Business News
Dubai Babylon: The glitz, the glamour – and now the gloom
The Gulf state's dash for intense economic growth at breakneck speed was a project that was bound to fail. Karen Attwood and Mark Leftly report on an extraordinary tale of success leading to excess.
Inside Business News
KPMG lined up in $30bn Dubai rescue mission
Sunday, 29 November 2009
Big name banks have lined up KPMG, the big four accountant, to salvage more than $30bn (£18bn) that they lent to Dubai World, the emirate's failing flagship global investor.
Harrods: There is only one pension-fund sale
Sunday, 29 November 2009
Harrods, the upmarket London retailer owned by Mohamed al-Fayed, is mulling the sale of its £200 million pension fund in a buy-out deal.
The Bank had £150bn ready to stop a run
Sunday, 29 November 2009
The Bank of England feared that it might need up to £150bn of emergency funds – more than double the figure which it admitted to last week – to pump into the banking system to prevent a run on the banks in October last year.
DIC set to sell Merlin stake
Sunday, 29 November 2009
Dubai International Capital (DIC), the private-equity arm of the beleaguered state's sovereign wealth fund, is set to end its interest in London Eye and Legoland owner Merlin Entertainments.
Travel giant expected to show strong results
Sunday, 29 November 2009
Travel giant TUI Travel, owner of Thomson, and Thomas Cook, are expected to post strong numbers this week despite the downturn and to report a last-minute dash for sun and snow.
Mamas & Papas joins hands with Shop Direct to sell products online
Sunday, 29 November 2009
Mamas & Papas, the Huddersfield-based baby clothing and nursery goods brand, is to sell its products through online department store Very.co.uk, a subsidiary of Shop Direct.
Scottish recession will continue deep into 2010, predicts Ernst & Young
Sunday, 29 November 2009
Scotland's economy faces a torrid 12 month climb out of recession, lagging recovery across the rest of the country, the influential Ernst & Young Item club think tank has warned. In a damning assessment of Scotland's economic strength the group warns that the country's ailing financial sector will suffer a tumultuous 2010 with as many as 3,000 jobs likely to be lost.
Pearl hires PwC over VPS sale
Sunday, 29 November 2009
PricewaterhouseCoopers (PwC), the big-four accountant, has been hired by Pearl Group, the insurance giant, to consider the sale of empty building management firm VPS Holdings.
Portuguese bank BES eyes a stake in UK broker Execution
Sunday, 29 November 2009
Banco Espirito Santo (BES), the Portugese bank, is believed to be eyeing a stake in Execution Limited, the City stockbroker.
Yell's restructuring heralds the return of the 'London approach'
Sunday, 29 November 2009
Old Lady secretly mediates on major financial restructurings to ensure approval by creditors
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