Miliband faces Labour revolt in the commons over welfare cap March 25, 2014 AS MANY as 20 Labour MPs are set to defy leader Ed Miliband in a vote in the House of Commons today on the welfare cap. The vote, which the Labour party is supporting, has been called by the government as a result of the Budget last week and will limit Whitehall spending unless a [...]
Million homes must be built to meet need March 25, 2014 THE HOUSE price boom is accelerating rapidly, official figures showed yesterday, as influential economist Kate Barker and the Home Builders’ Federation warned 1m more homes are needed to stop a housing crisis. Prices in London shot up 13.2 per cent in the 12 months to January, even faster than the 12.3 per cent rise through [...]
Falling inflation signals end of wage squeeze March 25, 2014 REAL wages for average UK workers look set to finally begin rising once again, with earnings ticking upwards and inflation down to the lowest level in more than four years. The consumer price index (CPI) rose by only 1.7 per cent in the year to February, according to the Office for National Statistics (ONS) yesterday. Inflation [...]
Bank run hits rural China after deposit safety fears spread March 25, 2014 PANIC over the financial health of two small banks prompted a run on them in provincial eastern China yesterday. There were bank runs on both the Jiangsu Sheyang Rural Commercial Bank and the Rural Commercial Bank of Huanghai, with residents flooding to reclaim their investments. The People’s Bank of China has said that it is [...]
Dovish bankers show support for easing euro March 25, 2014 TWO OF the more hawkish members of the European Central Bank (ECB) governing council hinted at further monetary easing yesterday, mentioning negative deposit rates and outright quantitative easing (QE). Jens Weidmann of Germany’s Bundesbank said first that QE was not “out of the question”, having previously questioned whether it would be legitimate for the ECB. [...]
Union threatens walkouts over Royal Mail cuts March 25, 2014 ROYAL MAIL yesterday unveiled plans to axe 1,600 jobs, a move that one union warned could provoke strikes. The postal company, which said during its privatisation in October that it would be cutting costs, confirmed yesterday the job losses will hit managers in operations and head office. Royal Mail said that it has “a strong [...]
Santander braced for £12.5m fine for bad investment advice March 25, 2014 SANTANDER is expected to be hit by a £12.5m fine today as the Financial Conduct Authority (FCA) clamps down on bad investment advice. The bank has disputed some of the watchdog’s findings, according to Sky News. Meanwhile the global Santander group pledged to increase small business lending by at least 10 per cent in each [...]
UK-Russia pact reviewed after Ukraine unrest March 25, 2014 THE UK government confirmed yesterday that it is reviewing a cooperation agreement with Russian state-owned nuclear energy company Rosatom due to the ongoing political crisis in Ukraine. “[The UK] and Rosatom signed a memorandum of understanding on establishing a programme of commercial cooperation in civil nuclear energy in September last year,” said a spokesperson from [...]
Centrica buys Irish firm as UK review looms March 25, 2014 CENTRICA yesterday said that together with two investment firms, it has agreed to buy Bord Gais Energy (BGE), in a long-speculated deal that will pump €1.1bn (£920m) into the Irish government’s coffers and mark the energy giant’s first foray into the neighbouring market. The FTSE 100 firm will buy BGE’s gas and electricity supply business [...]
BP’s US refinery leaks oil into half a mile of Lake Michigan March 25, 2014 WITH the legacy of the infamous Gulf of Mexico disaster still lingering around BP, the company confirmed yesterday that an unknown amount of oil had leaked from its Whiting refinery into Lake Michigan. The leak occurred on Monday at 4.30pm because of a “disruption in the refining process”, the FTSE 100 oil giant said, but [...]