The Business Matrix: Monday 26 September 2011

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BAE Systems could cut up to 3,000 jobs

Unions have called for talks with BAE Systems after it emerged that the aerospace group was considering up to 3,000 job cuts in the UK. In a statement, BAE said it had told staff it was reviewing its operations “to make sure the company is performing as efficiently as possible.”

Ermotti takes over at scandal-hit UBS

Sergio Ermotti has been named as the interim head of UBS after the $2.3bn (£1.5bn) rogue trading scandal led to the resignation of Oswald Grübel, the banking veteran who was brought in after the Swiss lender suffered sharp losses in 2008.

Chilean mines hit by power blackout

A power blackout in Chile on Saturday hit key copper mines this weekend. Although temporary, the blackout exposed the fragility of the power grid in the world’s top producer of the industrial metal.

Week ahead:


Rail revenues should be buoyant at FirstGroup’s update on Thursday, with demand strong despite higher fares. The City is also hoping for an update on the restructuring of its US yellow school bus business.

Smiths Group

Solid annual results are expected from the airport scanners to medical devices group on Wednesday.Talk of a takeover or break-up, due to its “conglomerate” tag, has eased but analysts still expect some restructuring moves.

Thomas Cook

The travel firm on Thursday gives its first update since chief executive Manny Fontenla-Novoa lost his job. It warned in July that profits would be £60m below forecasts, and the focus is expected to be on its debt plans.