Labour pledges power to Scotland
The Labour party has pledged more powers for Scotland in an attempt to bolster pro-union support six months before September’s referendum on independence. The prospects for devolution have become a battleground between pro-union campaigners and nationalists who argue that only independence would let Scotland decide its economic destiny. Johann Lamont, Scottish Labour leader, unveiled the party’s long-awaited proposals, which include greater control over income tax and some welfare spending such as housing benefit. She said the proposals “set out part of our positive alternative to the narrow politics of nationalism”.
UK challenger banks plan listings
New UK banks are preparing for stock market listings aimed at raising a total of £10bn – in an indication of investor demand for “challengers” in a recovering sector. Up to 10 retail banks are expected to launch initial public offerings between now and 2016, tripling the number of UK listed banking groups.
VW refuses to improve Scania bid
Volkswagen has refused to raise its €6.7bn bid for the remainder of Scania that it does not already own, putting it at odds with independent board members at the Swedish truckmaker who have recommended that shareholders reject the offer.
EU protectionism could cost jobs
Britain could lose as many as 200,000 jobs because of protectionist financial regulations in European countries, according to the main lobbying group for the City. London’s status as the financial centre for Europe could be eroded by regulators’ increasing demands that trading should take place domestically, rather than being booked through international hubs, a report by TheCityUK says. Britain is home to 150,000 jobs generated by continental capital markets and investment banking activity, and another 50,000 from European asset management, the research states. Chris Cummings, chief executive of TheCityUK, said the government must do more.
The Daily Telegraph
Calls to strip Qatar of 2020 World Cup
Football’s world governing body is facing calls to re-run the 2022 World Cup bid after an investigation by The Telegraph revealed that a former official and his family were paid almost $2m from a firm linked to Qatar’s successful campaign.
Flood scheme extended to some flats
The government has tweaked the insurance element of the proposed Water Bill, which is currently going through Parliament, to include more leasehold properties within its insurance rescue scheme.
THE WALL STREET JOURNAL
Adobe results: revenue edges up
Adobe’s profit slipped 28 per cent in its latest quarter as the software company reported higher expenses, masking a slight increase in revenue. The adjusted bottom line exceeded the company's expectations, which caused Adobe's shares to jump near the end of trading when results were released early.
NYSE front-runner to land Alibaba
The New York Stock Exchange is the front-runner to win the high-profile listing for the shares of Chinese e-commerce giant Alibaba Group according to people familiar with the matter.