Thu 22 Oct 2009
LONDON (SHARECAST) - The Land Registry will announce plans today to cut 1,500 jobs and close a quarter of its national offices before a possible sale of the government department to the private sector, the Times has learnt.
National Express, the bus and rail group facing a merger approach from rival Stagecoach, will announce third-quarter trading figures which are expected to come in at the lower end of analysts' forecasts, says the Telegraph.
Aviva will on Thursday announce a substantial restructuring of its European operations after a thorough review of the insurer’s 12 continental businesses by Andrea Moneta, who became chief executive of the division just over a year ago, writes the FT.
President Barack Obama's pay tsar is to reduce the pay of leading bankers and traders at Citigroup, Bank of America (BoA) and American International Group (AIG) by as much as 90pc as part of a major crackdown on excessive compensation in the financial sector and beyond, reports the Telegraph.
Last-minute talks aimed at averting a national postal strike broke down last night amid anger and recrimination, and with the threat of further strikes. The Communication Workers Union (CWU) confirmed that it would press ahead with two days of strikes starting this morning, adding that it would notify Royal Mail later this week of further action, says the Times.
China’s recovery accelerated in the third quarter as a result of the government’s massive lending programme with the economy growing at 8.9 per cent compared with the same period last year, according to the FT.
The discount fashion retailer Primark is poised to sign up for a huge store in a new shopping centre in Cardiff, which is opening today with half of its outlets empty, writes the Independent.
Friction between the business community and the Obama administration was on display in the third quarter, as the US Chamber of Commerce spent a record $34.7m (£20.9m) lobbying against a raft of legislation that it said will be bad for business, reports the Independent.
Gartmore, one of Britain’s best-known fund managers, is being groomed for a stock market flotation that could take place before Christmas, according to the Times.
Raj Rajaratnam, the hedge fund manager arrested on charges of insider dealing, has given up the fight to save his funds after investors demanded their money back. Galleon, which the Sri Lanka-born billionaire founded in 1997, said yesterday that it was beginning an orderly wind-down of the funds, whose assets total about $3.7bn, says the Independent.
Nicholas Levene, the City financier who has vanished amid allegations that he owes tens of millions of pounds, is being investigated by the Serious Fraud Office (SFO), it emerged yesterday, writes the Times.
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