Taking a punt on industrial strife can be a winner December 20, 2009 THE High Court may have helped restore Christmas cheer for passengers of British Airways by ruling that the proposed 12-day strike by the airline’s cabin crew was invalid, but investors should arm themselves with trading strategies for a 2010 that could be rife with industrial action. But the dispute is far from over. After the [...]
BoA finally names insider for its top job December 17, 2009 BANK of America (BoA) has promoted Brian Moynihan as its new chief executive to be given the task of nursing the stricken lender back to health. The appointment of Moynihan – who heads the bank’s retail division – follows the retirement of Kenneth Lewis. His promotion comes after the bank posted two quarterly losses in [...]
Slow start for Christmas sales season December 17, 2009 The Christmas shopping season has got off to a slow start, with retailers reporting a fall in sales volumes in November, dampening hopes of a bumper festive period on the high street. Figures from the Office for National Statistics (ONS) showed that retail sales volumes unexpectedly fell by 0.3 per cent in November. Department stores [...]
NEWS | IN BRIEF December 17, 2009 FedEx puts out negative forecast FedEx forecast third-quarter profit below analysts’ expectations yesterday, casting doubt on the sustainability of its holiday volume surge, and sending the package delivery giant’s shares down 4.5 per cent. The company, an economic bellwether, said it shipped 14.1m packages on Monday, its busiest day of the year, which was a [...]
Retail sales fall dampens hopes of festive boost December 17, 2009 The Christmas shopping season has got off to a slow start, with retailers reporting a fall in sales volumes in November, dampening hopes of a bumper festive period on the high street. Figures from the Office for National Statistics (ONS) showed that retail sales volumes unexpectedly fell by 0.3 per cent in November. Department stores [...]
Bank of America appoints Moynihan as new chief December 17, 2009 BANK of America has promoted Brian Moynihan to be its new chief executive with the task of nursing the conglomerate back to health. The appointment of Moynihan – who heads the bank’s retail division – follows the retirement of Kenneth Lewis. His promotion comes after the bank posted two quarterly losses in the past year [...]
Shock fall in UK claimant count figures December 16, 2009 UK UNEMPLOYMENT unexpectedly fell in November for the first time since February 2008, raising hopes that the economy emerged from recession in the fourth quarter. Figures from the Office for National Statistics (ONS) revealed that the number of Britons claiming jobless benefits fell by 6,300 in November, confounding analyst expectations of a rise of 13,300. [...]
Abu Dhabi in Citi dispute December 16, 2009 CITIGROUP has vowed to fight an action brought by the Abu Dhabi Investment Authority (ADIA), which claims the banking giant misled it over a $7.5bn (£4.6bn) investment. ADIA bought shares in 2007 for eight times the current price. The beleaguered bank had turned to the world’s biggest sovereign wealth fund to replenish capital after seeing [...]
NatEx brings in Tube boss December 16, 2009 TROUBLED train and bus operator National Express has taken on a new chief executive to steer its recovery. National Express, which has completed a controversial £360m cash call, said Dean Finch, the chief executive of London Underground contractor Tube Lines, will take up his post early next spring. National Express will hope Finch, who worked [...]
Goldman to fight bonus fury in court December 15, 2009 INVESTMENT bank Goldman Sachs is being sued for billions of dollars in compensation after an institutional shareholder accused it of blindly “looting” the firm’s coffers by paying out rich rewards to its employees. The lawsuit, which has been filed with the New York Supreme Court by the Security Police and Fire Professionals of America Retirement [...]