Banks still fail to lend more to small businesses August 28, 2014 THE FUNDING for Lending (FLS) scheme is still failing to increase loans to smaller firms, according to figures released yesterday by the Bank of England. The banks participating in the scheme drew down £3.2bn between April and June, despite the fact that overall credit to small- and medium-sized enterprises (SMEs) was still on a declining [...]
Scottish businesses vote Yes for independence – the large and the small August 28, 2014 More than 200 Scottish business leaders yesterday published a letter in support of Scotland leaving the UK, one day after a rival group of 130 leaders had backed keeping the Union. The letter was signed by some prominent figures including Stagecoach chair Sir Brian Souter and the former boss of William Hill, Ralph Topping. But critics [...]
CBI shrinks its Scottish dinner to fit with rules August 28, 2014 THE GUESTLIST shrank, flowers disappeared from tables and guests were instructed to wear business dress, not black tie. It sounds like the beginning of a murder mystery play, but it is, in fact, what the Scottish branch of the CBI was forced to do in order to meet election rules for its annual dinner last night. [...]
French minister Emmanuel Macron targets sacred 35-hour week August 28, 2014 Emmanuel Macron has dived straight into the deep end of French politics as the country’s new economy minister, hinting that the nation’s sacred 35-hour working week could be guillotined. Speaking to French newsmagazine Le Point, Macron floated the idea that the 35-hour week passed under Prime Minister Lionel Jospin could be relaxed. The rule currently [...]
US economy roars back stronger than ever after arctic conditions August 28, 2014 THE US economy’s bounce back from polar conditions early this year was even stronger than statisticians initially expected. GDP jumped by 4.2 per cent on an annualised basis during the second quarter, a larger increase than the four per cent which was initially projected. Business investment was revised upwards significantly, with an 8.2 per cent expansion recorded, [...]
AA gets third boss in a year amid ongoing upheaval at motor icon August 28, 2014 FORMER car park boss Bob Mackenzie yesterday became the latest in a string of corporate executives to try their hand at running motoring icon AA. Mackenzie, who will break City convention and combine the role of chairman and chief executive at the group, follows in the footsteps of outgoing boss Chris Jansen, who left yesterday, [...]
Ophir Energy cuts its board to reduce its costs August 28, 2014 FTSE 250-listed upstream oil and gas explorer Ophir Energy shook up its board yesterday with a major restructuring. It is seeking to cut costs across all levels of the organisation. The oil explorer, founded in 2004, will slim down its board, with the number of executive directors cut down to two from three currently, and [...]
Bovis Homes, Direct Line and Pandora change guard at the top August 28, 2014 THERE was a changing of the guard yesterday as three high profile City figures made their move at Pandora Bovis Homes and Direct Line. The Danish jewellery designer announced that Allan Leighton would be stepping down as chief executive after a year at the helm. Anders Colding Friis, the chief of Scandinavian Tobacco Group, will [...]
Afren shares plummet as more board members are suspended August 28, 2014 THERE WAS more woe for oil and gas explorer Afren yesterday, as its share price plummeted nearly 10 per cent on news it had suspended two more board members. The new suspensions follow less than a month after it suspended its chief executive and operations chief, over an ongoing investigation into alleged “unauthorised payments”. Afren [...]
CSR share price jumps 35pc after rejecting Microchip offer August 28, 2014 British microchip firm CSR yesterday knocked back a takeover approach from US rival Microchip Technology, saying it would have to up its offer, boosting CSR’s shares 35.6 per cent. CSR specialises in connectivity with its chips used in products such as speaker docks and the now Apple-owned Beats headphones. “The price proposed by [...]