Stocks rally after Putin speech despite Crimea tensions March 18, 2014 RUSSIAN markets rallied after a speech by President Vladimir Putin yesterday, bouncing back as he signalled an end to military aggression in Ukrainian territories. Putin signed a draft bill in Russia’s parliament to officially annex Crimea, saying that the peninsula was an integral part of Russia, but that he had no desire to further divide [...]
Budget 2014: What to watch out for today March 18, 2014 WHO: GEORGE OSBORNEWHEN: 12.30PM TODAYWHERE: HOUSE OF COMMONS WHAT WE ALREADY KNOWA facelift for the pound coinOsborne will announce plans to give the £1 coin a facelift in his Budget today. This will see a new two-coloured 12-sided coin introduced in 2017 after a consultation. Help to buy extended to 2020The equity loan scheme set up to [...]
What the other papers say this morning – 19 March 2014 March 18, 2014 FINANCIAL TIMES Labour pledges power to Scotland The Labour party has pledged more powers for Scotland in an attempt to bolster pro-union support six months before September’s referendum on independence. The prospects for devolution have become a battleground between pro-union campaigners and nationalists who argue that only independence would let Scotland decide its economic destiny. [...]
EU tries to stop banks swerving bonus cap rules March 18, 2014 THE EUROPEAN Union banking regulator is preparing to clamp down on a system of allowances, paid to bankers to get around tight new bonus rules. Michel Barnier, the EU financial services commissioner, said banks that pay employees monthly allowances in order to boost their take-home pay without directly contravening the bonus cap will be examined by [...]
Samsung, Motorola and LG join Google’s smartwatch platform March 18, 2014 GOOGLE last night unveiled a version of its Android smartphone software designed specifically for smartwatches and wearables. Motorola, LG and Samsung are among the consumer hardware manufacturers that have signed up to use the new software which Google is calling Android Wear. LG’s G smartwatch running Android Wear is due to arrive next quarter with [...]
Berlusconi hit with two year election ban March 18, 2014 FORMER Italian Prime Minister Silvio Berlusconi has been hit with a two-year ban preventing him from running for public office. The Court of Cassation, Italy’s highest appeals court, has upheld a judgement against him by the appeals court in Milan, following a conviction for tax fraud. Berlusconi was said by his lawyer to be “disappointed” [...]
Total overhaul of Carney’s top level executives March 18, 2014 MORE than a dozen top staff at the Bank of England will be reshuffled into new or radically changed jobs this summer, the Bank said yesterday, with around 10 more senior positions still to be filled. A new deputy governor has been appointed for markets and banking, a position which did not exist previously and comes [...]
Sainsbury’s hit by first sales fall in nine years March 18, 2014 SAINSBURY’S nine-year run of like-for-like sales growth came to a halt in the fourth quarter as sluggish market growth and fierce competition from discounters finally caught up with the grocer. Like-for-like sales excluding fuel tumbled 3.1 per cent in the 10 weeks to 15 March, ending 36 consecutive quarters of sales growth on chief executive [...]
Analyst Views: Is Sainsbury’s sales fall a sign of a more serious underlying trend? March 18, 2014 DAVID MCCARTHY | HSBCPart of the sector’s problems is its introverted definition of “peers”. Sainsbury is losing like-for-like sales to retailers that it appears not to define as “peers”. This sector is in structural decline, with no end in sight. We downgrade our rating, target price and forecasts to reflect our rising concerns. JAMES GRZINIC [...]
Music industry slumps despite online growth March 18, 2014 MUSIC subscription services’ revenues grew to over $1bn (£603m) worldwide in 2013, but the dramatic growth from the likes of Spotify and Rdio was not enough to support the music industry which contracted 3.9 per cent overall to $15bn. Japan led the slump in global music revenues with a 16.7 per cent drop in sales [...]