SOVEREIGN SCORES A COUP AS IT NETS BANK GRANDEE BOB WIGLEY December 16, 2009 MY MY , but hasn’t it been an eventful few months for Aim-listed home equity release firm Sovereign Reversions? Back in August, Countrywide chairman Harry Hill and a couple of fellow dissident shareholders caused a touch of controversy by trying to oust Sovereign’s board and put the company into run-off by sending out pre-ticked proxy [...]
M&A outlook is positive for 2010 December 16, 2009 MERGERS and acquisition activity was down 33 per cent in 2009 compared to the year before, but things could be changing in 2010. A survey by the Association for Corporate Growth and Thomson Reuters has found that M&A professionals are optimistic about a pickup of M&A in the next six months. This is heartening news, [...]
BA SUES UNION OVER XMAS STRIKE CRISIS December 15, 2009 BELEAGUERED airline British Airways (BA) is taking legal action against the Unite union in a desperate bid to prevent cabin crew from striking over the peak Christmas period, it said yesterday. Thousands of cabin crew voted to walk out for 12 days from 22 December earlier this week, in the latest blow to an airline [...]
Fears over Greek and Austrian banks send FTSE shares down December 15, 2009 Britain’s leading share index shed 0.6 per cent yesterday, snapping a three-session rally with banks hit by some renewed sector caution, while oils and miners fell as a strengthening dollar weighed on metal prices. At the close, the FTSE 100 was 29.57 points lower at 5,285.77 after having gained one per cent on Monday to [...]
THE TIPSTER December 14, 2009 NEWS that British Airways’ cabin crew has voted in favour of strike action, combined with the state of the airline’s pension scheme has put further downward pressure on the airline’s share price. On a technical level, shares are currently blocked from any further progress by a resistance line in place on the daily chart since [...]
London rises to highest close in 3 weeks on Dubai bailout December 14, 2009 BRITAIN’S top share index closed at its highest level in a week yesterday, led by banks, after Abu Dhabi bailed out Dubai with $10bn in surprise aid, with commodities stocks also notching up solid gains. The FTSE 100 closed up 53.77 points at 5,315.34, its highest close since 4 December, adding to a rise the [...]
BA in winter of discontent December 14, 2009 BRITISH AIRWAYS (BA) is facing hundreds of thousands of pounds of losses after its cabin crew voted overwhelmingly in favour of a 12-day strike, threatening to paralyse the airline over the peak Christmas and New Year period. A bitter row over jobs, pay and working conditions escalated yesterday, when more than 12,000 BA members of [...]
Selfish strikes to cripple British Airways December 14, 2009 WHAT a tragic outcome at British Airways. The airline’s management is hardly perfect but it is almost unbelievable that BA’s staff have chosen to walk out like this. The strike – supported by an astonishing 92 per cent of those voting – will last for 12 hellish days from 22 December to 2 January, ruining [...]
BA pensions boss quits as deficit grows December 14, 2009 THE chairman of British Airways’ pension schemes yesterday bowed to pressure and resigned over a perceived conflict of interests. As revealed by City A.M., Roger Maynard faced calls to quit in November because he was a key figure in the merger between BA and Iberia, sitting on the boards of both airlines as well as [...]
CITY VIEWS: ARE BRITISH AIRWAYS’ STAFF RIGHT TO STRIKE? December 14, 2009 BOB AYERS | BULLIVANT & PARTNERS “The timing to strike over the Christmas period could not be more cruel. I really can’t understand why the staff have decided to strike bearing in mind BA’s dismal performance. It will damage the company, no doubt, and striking staff are unlikely to achieve much.” STUART PHILLIMORE | ROYAL [...]