WHAT THE OTHER PAPERS SAY THIS MORNING October 27, 2009 FINANCIAL TIMES JCB FACES FIRST ANNUAL LOSS AFTER GLOBAL DEMAND FALLSJCB faces a struggle to avoid its first annual loss this year, its chief executive warned, as he cautioned that he saw no recovery in demand for construction equipment outside of China next year. Matthew Taylor, chief executive of the UK’s largest maker of earth-moving [...]
BAreadies itself for strikes this Christmas October 26, 2009 FEARS of a bleak?Christmas for British Airways (BA) were growing last night, after the Unite union said it would ballot its 14,000 cabin crew on strike action. Unions and BA management have been at loggerheads over cost-cutting at the airline, which is struggling to weather the financial storm. Nine months of talks fell apart yesterday [...]
Deutsche cuts BA rating after doubts over American tie-up October 26, 2009 AILING airline British Airways (BA)was dealt a further blow yesterday, after Deutsche Bank cut its rating for the airline from “sell” to “hold” ahead of its second-quarter results. “We believe that the main positive catalysts for the stock – the merger with Iberia and anti-trust immunity with American – are at risk,” said Deutsche’s Geoff [...]
Weak banks and miners pull FTSEdown by one per cent October 26, 2009 THE FTSE 100 share index ended 1 per cent lower yesterday, with mining and energy stocks suffering as the US dollar rose and commodity prices fell, while a sharp decline in ING put pressure on financials. The index ended down 50.83 points at 5,191.74, having risen as high as 5,281.12 earlier in the session. It [...]
BEST OF THE BROKERS October 26, 2009 STANDARD CHARTEREDMorgan Stanley upgraded Standard Chartered to “equalweight”, with an increased price target of 1,500p, due to lower credit costs and better wholesale revenues. But the broker noted that, if growth slows, asset quality could again suffer and that the recent excellent growth in wholesale may be unsustainable. AEGISNoble downgraded Aegis from “positive” to “neutral” [...]
Branson ups ante with launch of Virgin Bank October 26, 2009 SERIAL entrepreneur Sir?Richard Branson is back with another audacious venture. This time, he is applying to City watchdog the FSA for permission to turn his Virgin Money business into a fully fledged bank – but the move has divided the City. Virgin has been trying to boost its financial services presence for some time now. [...]
WHAT THE OTHER PAPER SAY THIS MORNING October 25, 2009 THE SUNDAYSThe Sunday TelegraphHOUSEHOLDS LOSE 13PC OF WEALTHThe huge impact of the economic turmoil on the British public has been revealed by new figures that show household wealth in Britain fell by £844bn between 2007 and 2008, driven by sharp falls in house prices and the collapse of the stock market. It is expected to [...]
Four years of turbulence in business life October 22, 2009 SPONSOR’S LETTER In the four years since it was launched, City A.M. has reported on the highs and lows of a remarkably turbulent period in the business world.There has been no shortage of crises to cover and trends to examine. No-one in September 2005 would have predicted the extraordinary events in economic history that we [...]
BA holds frank talks with union October 19, 2009 Willie Walsh, the chief executive of British Airways, held “open and frank” discussions with union leaders yesterday, in the latest step to avoid a ballot on strike action. Unions and the embattled airline have been locked in talks over BA’s cost-cutting measures, which involves axing up to 3,700 jobs over the next year. BA wants [...]
BA unions say strikes ‘inevitable’ October 15, 2009 British Airways cabin crew union Unite warned last night that strike action is “inevitable” unless a compromise can be reached at talks to be held on Monday.