News

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

IMF warns against stimulus cuts

October 19, 2009

The International Monetary Fund (IMF) yesterday warned countries not to scale back stimulus measures to fight the global recession as that could jeopardize a return to weak growth next year. “This is no time to take risks with premature withdrawal of the stimulus,” said the IMF’s John Lipsky. He said recovery forecasts were based on the [...]
BSM ties up with Barclays

October 19, 2009

The British School of Motoring (BSM) and Barclays Commercial Bank yesterday announce a landmark financial partnership. Barclays will embark on a four-year funding line for the award-winning Fiat 500, which was recently announced as the new fleet vehicle for the driving school. The deal will see Barclays Commercial Bank funding a significant percentage of the [...]
Aer Lingus to fly to Bucharest

October 19, 2009

Aer Lingus yesterday announced that it would be launching a new flight route to Bucharest, home to Vlad Tepes, the inspiration behind Bram Stoker’s Dracula. Aer Lingus hopes that it will attract growing demand from a True Blood fan base – the new vampire TV series which has recently hit screens. Aer Lingus is starting [...]
ROYAL MAIL: THE RIVALS

October 19, 2009

ADAM CROZIERROYAL MAIL CHIEF EXECOnce head of the Football Association, Crozier is used to running much-loved British institutions. But the country is fast falling out of love with Royal Mail. The rise of the internet and the mobile phone means businesses and households alike are deserting the service. Crozier has been stuck between a rock [...]
TNT calls on government to deregulate postal services

October 19, 2009

DUTCH-OWNED post group TNT yesterday called on the government to lift anti-competitive barriers that prevent it from launching a service to rival Royal Mail. As the state-owned postal service gears up for a national strike – set to start on Thursday – TNT wants provisions that exempt Royal Mail from paying value added tax to [...]
Royal Mail locked in last-ditch talks

October 19, 2009

ROYAL MAIL was last night in eleventh hour talks with its unions in a desperate bid to avoid nationwide walk-outs which are set to cripple the Christmas post. It is the latest move from both sides to end a dispute over modernisation at the service. Tensions are running so high that there are even fears [...]
MPs to question Harman in sex in the City hearing

October 19, 2009

Sexism in the City will be in the spotlight once again today when the Treasury Committee continues to take evidence for a new inquiry into the treatment of women in the Square Mile. Minister for Women and Equality Harriet Harman is scheduled to speak as well as Sarah McCarthy-Fry, exchequer secretary for the Treasury and [...]
Standard Life names Nish as its new chief

October 19, 2009

STANDARD Life has put an end to months of speculation over who will take over from veteran chief executive Sir Sandy Crombie by naming finance director David Nish as his successor. Nish, 49, had been seen as the most likely candidate to take the job since it emerged that veteran Crombie was to retire from [...]
BAA: anti-trust ruling is biased

October 19, 2009

A COMPETITION ruling forcing BAA to sell airports was “riven” with the appearance of bias, the airports group told an appeal hearing yesterday. BAA, majority owned by Spanish infrastructure company Ferrovial, was ordered in March to sell London’s Gatwick and Stansted, as well as either Edinburgh or Glasgow. BAA’s lawyer told the appeals tribunal that [...]
Half of all PEdeals distressed

October 19, 2009

HALF of all private equity deals are now being completed under distressed conditions, according to accountants KPMG. But the firm said this is not a surprisingly high level “given the hype around distressed balance sheets”. Michael McDonagh, a partner at the firm, said there were only 17 deals above £10m over the last quarter and [...]