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 [...]
Carney: Bank bonuses to face 5 year delay March 4, 2014 BANKERS could have to wait for more than five years to collect their bonuses under new rules being considered by the Bank of England, governor Mark Carney revealed yesterday. And the Bank’s prudential regulation authority is considering ways to claw back bonuses even after they have been paid out, if bankers have behaved badly or [...]
Cameron backs plan to increase minimum wage by three per cent March 4, 2014 THE PRIME Minister has announced that he will increase the minimum wage to £6.50 from £6.31 for over 21s, in line with a recommendation from the Low Pay Commission. David Cameron pre-empted the chancellor’s Budget statement, when a final decision on the increase was expected to be confirmed. George Osborne has repeatedly called for a [...]
Standard Chartered slashes top bosses’ payout and bonus pool March 4, 2014 STANDARD Chartered is set to announce today that it has cut its bonus fund from £840m to £720m this year and slashed a payout to top bosses at the bank. Chief executive Peter Sands and chairman of the bank Sir John Peace are keen to avoid negative publicity around bonus payouts, as other banks including [...]