WORLD leaders gathered alongside members of the South African public yesterday to celebrate the life of Nelson Mandela – but the event was somewhat overshadowed by a photo of David Cameron, Barack Obama and Danish PM Helle Thorning-Schmidt taking
IT was Milton Friedman who put it best. There are four ways to spend money, he once wrote. You can spend your own cash on yourself – you have a great incentive to economise and get the best bang for your buck.
BRITISH banks with US arms will be allowed to trade in UK government bonds on their own books, US authorities revealed yesterday, diluting earlier plans to ban the transactions.
US POLITICIANS from both the country’s major political parties announced a suggested budget deal yesterday, with the aim of avoiding another government shutdown.
Q What does the rule stop banks from doing ?
THE FINANCE director of the Royal Bank of Scotland (RBS) is on his way out of the bank, barely two months after starting in the job.
BARCLAYS will not renew its sponsorship of the London bicycle hire scheme when it ends in 2015, it confirmed last night.
THE SERIOUS Fraud Office (SFO) suffered a major embarrassment yesterday when it was forced to drop an anti-corruption case after one witness changed his evidence and two others refused to attend trial in the UK.
THE BRITISH economy is still growing at the robust pace set during the third quarter of the year, as official statistics record another boost to industrial production.
MINISTERS yesterday laid out stricter rules to regulate company partnerships, which critics say will hit junior partners the most.
MARIO Draghi revealed he disagrees with Mark Carney’s plan to tackle bubbles yesterday, laying out an alternative set of guidelines for central banking.
THE CHANCELLOR’S Autumn Statement, made last Thursday, was hailed in many quarters as a good day for George Osborne and for the government.
THE MINISTRY of Defence yesterday confirmed that it is shelving a scheme to privatise its equipment procurement arm, after it failed to attract enough interest.
GOVERNMENT policies will push up customers’ energy bills, a new report from the Institute of Economic Affairs warned yesterday.
PRUDENTIAL set out ambitious targets for growth in Asia yesterday, boosting investor confidence and sending its shares higher.
THE STATE pension bill is set to quadruple over the next 50 years, the Office for National Statistics warned yesterday, as Britons continue to live longer.
THE NATIONAL Audit Office has criticised the Department for Work and Pensions, saying that its Universal Credit programme does not provide value for money.
HOUSE prices in the capital will continue to soar next year, rising by up to seven per cent, estate agent Marsh and Parsons predicted yesterday.
NEW RESEARCH has debunked a number of myths about the differences between men and women in the workplace.
A NUMBER of Swiss banks have announced that they will cooperate with the United States in a crackdown on tax evasion.
CANARY Wharf Group submitted revised plans yesterday to expand its east London estate by building more than 3,000 homes, shops and offices that will target fast-growing media and technology firms.
HOMEOWNERS selling a property in which they previously lived will be given until April 2015 to complete the sale before they must pay capital gains tax on the property, the Treasury confirmed yesterday.
TESCO Bank yesterday revealed it is hiring 300 staff in preparation for the launch of its current account next year.
The retailer hopes to take on the bigger lenders with its nationwide brand, large branch network and convenience.
TESCO’S share price faltered yesterday after the group suffered another downgrade from a major broker amid concerns that it has lost its differentiation with its rivals.
OXFORD Instruments yesterday agreed to buy Andor Technology for £176m after its raised bid was accepted by the board of the scientific digital camera-maker.
GERMANY’S Volkswagen increased sales at its core passenger-car brand by 3.4 per cent in November to 522,100 autos, powered by demand for the seventh-generation Golf hatchback, the company’s said yesterday.
WORSENING conditions in the Netherlands and volatile trading in the UK caused flooring specialist Carpetright to post a slump in first-half profits.
HOUSE of Fraser has said its fast-growing online business and the launch of new technology in stores helped drive sales in the third quarter.
THE RAPID expansion of Costa Coffee helped Whitbread deliver strong third quarter sales, the firm said yesterday, also citing improved trading across its restaurants business.
SIMON FRENCH | PANMURE GORDON
TUI TRAVEL posted better than expected profits yesterday thanks to strong sales of more expensive holidays to British and German customers.
SANTANDER, Spain’s largest bank, is to buy HSBC’s eight per cent stake in Bank of Shanghai, just as many international rivals are beginning to sell out of China.
THERE’S no let-up in the amount of change going on at 3i, the private equity group, that is still being shaken up by chief executive and former Greenhill investment banker Simon Borrows.
ENGINEERING firm Weir Group said it has hired Mary Jo Jacobi, a former adviser to Prime Minister David Cameron, as a non-executive board director, as rumours of a £5.9bn takeover offer from General Electric sent its shares to the top of the FTSE 1
OUTGOING chief executive of Lloyd’s of London, Richard Ward, is to become chairman of Brit Insurance in February 2014.
PUBLISHING firm Informa Group yesterday said it would shift its tax base back to the UK, four years after it moved to Switzerland to escape former chancellor Alastair Darling’s proposal to tax foreign profits.
SHARES in chipmaker CSR got an early boost yesterday, as investors welcomed its plans to retreat from the digital camera market.
IF further proof were needed that smartphone photos became a dominant form of communication in 2013, it was certainly provided yesterday by the Danish PM.
ITALY’S troubled airline Alitalia has raised €300m (£251m) in its capital increase, including an investment by the state-owned postal service, a source close to the matter said.
FTSE 250-listed equipment rental firm Ashtead yesterday said it believes full-year profit will hit the upper end of expectations, after the US construction recovery boosted first-half results.
HIGH-END Canadian yoga-wear retailer Lululemon Athletica yesterday named Laurent Potdevin as its chief executive, as it said founder Chip Wilson will step down as non-executive chairman.
GOLD miner Centamin yesterday said it has offered to buy smaller explorer Ampella Mining, as it looks to diversify from its core Egyptian operations and snap up a new asset at the bottom of the cycle.
WALMART, the world’s biggest retailer, has appointed British executive David Cheesewright as the new CEO of its international division, the firm said yesterday.
FTSE 100-listed mining giant BHP Billiton yesterday indicated that it would cut annual spending to around $15bn (£9.1bn), as it looks to simplify the business and grow its margins.
OIL AND gas remains male dominated even though gender diversity and womens’ career prospects have improved, according to a survey yesterday in which almost a quarter of respondents said the industry was doing a poor job achieving a diverse workfor
Mexico-focused miner Fresnillo yesterday reduced its full-year gold guidance by 8.4 per cent, down to 425,900 ounces. Silver production remains unchanged at 41m ounces.
FTSE 100-listed oil and gas explorer BG Group yesterday increased its estimate of recoverable resources at blocks located off southern Tanzania, after concluding a successful drilling and testing campaign.
Further to yesterday’s article The Truth Behind Peacocks’ Demise (p23), we would like to clarify that Lawrence Tomlinson’s report into RBS lending practices did not use the administrations of Peacock or the other companies mentioned as part of its