Tube staff threaten strike March 24, 2010 LONDON Underground has been given until the end of today to withdraw plans to axe 800 jobs or workers will walk out of the job. The Rail, Maritime and Transport (RMT) union, which is representing workers facing job cuts said it will call a ballot for strike if management doesn’t comply. “We have already warned [...]
WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? March 24, 2010 KATE SOLWAY, 30 FUNDS CONTROLLER AT PRIVATE EQUITY FIRM COGNETAS Kate is single and lives in rented accommodation with flatmates. She also owns two investment properties – one a London flat with a mortgage which she rents out, and the other a holiday home under construction in Cape Verde, which she owns outright and will [...]
Giving investment clubs the personal touch March 18, 2010 IN these difficult economic times wealthy individuals have become intensely focused on wealth preservation, circling the wagons to protect what they have while continuing to look for opportunities to create new riches through canny investments. It was somewhat surprising then to find David Giampaolo in ebullient form this week as he prepares for the latest [...]
Arriva soars after foreign bid approach March 17, 2010 ARRIVA, the bus and train operator, has received a £1.4bn takeover bid from Deutsche Bahn, the German state-run transport group. Shares in the Sunderland-based company soared yesterday following the news of the 700p per share offer, rising by almost a fifth – their biggest jump for 15 years – eventually closing up 16.8 per cent at [...]
Arriva shares surge after takeover bid revealed March 17, 2010 BUS and rail group Arriva saw its shares shoot up by around a fifth after revealing it had caught the eye of a potential suitor. The FTSE 250-listed group said it had received an “unsolicited approach from a third party,” believed to be German transport group Deutsche Bahn. This already owns the Chiltern Line commuter [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 16, 2010 FINANCIAL TIMES EX-EMPLOYEE SUES SOCGEN FOR џ12M Societe Genrale, France’s second-largest bank, is being sued for more than џ12.5m (£11.3m) by its former head of European fixed income after his contract was terminated at the start of the credit crunch. The High Court heard yesterday that Raphael Geys, its London-based former managing director of European [...]
Gatwick staff facing redundancy March 15, 2010 GATWICK Airport is underway with a workforce restructuring programme under new private equity owner Global Infrastructure Partners (GIP), which could lead to as many as 120 staff losing their jobs. Gatwick is understood to have demanded that the members of its commercial and development divisions reapply for their jobs, though new chief executive Stewart Wingate [...]
No light at the end of tunnel for Capgemini March 15, 2010 Europe’s largest computer consultancy Capgemini said yesterday demand is improving but it has yet to see signs of a sustained recovery. The news will be a blow to the IT sector as the firm is seen as a bellwether for industry spending. It follows a torrid year’s trading for the market leader, as it was [...]
London and NY in tie for finance hub March 11, 2010 LONDON is no longer the world’s leading financial centre, according to a highly rated survey The Global Financial Centres report yesterday slashed its rating to equal that of New York. It is the first time London has been knocked off the top spot and will come as a warning to politicians desperate to trumpet the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 11, 2010 FINANCIAL TIMES PUSH FOR CLEARING HOUSES FAILS TO MOVE OIL TRADERS Big oil traders are choosing to keep more derivatives deals private, in spite of a global regulatory campaign to steer such contracts to clearing houses. Their willingness to take on risks viewed as intolerable just a year ago reflects renewed faith in the strength [...]