Warning that fuel prices could rise by 5p per litre March 3, 2014 ENERGY prices on the world markets jumped yesterday as turmoil in Ukraine pushed panicked traders to snap up supplies. Petrol prices could rise by as much as five pence per litre, the RAC warned, as Russia’s actions threaten to squeeze the supply of energy. Such a jump would reverse much of the fall in prices [...]
Worst day for Russian market since 2008 crash March 3, 2014 RUSSIAN stocks dived by 11 per cent yesterday, wiping around $60bn (£36bn) from the value of the companies – a loss of value even greater than the $51bn cost of the Sochi olympics. The country’s central bank hiked interest rates in an effort to stem the flood of money out of the country, attempting to [...]
What the other papers say this morning – 04 March 2014 March 3, 2014 FINANCIAL TIMES Nine private equity heads share $2.5bn The nine founders of the four big listed US private equity companies took home more than $2.5bn between them last year, with Apollo Global Management’s Leon Black alone receiving $546m. The dividend income, investment profits and other compensation shared by the founders of Apollo, Blackstone, Carlyle and [...]
Bottom Line: Three stocks that stand to lose big from the escalating market chaos March 3, 2014 1 BPTHE MOST exposed to Russia of the FTSE’s energy majors slumped 2.28 per cent yesterday despite a similar rise in the cost of brent crude. A hotly contested deal in 2012 saw BP take on a 19.75 per cent stake in Russian state-owned oil company Rosneft – whose shares dropped 4.1 per cent in [...]
Ukraine PM vows to meet IMF’s requirements March 3, 2014 UKRAINE’S Prime Minister yesterday promised that his government will meet all the requirements of the International Monetary Fund (IMF) to get a loan, as a fact-finding team from the global lender arrives in Kiev. IMF representatives are expected to spend 10 days in Ukraine discussing reforms that would need to happen for the country to [...]
MPs demand overhaul of business rates March 3, 2014 A GROUP of MPs has waded into the debate on business rates by demanding a complete reform of the current system, calling for a tax based on sales instead of the value of a property. Suggesting a series of reforms that could hit online retailers such as Amazon and Asos, the Business, Innovation and Skills (BIS) [...]
Government considering legal case for all-women job shortlists March 3, 2014 THE GOVERNMENT is looking at the legality of women-only shortlists for board appointments, to help ensure it meets a diversity target set by Lord Davies for 2015. A report out today details a 10-point plan to beef up a voluntary code for headhunters, to make sure they put forward enough women candidates for interviews at top firms. [...]
Boris: Increase council tax and cut business rates in the capital March 3, 2014 LONDON Mayor Boris Johnson has called for a cut to business rates and increases to council tax for those who own expensive homes in London. Speaking at a Communities and Local Government select committee yesterday the Mayor said businesses are being “clobbered” by high rates while rich homeowners pay low rates of tax as council [...]
EU red tape cost £1.3bn last year March 3, 2014 NEW REGULATION stemming from the EU added £1.3bn in annual costs to business and civil society in the UK during 2013, while European reductions in regulation cut annual cost by only £2.5m. According to the annual report of the Regulatory Policy Committee (RPC), deregulation savings enacted nationally in 2013 amounted to £274m per year, against new [...]
Ian Tyler made minder for G4S March 3, 2014 FORMER Balfour Beatty boss Ian Tyler has been appointed as a £500-a-day “minder” for troubled outsourcer G4S. Tyler, soon to become chair at Cairn Energy, is among a group of Crown Representatives being announced today as part of a Whitehall bid to improve public procurement. G4S is at the centre of an investigation by the [...]