Foxtons chief exec takes leave April 7, 2014 Property agency Foxtons said yesterday its chief executive Michael Brown would be taking compassionate leave, and that its chairman and chief financial officer would work closely to ensure the smooth running of the business. The company declined to comment further on the length of Brown’s leave. Foxtons has had a strong stock market performance since [...]
SABMiller shakes up Africa staff April 7, 2014 SABMiller said yesterday that Norman Adami, chairman of its South African business, will retire from the brewer in July. On 1 July, the South African business will be consolidated with the rest of Africa, and will be overseen by Mark Bowman, currently managing director of SABMiller Africa. Mauricio Leyva, currently managing director of beer for [...]
Post Office offers 95pc mortgage April 7, 2014 The Post Office yesterday unveiled its new range of mortgages using the Help to Buy loan guarantee scheme. Using the government support it will offer 95 per cent mortgages to house buyers with small deposits saved up. Its two-year loans will be on offer with an interest rate beginning at 4.95 per cent. The new [...]
Spain’s industry grows at fastest pace since 2010 April 7, 2014 SPANISH industrial production sped up significantly in the year to February, rising by 2.8 per cent, more than twice as fast as January’s pace and the best reading in more than three years. Despite the improvement, Spain’s industrial production is still relatively low compared to 2010 levels, down by nearly a tenth. Victor Echevarria of [...]
Japan and Australia sign off on trade ahead of new Pacific deal April 7, 2014 THE JAPANESE and Australian governments finalised the foundations of their free trade deal yesterday, ahead of the much broader Trans-Pacific Partnership (known as TPP). Negotiations for the deal have dragged on, having first begun under a previous Australian government in 2007. The deal ends the remaining major tariffs between the two countries: levies by the [...]
Largest ballot in world starts April 7, 2014 INDIA’S general election kicked off yesterday, a mammoth vote that lasts for more than a month and in which over 800m people are enfranchised. Two states in the north-east of the country are first to go to the polls in a race that does not finish until mid-May. The election pits the ruling Congress party’s [...]
Outlook for east Asia growth cut by World Bank April 7, 2014 THE WORLD Bank cut its GDP outlook for several countries in developing east-Asia yesterday, trimming previous forecasts for the world’s fastest growing region. The emerging economies are expected to grow by 7.1 per cent this year and at the same rate next year, down 0.1 percentage points from the estimate in October 2013. According to [...]
Greek government could market fresh bond as early as this week April 7, 2014 THE GREEK government is reportedly primed to issue a sovereign bond within the week, even as the country remains mired in recession. Greece’s finance minister, Yannis Stournaras, insisted yesterday to domestic media that the state is in no rush to return to the debt markets, but confirmed that the sale will take place during the [...]
Top bondholder group will back Punch debt plan April 7, 2014 INDEBTED pub chain Punch Taverns has finally secured support from bondholders for its plan to push back any upcoming default and extend the window of negotiations for restructuring its £2.3bn debt. Senior bondholders said they would support the extension until 29 August in order to agree a restructuring of the debt by the end of [...]
Quindell and RAC launch £100m scheme for black boxes in cars April 7, 2014 BLACK boxes could soon be used to revolutionise the vehicle insurance industry in the UK according to a new joint venture by Quindell and the RAC which analysts say could be worth up to £1bn. RAC said it plans to sell the socalled telematic tracking devices, similar to the black boxes used in aircraft, to [...]