Co-op Bank: No profit this year or next as chief apologises to customers April 11, 2014 Co-op Bank has, as expected, reported that it made a £1.3bn pre-tax loss last year. The struggling lender also says it doesn’t expect to make a profit this year or next. Payouts to former executives who quit having been linked to the collapse of the bank will be cut by £5m, it added, and chief [...]
Asian shares take a beating after US tech rout April 11, 2014 Asian shares are taking a beating after major sell-offs in US tech companies left investors shying away from riskier assets and emerging markets. The losses come hot on the heels of a tough day on Wall Street, with the Nasdaq suffering its worst single drop since 2011. Japan was left particularly vulnerable to the tech [...]
Deficit blow to Scot split plan April 10, 2014 AN INDEPENDENT Scotland would have the second highest fiscal deficit of all the world’s advanced economies in its first year, new analysis by the Treasury has calculated. Only the US would have a deficit that, as a proportion of GDP, was higher than in Scotland. The new nation would be hit with a £9.5bn or [...]
Tech drags Nasdaq to worst loss since November 2011 April 10, 2014 WALL STREET’S tech sell-off resumed yesterday with biotech firms bearing the brunt as investors pulled their money out of an industry that was booming just two months ago. The sell-off sent the S&P 500 tumbling 2.1 per cent to 1,833.08 last night, while the Nasdaq composite closed down 3.1 per cent to 4,054.11, its biggest [...]
Osborne caught in new round of Co-op chaos April 10, 2014 AN INFLUENTIAL MP yesterday attacked George Osborne for failing to explain his team’s involvement in the Co-op Bank’s disastrous efforts to buy 632 Lloyds branches. The chairman of the Treasury Committee wants to know how and when any pressure could have been put on the banks by Osborne through his contact with key figures involved [...]
Signs of life at Marks and Spencer April 10, 2014 M&S showed new signs of life yesterday after reporting sales of its womenswear clothing collection have risen over the past three months, helped by Annie Lennox as part of its star-studded Leading Ladies marketing campaign. It was the company’s best performance in three years. Homeware still remained a thorn in the group’s side, dragging overall [...]
Labour: we stayed silent on immigration to the UK April 10, 2014 LABOUR has admitted it made a mistake by staying silent about immigration when in government, on the same day the Office for National Statistics admitted it underestimated net migration by almost 350,000 people. In a speech yesterday, shadow home secretary Yvette Cooper called for an “honest conversation” on the issues but admitted that her party [...]
What the other papers say this morning – 11 April 2014 April 10, 2014 FINANCIAL TIMES Banks urged to act over Heartbleed A US regulator has warned that cyber criminals could be impersonating bank services or stealing users’ online banking passwords after the “Heartbleed” bug, called one of the most significant breaches of internet security ever, was discovered in the software used to secure two-thirds of the web. The [...]
Cameron: Don’t trust extremist Farage or Clegg April 10, 2014 DAVID Cameron has urged voters to reject “extremist” Ukip and the Liberal Democrats in the European elections, positioning his party as the only option for those who want real change. Promising a stronger economy at home and greater respect abroad, the Prime Minister set out his stall with six weeks to go before the EU [...]
Bankia raises £1.26bn April 10, 2014 Spain’s Bankia, rescued by the state from near financial collapse in 2012, has announced it raised £1.26bn by selling its 4.94 per cent stake in energy giant Iberdrola. The sale of 315m shares was led by UBS and Citi. Market sources suggested there remained a significant amount of unsold stock, although UBS’ presence on the [...]