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Rumours of who might take over top design duties at Dior following the dismissal of John Galliano back in the spring have reached fever pitch. Insiders are now claiming that Marc Jacobs, the artistic director at Louis Vuitton, is in talks with Bernard Arnault, the boss at LVMH (the conglomerate that owns both labels), to head up the brand.

Although both parties involved have so far declined to comment, the rumour gained traction after it was reported in the respected trade sheet Womens Wear Daily. So it is possible that this is less fashion gossip, more brink-of-announcement truth?

Marc at Dior would make sense in lots of ways — the New York designer has a proven track record within the company. Since he came to Vuitton in 1997 he has bought a heady cocktail of cult catwalk status, a celebrity following and pure design luxury to the brand which once relied on staid monogrammed luggage for its coffers.

Not only has Jacobs raised profits, but under him, Vuitton now leads the trend agenda. His last show for the house in March riffed on a fetish theme, inspired by the clientele at Claridges hotel and featured bell boys and Kate Moss dragging on a cigarette — all of which made for the sort of drama more usually seen during couture week.

‘Scattergun’

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By contrast, Dior’s last couture show (presented after Galliano’s dismissal over reports of an antisemitic rant) was panned by critics, who deemed the collection, designed by an in-house team, as "scattergun" at best. Jacobs’ appointment would provide a much-needed dollop of design savvy mixed with pop culture.

The move would also make sense because Jacobs is what Cathy Horyn of the New York Times terms "a bankable star". Other names who have been in the frame include Haider Ackermann, Alber Elbaz of Lanvin, Riccardo Tisci of Givenchy, Nicolas Ghesquiere of Balenciaga, and Sarah Burton (who designed Duchess Catherine’s wedding dress), who was rumoured to have rebuffed an LVMH offer after the royal wedding.

There’s no doubt that a Marc at Dior show would be the hottest ticket on the fashion calendar, but we rather loved Horyn’s suggestion in her blog that the label should take a gamble on a lesser-known talent such as British star Christopher Kane.

He already has experience of working for a big brand (he designs for the Versus line at Versace) and has a knack for producing brilliantly diverse collections each season while also possessing design fluency.

With the right platform, this sort of imagination could translate into big profits for Dior.

Surely with fashion weeks around the corner, and a back-to-business feeling brewing within the industry, we aren’t far from knowing the truth in all of these rumours?

Originally Published On: gulfnews.com – Original Article Here

Story By: All Things Considered

- Robert Hartwig, president of the Insurance Information Institute

Irene destroyed much of the two-mile boardwalk in Spring Lake, N.J.

“You know, of course, it takes away business from the next to the last weekend — big weekend in the summer season,” she says. “We’re very seasonal, and this hurts, this hurts everybody. But thank God our properties are OK, and we really did dodge a bullet.”

Damage estimates on Monday are putting the national price tag for the storm at as much as $10 billion — but that keeps the storm in the realm of more minor hurricanes. Hurricane Katrina, for example, caused more than eight times that much damage.

“I think we’re all grateful that Irene did not live up to its billing as being one of the most destructive storms ever to strike the United States,” says Robert Hartwig, an economist who tracks disaster damage, and president of the Insurance Information Institute.

“What we’re looking at is total insured losses, perhaps 3 to 4 to 5 billion [dollars] at this point, but this is well within the planning scenarios of what insurers expect in a given year,” he says. “In fact, at the lower end of that scale, this does not even make the top 10 list of largest hurricanes in the U.S.”

More Dramatic And Expensive Events

Hartwig says that even just this year the U.S. has seen far worse damage from other storms — not hurricanes, but tornadoes in places such as Joplin, Mo., and Birmingham, Ala.

“This year, so far more than 500 people have been killed by tornadoes, and those tornadoes have produced more than $16 billion in insured losses,” he says. “So, so far this year those have been by far the most dramatic, expensive and tragic events.”

Some investors Monday were relieved that Irene wasn’t as bad as other big storms. The stocks of major insurance companies rose sharply.

Still, Hartwig says the East Coast remains vulnerable to large hurricanes. Irene lost its intensity in the end, but the next big storm might not. So he advises people to heed future evacuation orders and warnings. And he says this time around, many people did.

But not everybody. In Newark, N.J., Demitrios Frangeas helps run his family restaurant Andros Diner.

“Multiple times we had Newark police officers and detectives, I guess, come in and inform us we were in a state of emergency, and they wanted people off the street,” he says. “And they needed us to be shut down like everybody else.”

But the family said they couldn’t shut down because they’ve always been open 24 hours and didn’t have any way to lock the door. “We lost the keys some 25-odd years ago,” he says.

In the end, Andros Diner stayed open to feed police and rescue workers, and people who were staying in nearby shelters.

Originally Published On: www.npr.org – Original Article Here

Cambridge spy Kim Philby betrayed his country because he loved power and thought history was on his side. It's a trap many others have since fallen into, writes John Gray.

In one way Kim was lucky. By dying when he did he avoided witnessing the destruction of all his hopes.

Brodsky was appalled by the idea of commemorating a figure that had played such a wretched part in one of the 20th Century's great struggles. But the conceit of historical determinism, the belief that history develops according to knowable laws, has afflicted many apart from Philby.

Who now remembers the exultant sense of triumph felt in the West when the Soviet Union disintegrated? As a response to the fall of a hideous tyranny, it was fully justified. But the feeling went much further than that. There were many who believed that an entirely new era had arrived, a glorious age of global capitalism and universal democracy.

They failed to perceive, or refused to see, the large and difficult problems that followed the Soviet collapse. Their confidence that they knew which way the world was going left them unprepared for history's reversals. These enthusiasts for democracy and the free market were falling into the trap that ensnared Philby.

The ice-cold deceiver gazing calmly out from his Moscow flat was as conventional in his political beliefs as he was in his taste in books. Along with so many of his generation, he looked forward to a new society and believed he had found it in the Soviet Union.

Unlike most of those who succumbed to this delusion, he was also a lover of power for its own sake. But the power to which he attached himself proved to be evanescent, and he ended as one of history's stooges.

The treacherous certainty that in the end betrayed Philby also betrayed many of those who celebrated the victory of the West after the fall of the Berlin Wall.

Supremely confident that a Western version of capitalism was about to conquer the world, they have had to watch baffled as the West struggles to prevent its economies from collapsing. Like Kim Philby, they failed to understand that the only genuine historical law is a law of irony.

Originally Published On: www.bbc.co.uk – Original Article Here

There is no doubt that the denizens of Glasgow will be talking about the filming in the city of the Hollywood action movie World War Z for many years to come. The excitement has been magnified with Brad Pitt and Angelina Jolie and their brood of six taking up residence in a historical Scottish mansion on the outskirts of the city. It seems the family wants to take as much advantage as possible of their time in Scotland’s largest city, and have been seen out and about, enjoying all it has to offer.

In true Hollywood style, Glasgow was transformed into the American city Philadelphia to provide the perfect backdrop for the action thriller which tells the tale of humanity’s fight against zombies for survival in a post-apocalyptic world. Cochrane Street, with its impressive 19th-century stone buildings, was renamed John F Kennedy Boulevard for a few days, and American street signs, yellow taxis and newsstands all helped transform the Scottish thoroughfare into what will hopefully be one of the most memorable scenes of the movie. Hundreds of extras, drawn from the local population, were used to fill the streets when a runaway rubbish truck plowed into a row of parked cars, resulting in a huge pile-up and one car somersaulting dramatically through the air.

While there has been plenty of excitement with the filming, everyone has their eyes wide open to see where they can spot the ruggedly handsome 47-year-old star, Jolie and the six kids. During filming, which is expected to run until August 31 in Glasgow, the famous family, who are confessed citizens of the world and set up home wherever their work takes them, has rented a mansion just outside the city.

A perfect place

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The 16th-century Carnell House (www.carnellestates.com) and the adjoining ten-acre park in Ayeshire, provide all a large family could need. Jolie has been spotted playing with the children in the landscaped gardens and there have been numerous dinner parties with friends.

The home’s interior, which is decorated in traditional Scottish style with antiques and works of art, sleeps 18 comfortably. After the family moves out early next month, it will be up for grabs. Carnell House is a popular place with A-list celebrities and the wealthy who book it for holidays.

Pitt and Jolie, along with Maddox, 10, Pax, 7, Zahara, 6, Shiloh, 5, and 3-year-old twins Vivienne and Knox, are not staying at home all the time, and have been seen to get out and enjoy the city, much as any family might. They were spotted dining at the Balgarth Restaurant in Ayr, a low-key, cosy restaurant, just a short drive south of Glasgow. It prides itself on using local Scottish produce and is a haven for kids, boasting an extensive children’s play area with trampolines, a climbing structure and slides near the dining area. The famous family’s visit is sure to put the town and Balgarth restaurant on the map.

Those who are keen to follow in the famous pair’s footsteps or want to do some location spotting after seeing the film, which is due for release in 2012, will find that Glasgow has plenty of allure and is experiencing a rebirth as a tourist destination. Scotland’s largest city is an enticing mix of modern and traditional architecture, hearty eats, hip party stops and trendy shopping.

The Lighthouse (www.thelighthouse.co.uk), is Scotland’s national centre for architecture and design, and includes thousands of interesting objects and scale models. The Lighthouse is, in fact, not a lighthouse; it is housed in what was once the Glasgow Herald newspaper office, the first major public building designed by Glasgow-born architect Charles Rennie Mackintosh.

Though Victorian, Regency and ultramodern designs abound in Glasgow, the prevalent style is Art Nouveau, the signature of Macintosh, the city’s most famous architect, whose creative genius is stamped on the city’s public buildings, private houses and tea rooms. Take a tour of the Glasgow School of Arts (www.gsa.ac.uk) which many regard as Mackintosh’s masterpiece, then stop by the blast-from-the-past Willow Tearooms (www.willowtearooms.co.uk), a delightful nook where you can indulge in a traditional afternoon tea with dainty cakes, finger sandwiches and pots of tea. However, the cutting-edge venue of choice has to be the shamelessly opulent The Corinthian Club (www.thecorinthianclub.co.uk). It’s one of Glasgow’s most iconic structures, combining glamour, contemporary elegance and a dash of decadence. Inside, you’ll find restaurants, watering holes, a piano lounge and nightclubs.

Glasgow’s city centre and grid system of streets makes for easy navigation when you are indulging in serious retail therapy. Mega high-street malls such as the Buchanan Galleries (www.buchanangalleries.co.uk) and St Enoch Centre (www.st-enoch.co.uk) are just a cappuccino-powered meander from the elegant Princes Square (www.princessquare.co.uk), a beautiful restored building with more than 45 classy shops and a nightclub.

The "style mile" — comprising the main shopping area spanning Sauchiehall, Buchanan and Argyle Streets — has earned the city its reputation as the top place to shop in the UK outside London. For designer bags and watches, try Felix & Oscar (www.felixandoscar.co.uk) or the Nancy Smillie Shop (www.nancysmillieshop.com) for handcrafted items at wallet-friendly prices.

Diverse and delicious

When hunger strikes after your shopping spree don’t miss The Saint Restaurant (www.thesaintonbathstreet.com), a newly inspired eatery with dishes as diverse as slow-cooked beef cheek or hand-dived scallops. Offering high-quality cuisine, Ubiquitous Chip (www.ubiquitouschip.co.uk) is practically an institution in Glasgow. The Chip, as it is known, has seen its share of famous diners including Kylie Minogue, Orlando Bloom and Mick Jagger, and is sure to attract the Pitt family while they are in town. Its menu includes hot langoustines in garlic butter, roast venison and Caledonian oatmeal ice-cream.

For a taste of French flair, Chardon d’Or (www.brianmaule.com) is a good bet. Chef-owner Brian Maule, who spent years as head chef at the two-Michelin-starred Le Gavroche in London, offers top-drawer Scottish produce prepared using traditional French methods. His specialities include monkfish with parsnip purée and light chicken jus, and roast Scotch fillet of beef with crushed turnip and red berry sauce.

Glasgow has an unrivalled selection of hot venues. Party animals congregate at The Arches (www.thearches.co.uk), — a series of arches under the Glasgow railway station during the Victorian era. It was local theatre director Andy Arnold who realised the potential of the cavernous space in 1991 and millions of pounds later, it’s the city’s top nightspot.

Weekends see celebrity DJs spinning discs besides groundbreaking productions and emerging artists.

Another hip hangout is the Glasgow Barrowland (www.glasgow-barrowland.com). Originally a ballroom, this major concert venue has hosted rock and pop musicians such as REM, Bjork, U2 and INXS, and nurtured local talent such as Primal Scream.

As Scotland’s largest city, Glasgow has lots to offer. From architectural gems to gastronomic treats, enviable shopping districts and buzzing nightlife, this thriving metropolis has an infectious dynamism that is nothing if not welcoming.

— Scott Adams is a Madrid-based freelance writer

Carnell House and Estate

After Brad Pitt and his family move out, Carnell House and Estate, just a short drive from central Glasgow, will available to rent. The beautiful country house, a listed 16th-century mansion set within extensive gardens and parklands, is renowned for its beauty and golfing breaks. Featuring three formal sitting rooms with fireplaces, an elegant dining room for 12 and bedrooms to sleep 18, this is a chance to live a part of Scotland’s history. Visit www.carnellestates.com

Blytheswood Square Hotel

Positioned in the historic centre of Glasgow, this five-star luxury hotel combines the history of the 19th-century building and designer interiors with a cutting-edge, modern touch. For a special treat book the Penthouse Suite with its fabulous views of the city from the furnished rooftop terrace. Downstairs, at the Blytheswood Square Restaurant, you’ll find Scottish favourites such as scallops, salmon and haggis. The hotel also boasts Glasgow’s first luxury spa. Enjoy the thermal water circuit or indulge in one of the many pampering treatments available. Visit www.townhousecompany.com

Visit www.seeglasgow.com for more details about the city.

Glasgow, Scotland: FLY… Emirates

From Dubai to Glasgow for Dh4,450. Or try KLM via Amsterdam, for Dh4,350, or British Airways via London, for Dh4,190.

— Information courtesy the Holiday Lounge by Dnata. Ph: 04 3492886

Originally Published On: gulfnews.com – Original Article Here

HOLIDAY INN, AL BARSHA
Al Sarab Restaurant

On offer A sumptuous feast awaits you as the hotel’s Lebanese restaurant offers up an à la carte menu of traditional favourites in a comfortable setting. After dining, relax with a game of backgammon or dominoes.
Cost Dh120 per person
Info For bookings and other info, call 04 323 4333
Visit hialbarsha.com

LE ROYAL MÉRIDIEN BEACH RESORT AND SPA, DUBAI
Brasserie

On offer Diners to the popular restaurant this Ramadan will be able to sample a mouth-watering themed Iftar buffet each evening, including a variety of juices and Arabic drinks. Families can make use of a special children’s corner.
Cost Dh210 net per person including fruit juices and Arabic drinks.
Info For bookings and other info, call 04 316 5550
Visit lemeridien.com/royaldubai

THE ADDRESS MONTGOMERIE DUBAI
Nineteen

On offer For the ultimate roast with all the trimmings, head to Nineteen. Choose from an array of superbly succulent meats, accompanied by crisp roast potatoes and fresh seasonal vegetables.
Cost Dh235 per person (including soft drinks), Dh325 per person (including soft drinks and selected house beverages)
Info For bookings and other info, call 04 390 56 00
Visit theaddress.com

RAFFLES DUBAI
Azur

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On offer Make a date with the fast-breaking fruit, then make your way round the four salad stations and live cooking and meat carving areas, sampling the traditional lentil soup, mezze, and Oriental mixed grills. Finish the meal with classic desserts such as Umm Ali and Mouhalabia, while surveying the lush botanical gardens.
Cost Dh175pp
Info For bookings and other info, call 04 314 9888
Visit raffles.com

ARMANI HOTEL DUBAI
Armani/Mediterraneo

On offer From breathtaking views of The Dubai Fountain to the amazing cuisine of the Mediterranean region, Armani/Mediterraneo’s Iftar buffet is the ideal way to break your fast during the Holy Month.
Cost Dh260 (without Ramadan beverages) and Dh290 (including Ramadan beverages)
Info For bookings and other info, call 04 888 3444 or 800 ARMANI (276264) or email info@armanihotels.com.
Visit dubai.armanihotels.com

YAS HOTEL
Origins

On offer Break your fast at Origin’s buffet with Ramadan beverages and a vast selection of delicious gourmet food. There are live cooking stations including whole roasted baby lamb, a duck rotisserie, Arabic mixed grills and tandoori chicken. Besides sample the array of International and regional main courses, desserts, soups, salads, cheeses and seafood platters.
Cost Dh175 per person, with soft drinks and traditional Ramadan hot and cold beverages
Info For bookings and other info, call 02 656 0600 or email dining@TheYasHotel.com
Visit TheYasHotel.com

RAFFLES, DUBAI
Azur

On offer Take your pick from regal array of traditional Arabian favourites at the Iftar buffet. If you want to enjoy shisha hop on to the Crossroads Lounge next door.
Cost Dh175 all inclusive for adults, Children under 6 eat for free while children aged 6-12 get a 50% discount.
Info For bookings and other details, call 04 324 9888 or email dining.dubai@raffles.com

GOLD SWISS BELHOTEL, DUBAI
Senses

On offer Celebrate the spirit of Ramadan at with a scrumptious buffet offering Arabic dishes and an array of international cuisines, sweets and drinks.
Cost Dh75 pp (inclusive of traditional beverages).
Info For booking and other details, call 056 135 3559 or 04 301 9888
Visit swiss-belhotel.com

CROWNE PLAZA, DEIRA
Spice Island

On offer The Dubai institution, Spice Island invites you to end your fast with a wide selection of Arabic specialities. Enjoy an array of traditional salads, fresh Arabic grilled meats, live cooking stations with cuisines including Asian, Mongolian and Tandoori, as well as a choice of refreshing Ramadan juices.
Cost Dh119 per person for the Ramadan iftar buffet. Dh169 for Cinnamon package; Dh229 for Nutmeg package and Dh289 for Saffron package.
Info For bookings and other info, call 04 262 5555 or email cpdeira.info@ihg.com
Visit crowneplaza.com/deira

Originally Published On: gulfnews.com – Original Article Here

Oil is oil, right? Well, it seems that it is not that simple. There is a difference between North Sea Brent Crude Oil (Brent) and West Texas Intermediate (WTI). Both are sweet light crudes of about the same quality. Refining these crudes results in a relative large portion of gasoline.

Their API gravity is around 40 degrees, which makes them “light” crudes. API gravity is a measure of how heavy/light a petroleum liquid is compared to water. If its API gravity is greater than 10, oil is lighter and it will float on water. In other words, API gravity is an inverse measure of the relative density of a petroleum liquid and the density of water, and it is used to compare the relative densities of petroleum liquids.

Brent Blend is a combination of crude oil from fifteen different oil fields located in the North Sea (widely used in Europe). This ‘Brent blend’ has an API gravity of 38.06 and therefore Brent is still called a “light” crude oil, but not quite as “light” as WTI. Brent contains about 0.37% of sulphur (making it a “sweet” crude oil), but again Brent is more sour than WTI, which contains about 0.24% of sulphur.

WTI more expensive than Brent?

According to the characteristics of WTI and Brent, it would be logical to conclude that WTI is slightly more expensive than Brent. Usually it is, or at least historically it usually was, but lately a dramatic change can be spotted: Brent is now ‘trading over’ WTI.

A trading strategy could be for instance: sell the spread (buy WTI and sell Brent) and wait until the spread turns around again to normal levels and close (liquidate) the initial spread position, resulting in a profit.

However, as you can see from the chart (based on front month future contracts), Brent has been outperforming WTI since the autumn of 2010. The spread even went up to $11.50 per barrel. So if you would have set up the spread trading strategy at a price difference of $3 (because that -based on the historicals- looked extremely likely) then you would have made a huge loss by now.

There are several reasons for this widening divergence. An ample stockpile in the US (Midwest) Cushing, Oklahoma, is one of the reasons. This caused a pressure on future (contango) prices since traders reduced the premium which they were willing to pay for later deliveries. Note: When future months are traded at higher prices, it is said that the market shows a contango structure.

The depletion of the North Sea oil fields, where Brent is being pumped, might be another explanation for the divergence in (forward) prices, because of scarcity. However, the most likely reason that the Brent-WTI spread widened even further as concerns that unrest in Egypt could spread to other nations and temporarily disrupt oil supply to Europe and Asia, while stockpiles continue to grow in the United States.

It was feared that the Suez Canal would be closed if the situation in Egypt escalated. In case of closure of this passage, oil tankers would have to ship around Africa via Cape Horn instead of straight through the Suez Canal. Ahmed El Manakhly, head of traffic for the Suez Canal Authority, stated that Egypt’s Suez Canal is open and operating normally (so far). On a daily basis more than a million barrels pass the canal.

Ideal trading opportunity

Since the spread (based on March futures contracts) between Brent and WTI reached historical high levels, this might be a golden opportunity to make money. A possible trade could be: Buy 1 WTI MCH @ $91.36 and Sell 1 Brent MCH $102.10 (selling the spread). In other words, sell the spread at a price of $10.74.

This position will prove profitable if WTI strengthens against Brent. This will certainly happen when the tension in and with respect to Egypt will fade away. Then ‘mean reversion’ will take place.

If you are right and the spread will narrow again (for instance to $7.50; possibly by WTI @ 80 and Brent @ 87.50, or maybe even WTI @ $100 and Brent @ $107.50), the spread can be covered (bought) by buying Brent and selling WTI. The profit would then be $3.24 per barrel, or (times thousand barrels per futures contract).

However, if this extreme situation continues, the spread might even widen more (but form your opinion about the changes)! It is no guarantee that the spread will narrow again. Like in outright trading positions, it is advised also to determine stop-loss levels when to close the position. For instance, if the WTI/Brent spread will widen to $12 the loss would be $1,260 per contract (($10.74-$12) * $ 1,000). The level of 12$ may be a limit at which you want to cut your loss.

Originally Published On: www.ameinfo.com – Original Article Here

InterContinental Abu Dhabi has announced the appointment of Dieter O. Franke as general manager, responsible for the overall commercial operations and management of the Capitals first internationally branded hotel, InterContinental Abu Dhabi.

Franke brings with him over 24 years experience in the hospitality industry and will play a vital role in maintaining the hotel’s position as an iconic symbol of Emirati heritage, within the capital, and its reputation for personalised service and practical luxury tailored for today’s affluent travellers.

Born in Germany, Franke’s hospitality career began with InterContinental Hotels Group (IHG) in 1987, were he has held a number of managerial positions across all key hotel functions in Europe, America, the Mediterranean and the Middle East since then.

His most recent positions within IHG were hotel manager at InterContinental Dubai Festival City from 2007, and general manager of Crowne Plaza Abu Dhabi – Yas Island and Staybridge Suites Abu Dhabi – Yas Island from 2009, playing an intrinsic role in the opening, operations and management of all three of these landmark UAE hotels.

Commenting on his new role Franke said, “It is a real honour to be joining the iconic InterContinental Abu Dhabi as it celebrates its 31st year of service in the capital. I very much look forward to working with and leading a great team of well-experienced hospitality professionals in continuing to provide the impeccable service and quality facilities for which InterContinental is globally renowned.”

There are 170 InterContinental hotels around the world and 59 in the development pipeline, which will open in the next three to five years.

IHG operates 33 InterContinental hotels across the Middle East and Africa with a further 11 in the pipeline.

Originally Published On: www.ameinfo.com – Original Article Here

With taxing work schedules and scorching weather during the long summer days, night golf is becoming an increasingly popular pastime throughout the UAE.

As the demand and interest in golf grows throughout the region, night golf is proving to be an effective solution to appeasing the crowds and satisfying the 9-5 worker.

The emirates host a score of beautiful golf courses offering evening services to visitors and members. For fun in the after-sun, look no further than the following …

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Al Badia Golf club, Dubai Festival City

Al Hamra Golf Club, Ras Al Khaimah

Abu Dhabi Golf Club

The Montgomerie, Dubai

TowerLinks Golf Club, Ras Al Khaimah

Abu Dhabi City Golf Club

Emirates Golf Club

Dubai Creek Golf and Yacht Club

Originally Published On: gulfnews.com – Original Article Here

The competition to supply new trains for Crossrail, the major London train link, is being delayed until 2012.

The transport secretary announced a review of guidelines after the contract to supply trains for a different project went to a German company.

In June, Thameslink went to Siemens instead of Derby-based Bombardier.

The scheme will now not go to tender until the review, aimed at ensuring UK companies do not lose out to European rivals, has taken place.

The £16bn Crossrail scheme, which will connect Heathrow and Maidenhead in the west with Abbey Wood and Shenfield in the east, intended to issue tender documents for the 60 new trains in late 2011.

It will now do so in early 2012.

Four companies have been shortlisted for the contract – Bombardier, Construcciones y Auxiliar de Ferrocarriles SA (CAF), Hitachi Rail Europe Limited and Siemens.

Earlier this year the contract to supply rolling stock for Thameslink went to Siemens rather than the Canadian company Bombardier.

The estimated £1.4bn deal had been regarded as crucial for the Derby site – the UK's last remaining train factory. The company now plans to cut half of the 3,000-strong workforce at its factory in Derby.

Transport Secretary Philip Hammond later ruled out a review of the decision, but said he would look at procurement guidelines.

The Department for Transport said its review was examining whether the UK was making best use of the application of EU procurement rules.

BBC political correspondent Adam Fleming says: "At the time [of the Thameslink decision] the transport secretary said the rules were set up by the Labour government and his hands were tied in that case.

"But what he was going to do was look at whether the guidelines for how these competitions work could be changed so UK companies were competing on an equal footing with continental competitors."

Labour said the decision raised questions over the government's decision on Thameslink.

"If ministers are now saying it's possible to review the Crossrail contract, they must explain why they have cost British jobs by refusing to do the same for the new Thameslink trains as Labour has repeatedly demanded," said Maria Eagle, shadow transport secretary.

Crossrail said it was not a delay to the project, but was the result of shortening the time between ordering the trains and bringing them into service. It said it would also save money.

"Crossrail has identified that significant operational cost savings, running into tens of millions, can be realised for taxpayers by introducing Crossrail rolling stock to the rail network over a shorter period of time," said Andy Mitchell, Crossrail programme director.

"Continuing with the original procurement programme would have delivered the new train fleet earlier than was necessary."

Bombardier welcomed the delay.

"The rescheduling will give time to ensure that the invitation to tender will allow the results of the government's review of procurement to be included," it said in a statement.

Originally Published On: www.bbc.co.uk – Original Article Here

Sir Richard Branson has pulled out of a charity swim across the Irish Sea from Anglesey after a fire destroyed his luxury Caribbean home.

Twenty people escaped unhurt from the eight-room house on Necker Island when lightning struck in a tropical storm.

Sir Richard was due to join a team of celebrities for the 56-mile relay swim from Holyhead to Dublin on Wednesday.

He says he needs to be with his family instead but the rest of the team will still be taking part.

The relay event is aiming to raise £1m for Cancer Research in a gruelling effort which could take up to 40 hours.

Taking part are Boyzone singer Ronan Keating, former Atomic Kitten singer Jenny Frost, Strictly star Pamela Stephenson, The Gadget Show's Jason Bradbury and Olympic medal-winning swimmer Steve Parry.

Sir Richard, head of Virgin Group, has thanked the public for their support, following the fire at his home in the British Virgin Islands last week.

British actress Kate Winslet was among 20 people who fled The Great House on the island when a tropical storm broke out and lightning hit the house.

Frances Milner, director of supporter-led fundraising at Cancer Research UK, said: "Sadly Richard Branson has had to withdraw from Cancer Research UK's first celebrity challenge, The Samsung Galaxy S II Swim.

"We're disappointed but understand that he needs to be with his family after fire devastated their home.

"He has kindly offered to dedicate a future record-breaking challenge to Cancer Research UK."

The team will be joined by two experienced "super swimmers" and two members of the public and will swim a total of 56 nautical miles (65 land miles) from Holyhead.

However, tidal variations mean the swimmers could end up covering a distance of up to 70 nautical miles (81 land miles).

Parry, 34, was diagnosed with testicular cancer 18 months ago, just three weeks after getting married.

He said: "I'm so lucky that I was diagnosed at the early stages of testicular cancer.

"If I hadn't checked it out, I may not be here today.

"My father is also a cancer survivor, and sadly my sister-in-law passed away from cancer in her early 30s.

"Cancer Research UK is a charity that is close to my heart."

Originally Published On: www.bbc.co.uk – Original Article Here