignored basic lending standards in the first half of the year. Over 7,370bn yuan was issued in new loans during the first six months of 2009, more than twice the amount lent in [...]
NATIONAL EXPRESS SET TO REBUFF BIDS July 26, 2009 EMBATTLED bus and rail group National Express is planning to shoot down takeover approaches at its half-year results meeting on Thursday, City sources said last night. The expected rejection comes in the face of last week’s informal approach from National Express’s biggest shareholder, the Spanish Cosmen family, and private equity group CVC, as well as [...]
Cameron warns of tax hikes July 26, 2009 THE MIDDLE classes and motorists will be the first hit by a slew of tax hikes and spending cuts outlined yesterday by the Conservative party. Tory leader David Cameron warned that if his party comes to power next year the better off will need to dig deep to help repair the UK’s finances. With total [...]
Darling urges banks to lend July 26, 2009 CHANCELLOR Alistair Darling will today put bank bosses in the dock over concerns that they are not lending enough. In a meeting at the Treasury, Darling will urge lenders to reward taxpayers for their support of the banking system by offering loans at more competitive rates. Speaking in a television interview, the chancellor said he [...]
Guess which country escaped recession? July 26, 2009 ON closer inspection, a lot of the supposed “facts” we think we know about the credit crunch turn out to be nonsense. Take the widespread view that the recession is a global phenomenon, affecting every developed country. Yet Australia is a glaring exception: it has not only avoided the worst of the destruction but has [...]
Anglo unveils restructure July 26, 2009 ANGLO AMERICAN boss Cynthia Carroll is set to unveil a cost-cutting programme this week, which is expected to show that over 10,000 jobs have been slashed at the mining giant over the past six months. Most of the cuts have been at Anglo Platinum, its subsidiary, where capacity has been cut, and production costs have [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 26, 2009 THE SUNDAYThe Sunday TelegraphVIRGIN TRAINS EYES BID FOR EAST COAST FRANCHISESir Richard Branson, the Virgin tycoon, has indicated that his company is ready to make a bid for the East Coast Main Line rail franchise. The Government is to re-nationalise the London to Scotland route for at least 12 months from the end of 2009 [...]
VW looks at 4bn capital raising July 26, 2009 Europe’s largest carmaker Volkswagen (VW) is exploring the possibility of a capital raising of up to €4bn (£3.2bn) as part of a plan to buy Porsche. The Piech and Porsche families reconciled last week after intense feuding over a rescue of the luxury carmaker, by agreeing to integrate it into VW. The companies were not [...]
