Barclays ends final salary pension plan June 3, 2009 BARCLAYS told staff yesterday that it is to close its final salary pension scheme, prompting a furious response from unions, who accused the bank of stabbing its employees in the back. The bank said it was closing the scheme as a result of the mounting cost of financing pensions for some 18,000 staff. Members of [...]
Murdoch recruits top lieutenant June 3, 2009 News Corp named DirecTV chief executive Chase Carey as Rupert Murdoch’s top lieutenant, marking the return of one of the media mogul’s most trusted veterans. He will replace Peter Chernin as chief operating officer.
Arcelor lays off Spanish workers June 3, 2009 ArcelorMittal, the world’s largest steelmaker, said it has sealed a deal with the Spanish government allowing temporary layoffs among its 12,000 Spanish workers in response to falling global demand for steel. The agreement is valid until the end of the year and may be extended until June 1, 2010, depending on market conditions, ArcelorMittal said.
Porsche asks for a state loan June 3, 2009 Porsche said it had asked the German government for a loan, raising fresh questions yesterday over its ability to manage a debt mountain that has already forced it to abandon a takeover of Volkswagen. Porsche racked up about ¤9bn of net debt trying to swallow its much bigger rival Volkswagen before the financial crisis turned [...]
US hit by fears that worst is not over June 3, 2009 US stocks tumbled yesterday, halting a four-day winning streak, as falling oil prices hit energy shares, while less upbeat economic reports rekindled worries about recovery prospects. Oil prices slipped more than 3 per cent after a surprise build-up in inventories. Shares of energy companies, including Chevron off 1.6 per cent, were top drags, along with [...]
Oil stocks push FTSE 100 lower for second day in row June 3, 2009 THE large cap index lost 2.1 per cent yesterday, dented by weakness in commodity stocks, banks and index heavyweight Vodafone, which traded ex-dividend. At the close, the FTSE 100 was down 93.60 points at 4,383.42, albeit above the session low of 4,359.33. Oil producers were the standout losers, retreating after recent gains in line with [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 3, 2009 FINANCIAL TIMES BANKRUPTCIES SET TO RISEThe number of corporate bankruptcies is set to surge by 35 per cent this year, turning the world economy into a “burial ground” for businesses, according to a study by Euler Hermes, the credit insurer. In a study published today the Paris-based unit of Allianz, says the rate of corporate [...]
CITY VIEWS: IS IT RIGHT THAT POLITICIANS LOSE THEIR JOBS OVER EXPENSE CLAIMS? June 3, 2009 ROBERT SKRMETTA AON“These people should not be allowed into office ever again and in certain cases they should be facing criminal charges. They shouldn’t be given the option to resign, they should be fired instead. They have taken advantage of their situation to overuse taxpayers’ money.” MATTHEW MELVILLE GCUBE“I can understand it partly because they’re [...]
Trio handed chance for England in Pumas clash June 3, 2009 ENGLAND manager Martin Johnson has named three debutants in his team to take on Argentina in the first Test at Old Trafford on Saturday. Bath winger Matt Banahan and Newcastle prop David Wilson are rewarded for their impressive performances as replacements in the 33-26 defeat to the Barbarians last Saturday, while Toulon-bound back Tim May [...]
Q & A : TODAY’S ELECTIONS June 3, 2009 Q. WHAT IS THE EUROPEAN PARLIAMENT?A. It is the EU’s only directly elected body. There will be 736 members of the European Parliament (MEPs), of which 72 will come from the UK. Q. WHAT AM I VOTING FOR IN THE EUROPEAN ELECTIONS?A. You vote for a party rather than an individual candidate; individuals at the [...]
