Air strikes imminent as US tells Iraq to form a government now June 23, 2014 US SECRETARY of state John Kerry has urged political leaders in Iraq to form a new government urgently, warning that the US may not wait to begin air strikes if the decision-making process drags on. The call comes after Kerry met with Iraqi Prime Minister Nouri al-Maliki in Baghdad yesterday, as militant fighters from the Islamic [...]
What the other papers say this morning – 24 June 2014 June 23, 2014 FINANCIAL TIMES Labour to take on outsourcing groups Labour will mount an assault on big outsourcing companies if it wins the election, reducing their role in delivering the government’s back-to-work programme and exploring a plan to force them to pay all workers above the minimum wage in exchange for Whitehall contracts. The proposals are the [...]
More TSB shares sold on flotation June 23, 2014 An additional 3.5 per cent of TSB is up for sale as part of the bank’s flotation, after its parent Lloyds successfully sold 35 per cent on Friday. The over-allotment takes place in initial public offerings when the share price rises – and TSB’s rose by around 13 per cent on its first day of [...]
Wheatley’s law firm announced June 23, 2014 Chief financial regulator Martin Wheatley will be advised by law firm Kingsley Napley in the upcoming investigation over a bungled announcement by Financial Conduct Authority (FCA), according to sources close to the issue. The firm will be representing Wheatley and other top FCA staff, with the watchdog picking up the legal bills. Insurance firms were [...]
Fitch slashes Tesco credit rating June 23, 2014 Tesco came under renewed pressure yesterday after Fitch downgraded the troubled supermarket’s credit rating amid growing competition in its home market. Fitch said it has cut its rating from BBB+ to BBB, citing increasing competition from the hard discounters Aldi and Lidl and the mounting price war among the big four grocers. The downgrades comes [...]
Prime Minister should be directly elected, say MPs June 23, 2014 A COMMITTEE of MPs is calling for an overhaul at the top of British politics, suggesting the Prime Minister should be directly elected to improve transparency and accountability. A report out today from the political and constitutional reform committee suggests the Prime Minister is too powerful and not enough is known about his control and [...]
Ed Balls unveils mansion tax and promises to hit the rich hardest June 23, 2014 Labour’s shadow chancellor Ed Balls has announced plans for a mansion tax similar to those already proposed by the Liberal Democrats, promising to hit the wealthy hardest. Labour’s proposal would see those in homes worth above £2m hit with a property tax linked to house prices, not inflation. The scheme would be organised into bands; [...]
Analyst Views: Are you concerned that the fire will dampen Asos’s performance? June 23, 2014 JOHN STEVENSON | PEEL HUNT Damage has been relatively limited and the business in now fully operational again, while Asos is fully insured for the damage and business interruption…Moving on from the fire, the same concerns are still there, there are still issues in terms of the relative pricing. It’s still very much a year [...]
Canadian giant SNC-Lavalin swoops for UK engineer Kentz Corporation June 23, 2014 London-listed engineering firm Kentz Corporation surged in trading yesterday after its board backed a £1.2bn takeover by SNC-Lavalin, months after it rejected a rival bid. The British business will be taken over for 935p a share in an all-cash deal by the Canadian group. The price is a 33 per cent premium to last week’s [...]
Allergan tells investors to shun Valeant’s $52bn takeover offer June 23, 2014 ALLERGAN, the pharmaceutical company that makes Botox and breast implants, advised shareholders yesterday to reject Valeant Pharmaceuticals’ latest hostile takeover offer, which valued the firm at around $52bn (£30.5bn). Allergan chairman David Pyott said the bid “is grossly inadequate, substantially undervalues Allergan, and is not in the best interests of Allergan and its stockholders”. Valeant’s [...]