News

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

London Paper set to close

August 20, 2009

FREE afternoon newspaper the London Paper is set to close next month, its owner News International said yesterday, putting 60 jobs at risk. The title, which booked pre-tax losses of £12.9m on revenues of £14m in the year to June 2008, had “fallen short of expectations,” said James Murdoch, chairman and chief executive of News [...]
Why the Autumn promises so much

August 20, 2009

CITY A.M will be taking its customary break next week and will not be publishing again until Tuesday 1 September, after the August Bank Holiday. By then the Ashes will be over, the football season will be well under way and the nights will be drawing in. As far as City A.M is concerned, the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING

August 20, 2009

FINANCIAL TIMES UNIVERSAL MUSIC LICENSES SINATRA RIGHTSUniversal Music has secured the international rights to 38 albums recorded by Frank Sinatra, heralding an acceleration of plans to commercialise the entertainer’s estate on the eve of the 40th anniversary of the release of My Way. GAP PROFITS SLIP IN SECOND QUARTERGap, the US specialty clothing retailer, said [...]
WHAT THE OTHER PAPERS SAY THIS MORNING

August 20, 2009

FINANCIAL TIMES UNIVERSAL MUSIC LICENSES SINATRA RIGHTSUniversal Music has secured the international rights to 38 albums recorded by Frank Sinatra, heralding an acceleration of plans to commercialise the entertainer’s estate on the eve of the 40th anniversary of the release of My Way. GAP PROFITS SLIP IN SECOND QUARTERGap, the US specialty clothing retailer, said [...]
Jet Republic is grounded

August 20, 2009

JET REPUBLIC, the private-jet charter company, has ceased trading and become technically insolvent, it said yesterday. “It is with great regret that I announce that Jet Republic appears to be technically insolvent,” chief executive Jonathan Breeze said to staff in an email. “The business expected to receive funds today that have not arrived, nor do [...]
Top earners face tax squeeze

August 20, 2009

High earners in the UK will face one of the toughest fiscal regimes in Europe when new income tax hikes come into effect next year, according to accountancy giant KPMG. Currently, the UK has a top tax rate of 40 per cent on earnings above £43,435, making it the twelfth most onerous country for high [...]
Mandy and Merkel clash over GM

August 20, 2009

Business secretary Lord Mandelson said General Motors should take an “objective, commercial decision” when choosing a buyer for its European arm Opel, which should not be “distorted by political considerations”. The comments were seen as a thinly-veiled criticism of German chancellor Angela Merkel, who is offering state subsidies to Magna – the Canadian car parts [...]
Darling issues bonus threat in FSA battle

August 20, 2009

CHANCELLOR Alistair Darling yesterday raised the pressure on Financial Services Authority (FSA) boss Hector Sants over bank bonuses, as he pledged to discuss the issue at next month’s G20 meeting in London. Darling said banker pay must be controlled and that the FSA is the obvious body to implement such controls. The remarks bring the [...]
OBAMA SLAMS LOCKERBIE RELEASE

August 20, 2009

US President Barack Obama yesterday hit out at Scotland’s decision to release convicted Libyan Lockerbie bomber Abdelbaset Ali Mohmed al-Megrahi, calling the move “a mistake”. Obama added that the US had already opened talks with Libya, urging the regime to keep al-Megrahi, who has prostate cancer and just three months to live, under house arrest [...]
Buses to face competition probe

August 20, 2009

The Office of Fair Trading said yesterday it will to refer the local bus market, excluding London, to the Competition Commission for further investigation. The OFT says it has found evidence to suggest that limited competition in the local bus market may lead to higher prices and has identified a number of local bus markets [...]