News

Your daily news update straight from the City PM newsroom in London

UAE’s stock markets plummet on debt fears

November 30, 2009

STOCK exchanges in Abu Dhabi and Dubai suffered record one-day losses yesterday on the first day of trading since Dubai World asked for a six-month delay in repaying its £36bn debt. Abu Dhabi’s Securities Exchange suffered the largest one-day loss in its history, ending the session down 8.3 per cent yesterday. Dubai dropped 7.3 per [...]
CITY VIEWS: ARE YOU CONCERNED ABOUT THE WIDER IMPLICATIONS OF DUBAI’S DEBT ISSUES ?

November 30, 2009

BRUCE GRIMMER BLUE FIN“There will be possible wider implications, but I suspect that the UAE will come to Dubai’s aid, particularly Abu Dhabi. I think this is just a hiccup. It’s not as bad as some of the other global debt. It seems to be that the market is overly sensitive.” EDWARD ROGERS CTC AXION“I [...]
Abu Dhabi support expected to come at a heavy price

November 30, 2009

THE political power of Abu Dhabi, which has governed the United Arab Emirates (UAE) since its formation in 1971, is likely to be further strengthened by the debt crisis in Dubai. Consultancy Eurasia Group said yesterday the capital has strong incentives not to let Dubai collapse but any support would come at a price. “Longer [...]
Sun seekers lift profits at Thomas Cook

November 30, 2009

HOLIDAY firm Thomas Cook yesterday beat annual profits forecasts after reporting consumers were still determined to take a summer holiday despite the downturn and swine flu fears. The holiday operator said that people were tending to book later, but winter bookings and summer 2010 was in line with expectations. Despite the country’s current debt concerns, [...]
Unions ask for guarantees as Kraft readies bid documents

November 30, 2009

A UNION representing workers at confectioner Cadbury yesterday asked hostile bidder Kraft for a promise on employment security, saying it was increasingly worried about “massive job losses”. Unite, Britain’s biggest union, said it had written to Kraft chief executive Irene Rosenfeld about the £10bn cash-and-shares bid and asked for commitments there would be no compulsory [...]
SEASONAL THOUGHTS FROM THE CITY GIRL

November 30, 2009

As 2009 comes to a close, City folk are craving a bit of fun. After being forced to keep their heads down all year amid the misery, bailouts and chaos, most bankers I know are desperate to let their hair down, get drunk and embarrass themselves. One of the things I miss most about the [...]
M&B asks Panel for help with its rebels

November 30, 2009

THE scale of the turmoil at Mitchells & Butlers became clear yesterday after the pubs group asked the City takeover watchdog to decide whether rebel shareholders were attempting to seize control of its board. M&B called on the Takeover Panel after Bahamas-based billionaire Joe Lewis, who controls 23 per cent of the group, blocked the [...]
C&C quenches its thirst with a cider acquisition spree

November 30, 2009

IRISH drinks group C&C yesterday said it had acquired the UK cider assets of Constellation Brands – including Blackthorn, Olde English and Gaymer – for £45m in cash. C&C chief executive John Dunsmore said the price of the assets was “highly attractive”, while analysts said the deal handed the company a third of the UK [...]
WESTFIELD CHEERS GERONIMO

November 30, 2009

GERONIMO INNS, the London-focused pub chain, yesterday opened the first pub inside Westfield shopping centre. Geronimo has ploughed £800,000 into its new The Bull site, which seats 130 people over two floors and will create 30 jobs. Geronimo currently has 28 pubs in its portfolio.
More jobs axed at GM’s UK arm

November 30, 2009

Vauxhall is set to cut more than 350 jobs at one of its two factories in the UK. “As part of the consultation process commenced… last week, the GM manufacturing facility in Luton has now begun its own period of consultation between unions and local management,” it said yesterday. Jobs will go at Luton “to [...]