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Articles Archive for April 2009

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[27 Apr 2009 | No Comment | 189 views]
BA ordered to hand over secret document by US over American Airlines tie-up

The UK flag carrier has been given two working days to provide the necessary information after the DoT threw out claims by BA and AA that they should not have to hand over the data.
The pair complained that the document contained “confidential business information and non-responsive documents concerning British Airways’ short haul network, airport contracts, and security measures”. Of particular interest is the information on airport contracts, which could highlight BA’s leading position at Heathrow where it has more than 40pc of the take-off and landing slots.
The unusual decision by …

Business »

[27 Apr 2009 | No Comment | 168 views]
Ken Clarke dismisses 50pc tax as ‘politics’

However, the former Chancellor who was brought back to bolster the shadow cabinet earlier this year, said Boris Johnson, the Mayor of London, was wrong to call on the Conservatives to promise to scrap it if they’re elected.
The tax rise on those earning over £150,000 breaks a Manifesto pledge that Labour made when they came to power in 1997.The proposal has drawn fierce criticism from business leaders who claim the tax could drive some of the UK’s brightest business minds abroad and inflict long-term damage to the economy. Speaking at …

Business »

[27 Apr 2009 | No Comment | 224 views]
Swine flu triggers market panic

Amid concerns that the virus could further weaken an already sick world economy, European stock markets dived in early trading, with the FTSE-100 down as much as 1.6pc to 4088.67.
Traders feared a re-run of 2003’s SARS outbreak in Asia, which cost the global economy around $40bn (£27.3bn). “Swine flu is ripping through the markets creating uncertainty in its wake,” said Manoj Ladwa, a senior trader at ETX Capital.The World Bank estimated in 2008 that a flu pandemic could cost $3 trillion and provoke a near 5pc fall in world GDP.
The …

Business »

[27 Apr 2009 | No Comment | 147 views]
GM to eliminate Pontiac brand in radical new rescue plan

The plan – which requires an extra $11.6bn in US funds – is a final attempt by GM chief executive Fritz Henderson to keep the company out of the bankruptcy courts ahead of the June 1 deadline set by the US Treasury.
However, Mr Henderson, who took over the company after predecessor Rick Wagoner was forced out by the Obama administration, said: “If we have to go into bankruptcy, we will.” The lynchpin of the plan is a debt-for-equity offer to bondholders, who hold $27bn of unsecured debt, which would see …

Multifarious »

[27 Apr 2009 | No Comment | 151 views]

The “good manners” curriculum was devised to discourage monks from wearing make-up and tight robes.
More than 90 per cent of the Thai population are followers of Buddhism and most men spend at least one year in a monastery during their youth. Phra Maha Wudhijaya Vajiramedhi, a senior monk, told the BBC the guidelines would address issues like smoking, drinking alcohol, walking and going to the toilet properly, which are all detailed in the traditional 75 Dharma principles of Buddhism, and the 227 precepts for monks.
But he was especially concerned, he …