What the other papers say this morning – 12 March 2014 March 11, 2014 FINANCIAL TIMES Brent crude contract underpinning Slowing output from the North Sea may require IntercontinentalExchange to add oil grades from beyond the offshore European fields to underpin its flagship Brent crude contract. The comments from David Peniket, president of the London-based ICE Futures Europe exchange, echo growing industry concern that the global crude oil benchmark [...]
Investors rush to grab a piece of Poundland March 11, 2014 POUNDLAND is expected to sell shares in its stock market float at the peak price of £3 each today after a hotly contested battle to own a piece of the discount retailer. The high street store, which sells all its items for £1, announced plans last month to float in a deal which values the [...]
Labour rules out EU referendum unless UK stands to lose powers March 11, 2014 LABOUR leader Ed Miliband will rule out a referendum on Britain’s membership of the European Union in a landmark speech this morning. In a bid to put clear water between himself and David Cameron, Miliband will seek to position himself as the party for business by promising there will not be an in-out referendum before [...]
Regulator plans crackdown on payday lenders’ debt collection March 11, 2014 PAYDAY lenders must be sensitive when collecting debts from borrowers who are struggling, the City watchdog warned today, saying those who are not will be pushed out of business. The Financial Conduct Authority takes over responsibility for regulating payday lenders on 1 April and said its first priority is reviewing debt collection practices. “One in three loans go [...]
Obituary: RMT union boss Bob Crow passes away aged just 52 March 11, 2014 Outspoken union leader dies after suffering sudden heart attack UNION boss Bob Crow died yesterday at the age of 52 after a sudden heart attack. Crow was rushed to hospital in London on Monday night, where he later died. Doctors at Whipps Cross hospital battled for over an hour to save the Rail, Maritime and [...]
Obituary: The firebrand who led London’s transport staff March 11, 2014 WHEN BOB Crow was challenged last month about sunbathing in Brazil while his union headed towards a series of strikes on the London Underground, he replied in his typically brusque manner: “What do you want me to do, sit under a tree and read Karl Marx every day?” Crow’s fight for rail workers since winning [...]
Discount stores feast on Tesco’s market share March 11, 2014 TESCO’S market share has fallen to its lowest level in almost 10 years as the supermarket and its mid-market peers lose ground to hard discounters Aldi and Lidl. Britain’s biggest supermarket, which announced plans earlier this month to win back shoppers by cutting prices, saw its market share decline to 28.7 per cent in the [...]
Solvency II gets green light in EU parliament March 11, 2014 A NEW regulatory scheme for insurers has moved one step closer after the European parliament yesterday voted through the Omnibus II directive that will implement the rules. The long-awaited Solvency II scheme, which will set capital requirements for insurers across the EU, will be formally introduced in January 2016. The directive follows on from Solvency [...]
Vodafone’s second Ono takeover bid in deciding vote tomorrow March 11, 2014 SHAREHOLDERS of Spanish cable operator Ono will consider Vodafone’s second takeover bid tomorrow, understood to be an improved offer of between €7bn (£5.8bn) and €8bn. Last month Ono rejected Vodafone’s initial bid of €7bn, instead sticking to its original plan to pursue a public float. People close to the deal told City A.M. that Ono’s [...]
Sports Direct’s chairman in line for £67m bonus March 11, 2014 SPORTS Direct announced plans yesterday to introduce a bonus scheme that could award Mike Ashley a windfall of £67m, nearly two years after shareholders rejected previous plans to reward the retailer’s founder. The sporting goods retailer has called for a shareholder meeting on 4 April to vote on whether to award Ashley 8m shares, which [...]