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Latest Headlines from The FT
Latin American airlines to merge
Leading Latin American airlines LAN of Chile and TAM of Brazil have announced plans to merge amid rising airline demand in the region.
Hurd could receive $40m severance pay
A loophole in Mark Hurd’s contract made it hard for Hewlett-Packard to dismiss him outright and added to pressure on the board to give him severance pay which could be worth nearly $40m despite his admission of ethical lapses, according to experts in boardroom practice
Senior figures set to go at Network Rail
Executives associated with the group’s tough management style appear slated for departure as the chairman makes radical changes to the culture of the company that has faced widespread criticism
British officer corps to be cut back
Military could shed almost a quarter of all officers and still remain at the same ratio as prevailed through the cold war. In salaries alone, this would save about £400m a year
Europe’s ‘periphery’ woes return to foreground
Global Markets Overview: A positive economic surprise for a change – stronger than expected German GDP growth – fails to lift sentiment as strength in Europe’s ‘core’ highlights weakness in the ‘periphery’ and the US
Spectre of gloom haunts nervous Britons
Recovery is going to be a long and possibly painful journey – first in a weekly series in which the FT will take stock of economic and corporate trends
BAA talks raise hopes of averting strike
BAA and union officials are to meet the conciliation service Acas in a bid to prevent a crippling strike that could close airports and disrupt the travel plans of millions of passengers
Blackstone plans to buy Dynegy
Blackstone, said it plans to buy Dynegy in a deal that values the power provider at $4.7bn, a big bet by the buy-out firm that natural gas prices will rise from their current low levels.
Audit Commission to be abolished
Commission will close by 2012 with the loss of 2,000 jobs, though chief executive says there has been no consultation
VW warns on risk of decline in car market
Europe’s largest carmaker sounds a warning bell over the recovery prospects for the motor industry, as it cautions that the global car market could shrink in the second half of this year
German data lift eurozone
Investors fret German-led recovery might not be enough to counter risks posed by precarious finances elsewhere
Sales of junk bonds set to reach new high
Companies sold junk bonds in record volumes this week as investors favoured the credit markets over equities in an environment of rising uncertainty over economic growth
Where next for sterling as stocks rally?
Recent rebounds of 11% against the euro and 3.5% dollar were not part of economists’ or UK companies’ game plans
AgBank IPO officially the world’s biggest
Agricultural Bank of China officially completed the world’s largest ever initial public offering by fully exercising its full over-allotment quota, bringing the total amount raised by the bank to about $22.1bn
Russian traders bid to beat grain export ban
Traders were racing to move supplies out of the Black Sea port of Novorossiysk in advance of an export embargo, starting this weekend, which was imposed following a severe heatwave, drought and wildfires
Cars and petrol boost US retail sales
US consumers spent more on cars and petrol in July while steering away from discretionary items amid a sluggish economic recovery and an uncertain labour market
Aviva rebuffs £5bn approach from RSA
RSA has been rebuffed in a £5bn ($7.8bn) approach to buy the general insurance businesses of rival Aviva, which was made in a letter from John Napier, RSA chairman, last month
BAA and union agree to talks over pay
British airport operator BAA and the Unite union are to hold talks on Monday aimed at averting planned strikes by ground staff, the conciliation service Acas said
Germany lifts eurozone GDP growth 1%
Germany reasserts itself as the economic growth engine of the eurozone, after GDP expanded at a stellar 2.2% per cent rate in the second quarter, powered by buoyant exports
Asian stocks shake off economic worries
Global market overview: The mood in Asia has improved as strong earnings reports outweigh investor concerns about disappointments in labour markets and the week’s downgrades of the global growth outlook by the US Federal Reserve and other central banks.