William Hill set to close 109 shops thanks to government tax hike April 25, 2014 Bookmakers William Hill will be closing 109 betting shops this year as a direct result of the government's decision to hike Machine Games Duty to 25 per cent. Up to 420 William Hill employees are now at risk of redundancy, with roughly £23-24m of exceptional costs to be incurred thanks to the closures. "This is [...]
S&P downgrades Russia to BBB- April 25, 2014 Standard and Poor’s has cut its credit rating for Russia to BBB- – the lowest investment grade. The reason for the downgrade to a notch above "junk" is owing to large capital outflows from the country and worsening economic risks, the credit rating agency said, as the situation over Ukraine becomes more tense. It maintains [...]
Asian markets take a hit as Ukraine tensions rise April 25, 2014 Asian markets have taken a hit after US Secretary of State John Kerry warned Russia it would be making a "grave mistake" if it did not cease interfering in Ukrainian affairs. Investors were left disappointed after US President Barack Obama's state visit to Japan failed to secure a trade deal between the two countries. Many [...]
Firms face pay revolt April 24, 2014 TWO MORE large British firms have been hit by showdowns with shareholders, as revolts over executive performance and pay gather pace. With the AGM season hotting up, pharmaceuticals giant AstraZeneca was last night rocked by figures that showed over half of its shareholder base failing to back the latest remuneration report. Of those who voted, [...]
Gherkin in a pickle: iconic tower is bust April 24, 2014 THE CITY’S iconic Gherkin tower has fallen into receivership after its owners failed to strike a restructuring deal over its mounting debt-pile, paving the way for a likely sale of the skyscraper. Lenders to 30 St Mary’s Axe have handed the keys to receivers Deloitte after a tranche of the debt secured against the building [...]
Barclays: We had to hike pay to keep our best staff April 24, 2014 BARCLAYS had to hike bonuses to stop key US units disintegrating at the end of 2013, the bank’s chairman said at its annual general meeting yesterday. Sir David Walker defended the 10 per cent rise in the bonus pool last year while profits fell, in the face of angry opposition from some shareholders. The rise [...]
What the other papers say this morning – 25 April 2014 April 24, 2014 FINANCIAL TIMES Google+ chief out ahead of shake-up The Google executive who led its attempt to challenge Facebook in social networking is leaving the company, ahead of changes to the service. Vic Gundotra, a former Microsoft executive who has spent almost eight years at the search firm, launched Google+ in June 2011, with the stated [...]
Big investors fighting back against execs April 24, 2014 STANDARD Life Investments and F&C Investments both voted against the 2013 remuneration report, objecting to bigger bonuses at Barclays. In a highly unusual move, Standard Life’s Alison Kennedy spoke out at the AGM, a strong signal of the institution’s anger at the bonuses. “We are unconvinced that the amount of the 2013 bonus pool was [...]
Miliband wants to regulate zero hours contracts April 24, 2014 LABOUR leader Ed Miliband is preparing to unveil plans for new legislation that he hopes will crack down on so-called zero hour contracts in the UK. Zero hour contracts require employees to be available for work when called upon, but with no guaranteed hours or times. Despite employer groups saying they are crucial for creating [...]
Amazon’s sales surge but costs continue to rise April 24, 2014 AMAZON’S sales soared 23 per cent during the first quarter to $19.74bn (£11.74bn), but were offset by a sharp increase in spending on technology, content and new warehouses as the e-commerce giant branches out into new businesses. Despite Amazon’s profits falling 19 per cent to only $146m, shares in the company showed a new lease [...]