Russian grocer O’key planning a £315m London share offer October 5, 2010 RUSSIA’S third biggest food retailer O’key plans to raise up to $500m (£315m) in a London share offer to fund expansion, making it the latest Russian firm to revive IPO plans. O’key, which operates a 52-store chain, will launch a global offering of global depositary receipts (GDRs), with each GDR representing one share, by the [...]
IDS offers lifeline to business start-ups October 5, 2010 IAIN Duncan Smith yesterday outlined plans to give grants to unemployed people who want to set up their own businesses, in a bid to boost the number of first-time entrepreneurs. The welfare secretary said the New Enterprise Allowance (NEA) scheme would offer financial support and business mentoring to enterprising people who are unemployed. He said: [...]
Head teachers gain power to discipline outside school October 5, 2010 HEAD TEACHERS are to be given sweeping new powers to discipline pupils who misbehave outside of school gates, as part of new plans to crack down on anti-social behaviour. Currently, heads have no authority over pupils when they are off of school premises, making it difficult to punish them when they misbehave in the local [...]
City bonuses facing round two of taxes October 5, 2010 DOWNING STREET has confirmed the government is considering a second bank levy on pay and profits, after new figures estimated the bonus payout for the City would be around £7bn this year. Any new levy will take the form of a Financial Activities Tax (FAT), which would be imposed on remuneration and profits. David Cameron [...]
CITY VIEWS: ARE THE CUTS TO CHILD BENEFIT FAIR? October 5, 2010 SHAREENA RASHID | AVIVA INVESTORS “I don’t disagree with the changes, but I think the flaw in the plan is the limit on individuals rather than households. It’s sending out half a message to families who want to return to work, and works against single parents too.” KAMRAN MIRZA | INTERPRO EUROPE “I disagree with [...]
Victims to have more power over police October 5, 2010 HOME secretary Theresa May will tell police to take anti-social behaviour more seriously or face official sanctions. She says the coalition will give victims and communities the right to force the authorities to take action. She will also urge officers to treat offences like vandalism and intimidation as crimes rather than lower-level anti-social behaviour. Speaking [...]
Rogue trader prepares for prison term October 5, 2010 JEROME Kerviel emerged from court yesterday sharp-suited and ashen-faced, like a lost member of the Reservoir Dogs cast, knowing he was about to swap his black tie for a set of prison overalls. He will wear the new outfit for around two years, after being handed a five-year prison term for blowing €4.9bn (£4.3bn) of [...]
Moody’s eyes fresh cut to Irish ratings October 5, 2010 Moody’s has warned it may cut Ireland’s credit rating again, saying additional austerity measures are needed given the huge bill for cleaning up its banks, a weak economic recovery and rising borrowing costs. Ireland’s deeply unpopular government says it could cost up to €50bn (£43.4bn) to unravel banks’ property losses, driving the cost of Dublin’s [...]
Bank of Japan cuts interest rates to zero October 5, 2010 THE JAPANESE government bond yield curve steepened yesterday after the Bank of Japan (BOJ) launched an asset buying scheme, while super-long yields rose on disappointment it was not more aggressive about buying debt. The BOJ also cut interest rates to near zero and pledged to keep rates effectively at zero until prices were seen stabilising. [...]
IMF warns banks still pose threat as currency war looms October 5, 2010 SOVEREIGN debt risk in Europe and continued real estate woes in the United States have dealt a setback to global financial stability in the past six months, the International Monetary Fund said yesterday. The IMF said risks to the financial sector could be reduced if legacy problem assets were cleaned up, if governments improved their [...]