What the other papers say this morning – 03 June 2014 June 2, 2014 FINANCIAL TIMES Pay rises for senior bankers hit 10pc Banking chief executives received an average pay rise of 10 per cent last year as US banks handed their heads much more generous packages than their European rivals, highlighting the widening remuneration gap on either side of the Atlantic. The analysis of total pay awarded to [...]
UK industry and lending point to broader growth June 2, 2014 DATA released yesterday indicated a broad-based UK recovery, with British manufacturers growing apace, as figures on the housing market suggest recent regulatory changes have dampened a concerning upswing in mortgage lending. Markit and the Chartered Institute of Purchasing and Supply (CIPS) announced a figure of 57 for their purchasing managers’ index (PMI) in May, the [...]
Apple breaks into the Fortune 500 top five as it upgrades software June 2, 2014 APPLE leapt up the Fortune 500 rankings yesterday, moving up to 5th on the annual listings of the top US companies by revenue, on the same day it unveiled a host of software updates to its iPhone, iPad and Mac software. The improvement is due to a 9.2 per cent jump in Apple’s revenue, to [...]
Brussels tells UK: Build more to cut risks from housing boom June 2, 2014 LONDON’S house price boom is creating dangerous imbalances in the British economy, the European Commission warned yesterday. More houses are needed to return the market to health, the study said, noting that soaring prices are driving up household mortgage debts and building financial risks. “The relatively slow response of supply to increases in demand continues [...]
Euro industrial growth muted by French firms June 2, 2014 FRENCH industry is still lagging behind the Eurozone’s modest recovery, while Spain’s manufacturers are reporting the strongest growth in more than four years. Markit’s purchasing managers’ index (PMI) for the currency bloc showed another month of slow growth in May, which nonetheless marks a solid improvement from the recession that ended last year. The score [...]
Merkel and allies could overrule Cameron on EU commission boss June 2, 2014 DAVID Cameron could face a humiliating defeat in Europe if Germany and its allies vote for Jean-Claude Juncker as EU commission President. The Prime Minister opposes arch-insider Juncker and wants a candidate who is more likely to help him reform the EU ahead of his planned referendum in 2017. But German Chancellor Angela Merkel backs Juncker, [...]
B&M covered for flotation June 2, 2014 HIGH street stalwart B&M Retail is on course to defy growing scepticism in the new issues market after getting commitments from investors to back a stock market debut. The firm is understood to have covered its books on the offering, which came under renewed focus after retailer Fat Face scrapped a share issue last month. [...]
Cross-border lending down as banks cut back to home nations June 2, 2014 BANK lending across borders fell by another $122bn (£72.8bn) in the final three months of 2013, the Bank of International Settlements said yesterday. It is the seventh consecutive quarterly drop in lending and shows banks are still cutting back to home markets. The trend represents a marked change from the pre-crash era when credit flowed more freely [...]
Ex-Aviva chief Moss ventures back into City June 2, 2014 FORMER Aviva boss Andrew Moss has re-emerged in his first role since being deposed from the FTSE 100 insurer two years ago. Moss, who was ousted from the company in 2012 after a revolt from shareholders, will join risk consultancy Parker Fitzgerald as chairman of the advisory board, the company confirmed yesterday. “His market knowledge [...]
King of Spain set to renounce crown after 39 years on throne June 2, 2014 SPANISH King Juan Carlos I announced his unexpected abdication yesterday, handing over the position to crown prince Felipe. It puts an end to 39 years during which he helped Spain transition to democracy. Juan Carlos I, who is 76, told Spanish Prime Minister Mariano Rajoy of his wish to leave his position as monarch, which [...]