Jet deal lifts Rolls-Royce November 22, 2010 EMBATTLED?jet engine maker Rolls-Royce got a much-needed boost yesterday from a $1.8bn (£1.13bn) order from Air China, only weeks after one of its engines exploded on an Airbus super-jumbo. Rolls, which is facing potential compensation claims after a Trent 900 engine broke up in mid-air on an Airbus A380, said the airline was buying engines [...]
Defence boss to take over at water firm November 22, 2010 WATER group United Utilities is recruiting the boss of a subsidiary of Italian helicopter and aircraft maker Finmeccanica to replace outgoing chief executive Philip Green. United, which provides water and sewage services to about 7m people in north-west England, said Steve Mogford will become chief executive on 31 March when Green steps down. Mogford is [...]
BA swoops on bus company’s finance chief November 22, 2010 BRITISH?Airways (BA) has poached the finance boss of train and bus operator Go-Ahead to become its new chief financial officer. BA said Nick Swift would join the flag carrier on 7 March next year, replacing Keith Williams, who becomes chief executive of the company when its merger with Spanish rival Iberia goes ahead. BA’s current [...]
Militant era looms for Unite with election of hard-liner November 22, 2010 THE UK’s biggest union, Unite, has elected a new leader reported to have said that “there is no such thing as an irresponsible strike”. Len McCluskey, currently assistant general secretary, was elected on a 16 per cent turnout, winning 101,000 votes – nearly double that of his nearest rival. The vote, to be announced formally [...]
Mounting hope of an Irish bailout drives up the FTSE November 18, 2010 BRITAIN’S top share index closed higher yesterday, boosted by banks on growing hopes for a deal to ease Ireland’s debt crisis and by mining stocks which followed metals prices higher. The FTSE 100 closed 76.15 points, or 1.3 per cent, firmer at 5,768.71, in light volume, trading 85 per cent of its 90-day average. The [...]
BA wins appeal in cargo case November 18, 2010 BRITISH Airways (BA) yesterday won a high court battle to prevent hundreds of air cargo customers suing it in a US-style class action lawsuit. Two UK flower importers that sued BA in 2008 cannot represent all direct and indirect customers of the carrier, because there was no way to know if they had the same [...]
Flybe gears up for a stock market debut November 14, 2010 BUDGET airline Flybe is close to announcing an initial public offering (IPO) on the London stock market, sources familiar with the matter confirmed yesterday. Europe’s largest domestic airline by passenger numbers has hired Investec and Merrill Lynch to advise on the float, which could value the company at £200m according to a Sunday newspaper. Flybe [...]
Pensions clarity can hit investor risk perception November 14, 2010 COMPANIES which disclose pension liabilities in their accounts are increasingly taking a hit on investor perceptions, regardless of whether or not they have a pension deficit, new research has shown. Over half of finance directors surveyed in a recent PwC study on attitudes to pensions accounting said that information disclosed in their accounts gave investors [...]
FTSE 100 slips on financials’ exposure to Ireland’s debts November 11, 2010 FINANCIALS pressured Britain’s top share index yesterday as concerns over Royal Bank of Scotland’s exposure to Ireland’s debt troubles weighed on the bank, and ICAP fell after a downgrade from BofA Merrill Lynch. Weakness among financials offset gains in commodity-linked assets, which rallied after strong data from China, the world’s biggest consumer of raw materials, [...]
BA cabin crew deal in doubt after union changes its mind November 11, 2010 HOPES of an agreement between British Airways (BA) and its cabin crew faltered yesterday after the Unite union suspended a ballot on a deal offer from the airline. Last month, Unite said it would ballot staff on a new deal from BA which seemed to address the main area of conflict, the removal of travel [...]