Hutton to lead public sector pension probe June 20, 2010 FORMER Labour cabinet minister John Hutton has been appointed by the coalition government to lead a commission into public sector pensions. Announcing the appointment, chancellor George Osborne said it was “unsustainable” to expect taxpayers to cough up for public sector pensions. Hutton, a former secretary of state for work and pensions, will be asked to [...]
Private firms lose out in race for RDA grants June 20, 2010 CLAIMS that regional development agencies (RDAs) are there to help private businesses were exposed as false yesterday, after it emerged 62 per cent of grants were funnelled back into the public sector. Research from the Taxpayers’ Alliance shows public sector organisations and projects received £1.8bn in grants between 2007-09 out of a total of £2.9bn. [...]
Redwood calls for a rethink on CGT hike June 20, 2010 JOHN Redwood, the Tory MP leading a Westminster campaign against government plans to raise capital gains tax (CGT), yesterday urged George Osborne to rethink the proposals, just hours before his first Budget as chancellor. “Let’s make a statement; let’s say Britain is open for business,” Redwood said. “We really want enterprise. If you want to [...]
Cameron tells public to back British troops June 20, 2010 THE public needs to support British troops “more loudly and more proudly”, the Prime Minister has said ahead of next week’s Armed Forces Day. David Cameron said his recent trip to Afghanistan had reminded him of the sacrifices made by the military. He said he hoped to see “an explosion of red, white and blue” [...]
HUHNE LEAVES WIFE June 20, 2010 CHRIS HUHNE, secretary of state for energy and climate change, has confirmed he is leaving his wife of 26-years after revelations about his relationship with a former assistant. He said he was now in a “serious relationship” with Carina Trimingham, head of campaigns at the Electoral Reform Society. Huhne emphasised the importance of family during [...]
BP to launch large scale fund raising June 20, 2010 BP IS structuring a plan to raise more than double the amount it has already dedicated to paying out in compensation claims arising from the Gulf of Mexico disaster. It is understood that the board is currently discussing a number of options that could see the embattled oil major raise roughly $50bn (£33.7bn) to cover [...]
Anadarko wages bitter war over Macondo well claims June 20, 2010 A BITTER legal feud between BP and its Deepwater Horizon partner Anadarko Petroleum is developing after the latter declared it would not pay out claims linked to the Gulf of Mexico oil spill. BP said yesterday that it had not made a decision on whether it will sue Anadarko, which it partnered with to co-own [...]
White House hits out over yachting race June 20, 2010 THE WHITE House has hit out at BP chief executive Tony Hayward, who was spotted on his yacht just off the Isle of Wight over the weekend. US President Barack Obama’s chief of staff, Rham Emanuel said that Hayward’s trip was “part of a long line of PR gaffes and mistakes”. He said: “To quote [...]
Bookies take bets on CEO successor June 20, 2010 BOOKMAKERS are taking bids on who is likely to replace BP chief executive Tony Hayward, as uncertainty mounts over who will take the helm. Iain Conn, Bob Dudley and Doug Suttles are among some of the BP executives tipped on Irish book maker Paddy Power’s website, with odds favouring Conn, who is chief executive for [...]
Spice investors tell Cinven to up its bid June 20, 2010 INVESTORS in Spice, Britain’s largest installer of water meters, have signalled private equity house Cinven will have to significantly improve its £316m approach for the company if deal talks are to open. Spice’s board last week rejected an indicative offer of 56p per share from Cinven as “opportunistic”. Although the offer represented a 51.5 per [...]