RHJ closes on Kleinwort in £225m deal July 1, 2010 ONE of the oldest names in the City, Kleinwort Benson, changed hands for £225m yesterday as buyout house RHJ International acquired the business from Commerzbank. The institution, which traces its roots back to the 18th century, will use a period of private ownership to revitalise its brand by returning to merchant banking. The company will [...]
Branson named by OFT in cartel trial April 27, 2010 VIRGIN Atlantic owner Sir Richard Branson has been named during opening statements made to a London court yesterday over his airline’s involvement with British Airways (BA) in price-fixing allegations made by the Office of Fair Trading (OFT). Prosecutor Richard Latham QC told a jury at the Southwark Crown Court that Branson had asked senior executive [...]
After a slump and a court case the Virgin airline boss is ready for more August 30, 2010 Virgin Atlantic boss Steve Ridgway is still dealing with the fallout from the collapse of a price-fixing trial involving his airline. Despite not actually facing any charges, his firm, which has always styled itself as the people’s champion, was battered and bruised by the Office of Fair Trading (OFT) case, which alleged collusion between Virgin [...]
After a slump and a court case the Virgin airline boss is ready for more August 30, 2010 Virgin Atlantic boss Steve Ridgway is still dealing with the fallout from the collapse of a price-fixing trial involving his airline. Despite not actually facing any charges, his firm, which has always styled itself as the people’s champion, was battered and bruised by the Office of Fair Trading (OFT) case, which alleged collusion between Virgin [...]
Cabin crew strike costs BA £7m a day June 3, 2010 BRITISH AIRWAYS (BA) has lost roughly £98m during the last fortnight as a result of the cabin crew strike, which has seen the airline’s passenger capacity fall six per cent. BA flew 392,000 less customers last month – a 14.2 per cent drop from last year as a result of the strike. The airline faced [...]
Airlines body hits Unite for BA strikes… May 27, 2010 THE trade body for the airline industry yesterday accused rebellious British Airways staff of being “divorced from reality”, as figures revealed the commercial damage done by the Icelandic ash cloud. In an unexpected broadside, the chief executive of the International Air Transport Association (IATA) said the labour unrest plaguing Europe this year was “unbelievable”. Pointedly [...]
BA plans to operate half of its Heathrow flights during strike May 13, 2010 BRITISH Airways (BA) boss Willie Walsh yesterday condemned the planned three-week strike by cabin crew calling it “entirely disproportionate” while vowing to keep the airline going through out the walk out period. The flag-carrier plans to fly 60,000 customers, or 70 per cent of its flights, during the first of four strike periods, with 60 [...]
Liverpool granted extension on debt pile after nightmare season May 9, 2010 PREMIER League club Liverpool, put up for sale by its US owners last month, has been granted an extension on its debt pile under a deal brokered by its new chairman. A minimum 12-month extension had been granted on £237m of loans from Royal Bank of Scotland, giving loss-making Liverpool until the end of next [...]
BA strike likely as crew vote down proposal May 9, 2010 BRITISH Airways (BA) cabin crew voted overwhelmingly in favour of rejecting the airline’s latest offer, signalling that a further strike is likely. Up to 81 per cent of crew voted against the offer presented by BA last month after more than 70 per cent of the airline’s 12,500 cabin staff took to the polls. BA [...]
The City is back but under new management December 21, 2010 BRITAIN’S financial landscape has been transformed since we last shone a light on the City’s most powerful figures two years ago. The City A.M./CityJet Power Hundred 2011 list ranks the most influential figures in UK finance as we head into the new year. It should be no surprise that it is very different from 2009. [...]