Asian markets see gains as threat of war recedes March 5, 2014 Asian shares are rising modestly after remarks by President Putin eased fears of an imminent military strike, saying force would be used as a last resort, adding: “It will be legitimate, fully corresponding to the norms of international law.” As the threat of war in Ukraine receded, credit risk dipped to the lowest point this [...]
Obama: Putin is fooling nobody March 4, 2014 BARACK Obama issued a stark message to President Putin yesterday, warning that Russia’s attempts to legitimise military intervention in Crimea are fooling nobody. The US President all-but accused Putin of violating international law, while US secretary of state John Kerry reiterated the threat of economic sanctions against the country if Putin does not withdraw his [...]
Lehman UK will pay back every penny it owes March 4, 2014 THE BRITISH arm of Lehman Brothers is about to pay back everything it owed when it collapsed in September 2008, and even has a surplus of around £5bn, the bank’s administrator said today. Unsecured creditors of Lehman Brothers International Europe will be handed 7.8p in the pound by the end of April, taking the total [...]
How one million homeowners have only known ultra low rates March 4, 2014 MORE than one million first time buyers have jumped on the property ladder in the five years since the Bank of England cut interest rates to 0.5 per cent, raising fears that borrowers are unprepared for a rate rise in the years to come. It is five years to the day since the base rate [...]
Gazprom cancels discount on gas supply for Ukraine March 4, 2014 RUSSIAN-state owned utility Gazprom will strip Ukraine of its discount for gas prices from April, it said yesterday, as chief executive Alexey Miller claimed the country owes debts of $1.529bn (£920m) to his company. Gazprom says it has not received payments for gas sent in January, adding to huge debts accumulated debt over the past [...]
Companies are spooked by volatile Ukraine March 4, 2014 GLOBAL companies are watching developments in Ukraine nervously, as markets react with uncertainty to the standoff between Russia, Ukraine and the rest of the world. Yesterday car manufacturer Renault scaled back its growth forecast to just under two per cent, citing volatility in emerging markets. The warning comes despite the car market picking up across [...]
No 50p tax rate for Scotland says Salmond March 4, 2014 SCOTTISH First Minister Alex Salmond last night refused to back the reintroduction of the 50p tax rate if Scotland became independent. Speaking at a New Statesman event Salmond said taxation in the country would have to be “competitive” and did not back a return to the higher rate, which has the support of the Labour [...]
What the other papers say this morning – 5 March 2014 March 4, 2014 FINANCIAL TIMES Faith, hope and hedge funds for CoE The Church of England is ramping up the exposure of its £6bn endowment to alternative investments such as hedge funds and private equity in a move that will cement its position as one of the UK’s largest single investors in these types of assets. The Church [...]
Big four banks slash 250,000 jobs since crisis March 4, 2014 BRITAIN’S biggest banks have cut their headcount by 200,000 since the crisis, their latest figures show, and expect to cut at least 50,000 more over the coming years as new technologies reduce the need for front-line staff. The big four have slashed their workforce, cutting costs and selling off overseas units in a bid to [...]
Shop prices fall at fastest rate on record March 4, 2014 SHOP prices fell at the fastest pace on record in the year to February, with weak increases in food prices failing to stem the sharper decline in the cost of non-food items, according to an index of retailers released today. The British Retail Consortium (BRC) and Nielsen say shop prices have dropped 1.4 per cent [...]