Co-op Group in turmoil: Sutherland quits and rival factions begin the fight for control March 11, 2014 THE CO-OP was plunged deeper into chaos yesterday as chief Euan Sutherland sensationally quit after just 10 months, inflaming a divisive row over modernising the mutual that threatened to split the board. Sutherland’s exit leaves serious question marks over the business’ future, with his resignation statement pointing to deep divisions at the top of the [...]
Bank of England plans shake-up to tackle forex probe March 11, 2014 GOVERNOR Mark Carney vowed to restore the Bank of England’s credibility and repair financial markets yesterday, hiring a new deputy governor to investigate foreign exchange market manipulation claims. Carney promised to “ruthlessly, relentlessly follow through with the investigation” into claims a Bank of England staff member had encouraged or turned a blind eye to traders’ attempts [...]
Carney says Scottish banks might have to move south March 11, 2014 SCOTLAND’S biggest banks may have to be rehomed in England if the country votes for independence, after Bank of England governor Mark Carney said yesterday it was unclear whether they could be run from Scottish head offices. During a quizzing by the MPs of the Treasury Select Committee, Carney admitted: “It is not clear in [...]
Ukraine pleads for action from UK and America March 11, 2014 THE NEW government in Ukraine has called on leaders in the UK and America to uphold their end of a bargain made in 1994 to protect the troubled state. The desperate call came as Russia said yesterday it would recognise the outcome of the vote in Crimea on Sunday, said to be a line in the [...]
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 [...]