Date: Friday 23 Jul 2010
British Airways has issued legal proceedings against 24 rival airlines that it claims should share potential damages arising from a price-fixing lawsuit, The Times has learnt.
BA has been sued by about 250 companies after it pleaded guilty in the United States to being part of a cartel that fixed the price of cargo. The airline has issued proceedings, called a Part 20, to enjoin the other alleged conspirators in the damages lawsuit. Air France, Qantas, Lufthansa, Cathay Pacific and Singapore are among the airlines to have been added as defendants to the suit.
Public spending cuts and tax increases should be imposed immediately across the industrialised world as evidence of a healthy European recovery mounts, according toJean-Claude Trichet, president of the European Central Bank. Trichet told the FT that policymakers who want to prolong the stimulus are mistaken and that cutting borrowing would have “very limited” effects on growth. The view from Europe’s senior economic policymaker contrasts with continued US demands for fiscal tightening to be delayed at least until 2011 and suggests there is still little agreement over the best way to foster a strong global recovery from the financial and economic crisis of the past two years.
BP’s deep-sea efforts to plug its ruptured oil well in the Gulf of Mexico are being hampered by a tropical storm brewing in the Caribbean, officials have admitted. Government and BP officials have been anxiously watching to see whether the bad weather in the Caribbean becomes a tropical storm and veers towards the Gulf, the Telegraph reports.
BP, the oil giant, is suing six former fuel oil traders for breach of contract for allegedly trying to persuade team members to defect to a rival business. The company has filed a lawsuit against the former senior staff in Singapore, after around 20 employees left in quick succession last month, the Telegraph adds.
Swiss regulators will on Friday attempt to steal the thunder of long-awaited European Union stress tests for banks by publishing the results of an exercise Swiss bankers say was “twice as tough” as the EU scenario.
The tactic, which is expected to give a clean bill of health to both Credit Suisseand UBS, coincides with the publication on Friday evening of a four-month-long exercise to stress test the biggest banks across the EU, the FT reports.
Two leading shareholders in Tomkins warned management of the engineering group last night not to sell out on the cheap. Standard Life, which holds 3% of Tomkins shares, called for the rejection of a £3bn indicative takeover approach from the Canadian private equity group Onex. In a rare public statement, David Cumming, Standard Life’s head of UK equities, said: “We are disappointed that the board of Tomkins has agreed to open the books at 325p. We feel that, at this price, the proposed bid materially undervalues the group and its prospects. Should the board choose to recommend a bid at this level, we will vote against the transaction,” the Times reports.
Angry Equitable Life policyholders accused the Treasury last night of a shameful U-turn after it was revealed that their total compensation payments could amount to only £400m. Campaigners say that they lost as much as £4.7bn. Paul Braithwaite, general secretary of Emag, which speaks for 40,000 of the near-collapsed mutual’s customers, described the figure — 90% less than hoped for — as a “shocker”. He accused the Treasury of playing “dirty tricks” with policyholders, the Times reports.
Microsoft beat Wall Street’s expectations yesterday to report a 48% rise in quarterly net income, in a sign that businesses are again spending on technology. The world’s biggest software company said that a rebound in spending by corporate customers pushed revenue up 22 per cent to $16.04bn (£10.5bn) in the fourth quarter, from $13.1bn in the same period a year ago. Net income jumped by 48% to $4.52bn, or 51c a share, the Times reports.
Michael Dell, the founder of the computer manufacturer that bears his surname, is personally paying $4m (£2.6m) to settle charges that he misled investors by hiding the real source of Dell's profits over several years in the last decade. The entrepreneur, along with two of his most senior former lieutenants, was charged by the Securities and Exchange Commission, the US stock market regulator, with violating disclosure rules when Dell was relying heavily on secret rebate payments from Intel, the maker of computer chips, to meet Wall Street profit forecasts, the Independent reports.
BA has been sued by about 250 companies after it pleaded guilty in the United States to being part of a cartel that fixed the price of cargo. The airline has issued proceedings, called a Part 20, to enjoin the other alleged conspirators in the damages lawsuit. Air France, Qantas, Lufthansa, Cathay Pacific and Singapore are among the airlines to have been added as defendants to the suit.
Public spending cuts and tax increases should be imposed immediately across the industrialised world as evidence of a healthy European recovery mounts, according toJean-Claude Trichet, president of the European Central Bank. Trichet told the FT that policymakers who want to prolong the stimulus are mistaken and that cutting borrowing would have “very limited” effects on growth. The view from Europe’s senior economic policymaker contrasts with continued US demands for fiscal tightening to be delayed at least until 2011 and suggests there is still little agreement over the best way to foster a strong global recovery from the financial and economic crisis of the past two years.
BP’s deep-sea efforts to plug its ruptured oil well in the Gulf of Mexico are being hampered by a tropical storm brewing in the Caribbean, officials have admitted. Government and BP officials have been anxiously watching to see whether the bad weather in the Caribbean becomes a tropical storm and veers towards the Gulf, the Telegraph reports.
BP, the oil giant, is suing six former fuel oil traders for breach of contract for allegedly trying to persuade team members to defect to a rival business. The company has filed a lawsuit against the former senior staff in Singapore, after around 20 employees left in quick succession last month, the Telegraph adds.
Swiss regulators will on Friday attempt to steal the thunder of long-awaited European Union stress tests for banks by publishing the results of an exercise Swiss bankers say was “twice as tough” as the EU scenario.
The tactic, which is expected to give a clean bill of health to both Credit Suisseand UBS, coincides with the publication on Friday evening of a four-month-long exercise to stress test the biggest banks across the EU, the FT reports.
Two leading shareholders in Tomkins warned management of the engineering group last night not to sell out on the cheap. Standard Life, which holds 3% of Tomkins shares, called for the rejection of a £3bn indicative takeover approach from the Canadian private equity group Onex. In a rare public statement, David Cumming, Standard Life’s head of UK equities, said: “We are disappointed that the board of Tomkins has agreed to open the books at 325p. We feel that, at this price, the proposed bid materially undervalues the group and its prospects. Should the board choose to recommend a bid at this level, we will vote against the transaction,” the Times reports.
Angry Equitable Life policyholders accused the Treasury last night of a shameful U-turn after it was revealed that their total compensation payments could amount to only £400m. Campaigners say that they lost as much as £4.7bn. Paul Braithwaite, general secretary of Emag, which speaks for 40,000 of the near-collapsed mutual’s customers, described the figure — 90% less than hoped for — as a “shocker”. He accused the Treasury of playing “dirty tricks” with policyholders, the Times reports.
Microsoft beat Wall Street’s expectations yesterday to report a 48% rise in quarterly net income, in a sign that businesses are again spending on technology. The world’s biggest software company said that a rebound in spending by corporate customers pushed revenue up 22 per cent to $16.04bn (£10.5bn) in the fourth quarter, from $13.1bn in the same period a year ago. Net income jumped by 48% to $4.52bn, or 51c a share, the Times reports.
Michael Dell, the founder of the computer manufacturer that bears his surname, is personally paying $4m (£2.6m) to settle charges that he misled investors by hiding the real source of Dell's profits over several years in the last decade. The entrepreneur, along with two of his most senior former lieutenants, was charged by the Securities and Exchange Commission, the US stock market regulator, with violating disclosure rules when Dell was relying heavily on secret rebate payments from Intel, the maker of computer chips, to meet Wall Street profit forecasts, the Independent reports.
Richard Desmond, publisher of the Daily Express and Star newspapers, has made an offer of £104m to buy Five and agreed to bear the consequences of any possible regulatory risk. It would see him become the first individual to control a UK public service broadcaster, the FT reports.
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