MPC member wants £50bn easing
The Bank of England needs to pump at least another £50bn into Britain’s “stalled” economy, says David Miles of its interest rate-setting committee, warning that only a “substantial” third round of emergency bond-buying will kick-start recovery.
Bank chiefs enjoy double-digit pay rises
Top US and European bankers, including JPMorgan Chase’s Jamie Dimon and Citigroup’s Vikram Pandit, have enjoyed double-digit annual pay rises averaging almost 12 per cent, despite widespread falls in profits and share prices, Financial Times research shows. The disclosure will stoke concern on both sides of the Atlantic over chief executive pay levels that has already led to several high-profile investor revolts, including at Citi and at Barclays.
BT suffers competition rebuff
BT has been rebuffed for the third time, this time by the UK’s Competition Commission, in its efforts to compel its competitors to share in the costs of lowering its £3bn pension scheme deficit through higher charges for their use of its phone lines.
Avoiders called to account by Parliament
Tax loopholes uncovered by The Times will be investigated by Parliament, the chairman of the powerful House of Commons Public Accounts Committee will reveal today.
Police move on Autofocus employees
City of London Police have launched a criminal investigation into seven former employees at Autofocus, staff of which were accused of “industrial scale perjury” and fraud.
The Daily Telegraph
CVC accelerates to bumper return on F1 investment
Private equity firm CVC is set to make a return of over 600pc from its $1bn investment in Formula One motor racing, according to new research.
Francis Maude cracks down on the ‘sickie’ culture in Whitehall
All departments in Whitehall are to be forced to publish quarterly sickness absence rates for all their staff in a bid to help the public purse.
THE WALL STREET JOURNAL
IKEA knocks on India’s door
Swedish housewares giant IKEA Group asked India for permission to invest €1.5bn (£1.9bn) in the country to set up 25 retail stores, a major commitment that provides some relief for New Delhi policy makers.
HTC pulls out of Brazil
HTC said Saturday it is closing its office in São Paulo, which mainly oversaw sales and distribution in Latin America, as the Taiwanese smartphone maker faces growing headwinds amid intensifying competition from rivals at different price points.