Asian markets slide before ECB meeting June 5, 2014 Asian markets have taken a turn for the worse in anticipation of the European Central Bank's (ECB) meeting later today. The ECB is expected to cut the primary refinancing rate to 0.1 per cent and commence a host of stimulus measures, according to survey of economists conducted by Reuters. More good news on the US [...]
Banks’ fines to soar past $100 billion June 4, 2014 EUROPE’S biggest banks face an eye-watering $104bn (£62bn) bill, as regulators throughout the world ramp up fines for bad behaviour. The total amount, calculated by analysts at Credit Suisse, is nearly twice as high as had been expected a year ago, following a series of huge punitive charges in recent months. The 10 banks included [...]
Critics slam limp proposal for holding MPs to account June 4, 2014 THE GOVERNMENT’S proposed recall bill for MPs sparked a row yesterday, with the Taxpayers’ Alliance calling the plans “embarrassingly weak”. Under a new bill in the Queen’s speech, parliament, not the people, will be able to trigger the sacking of an MP if they are suspected of wrongdoing or convicted of a crime with a [...]
British tycoon takes up City A.M.’s lunch date challenge June 4, 2014 UK investment tycoon Jim Mellon is to follow in Warren Buffett’s footsteps and auction off the chance to have lunch with him in aid of charity. Mellon’s decision follows an article written in City A.M.’s diary earlier this week, questioning whether the so-called UK answer to the Oracle of Omaha would ever replicate Buffett’s annual [...]
S&N deal lures second suitor June 4, 2014 SMITH & NEPHEW (S&N) looks set to be the subject of a bidding war after a rival suitor started evaluating a bid for the group, just days after US firm Stryker said it was also interested in the firm. S&N, which sells surgical implants, is understood to be in the sights of US medical devices [...]
$50bn T-Mobile merger nears June 4, 2014 US MOBILE operator Sprint is close to an agreement on the price, capital structure and termination fee of an acquisition for T-Mobile, according to reports. The $50bn (£30bn) merger is expected to value T-Mobile at $40 a share, according to Bloomberg. Sprint will reportedly offer 50 per cent stock and 50 per cent cash for [...]
What the other papers say this morning – 05 June 2014 June 4, 2014 FINANCIAL TIMES Twitter weighs music acquisitions Twitter has considered buying online music services including Soundcloud and Spotify in recent months – a move that suggests it is willing to attempt its largest acquisition to secure new sources of growth. The online messaging platform has weighed up deals worth billions of dollars as it seeks to [...]
Tesco chief Philip Clarke says he has no plans to step down June 4, 2014 TESCO boss Philip Clarke yesterday reiterated that he had no plans to step down despite admitting that the supermarket chain had suffered its worst quarterly sales performance in his forty years at the company. Clarke said a dramatic slowdown in the grocery market and deliberate efforts to win back shoppers by slashing prices were partly [...]
Bottom Line: Chop harder or prepare to face a descending axe June 4, 2014 HOW quickly a giant can start to resemble a dinosaur. Tesco’s likefor-like sales in the first quarter fell by a shocking 4 per cent if you exclude VAT, petrol and vouchers, its worst drop in years. Embattled chief executive Philip Clarke says he’s determined to cling to his position, but it looks less and less [...]
Hiring at highest level since 1997 as services grow June 4, 2014 BRITISH services companies confirmed another buoyant month yesterday, with the most rapid staffing increases in 17 years reported this May, and no slowdown to the sector’s speedy recovery in sight. Markit and the Chartered Institute of Purchasing & Supply’s latest purchasing managers’ index (PMI) came in at 58.6, nearly unchanged from the previous month. The [...]