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 [...]
UK high-speed rail network to cost £30bn March 11, 2010 PLANS to build a high-speed rail network connecting London with Northern Britain were revealed yesterday by transport secretary Andrew Adonis, in a project expected to cost £30bn. Adonis laid out his proposals for the 335 mile “Y” shaped line, which is expected to significantly cut travel time to the West Midlands, Leeds, Manchester and Sheffield [...]
Boris threatens to sue Tube Lines over price March 10, 2010 MAYOR Boris Johnson has threatened to take legal action against Tube Lines, after Private Public Partnership (PPP) arbiter, Chris Bolt said the rail contractor can charge? £4.46bn for its services. The decision followed a dispute between Tube Lines and Transport for London (TfL) over the cost of London’s underground rail system. The mayor, along with [...]
A brilliant debut novel that tells of tragedy in the City rings all too true February 24, 2010 THIS BLEEDING CITY BY ALEX PRESTON Faber, £12.99 You’d have thought the time had passed for another book about the City and its pre-crunch pulse of money, aspiration and the personal damnation all that can lead to. Certainly, there have been countless stories about “what really went on” – the strip clubs, the arrogance, the [...]
Crossrail and Heathrow a priority February 22, 2010 Key transport projects like Crossrail and a third runway at Heathrow must urgently be carried after the general election, a report has found. The British Chambers of Commerce (BCC) said the success of the economy depended on improving the transport network. Crossrail would provide an east-west train travel artery across London while an expansion of [...]