BlueCrest to move its HQ to Guernsey April 8, 2010 BLUECREST Capital Management, which recently said it would open an office in Geneva, is continuing to move out of the UK by re-locating its headquarters to Guernsey in the Channel Islands. Michael Platt, the founder of the blue chip hedge fund, told investors in a letter that regulation was a factor in his decision to [...]
Former Citigroup directors rueful over their role in crisis April 8, 2010 Charles Prince and Robert Rubin, often blamed for bringing down Citigroup, expressed deep regrets for Wall Street’s meltdown in 2008 but did not take responsibility for the firm’s massive losses and the eventual taxpayer bailout at a hearing yesterday. “I can only say that I am deeply sorry that our management — starting with me [...]
KRAFT BACKS CADBURY CAFES April 8, 2010 KRAFT is backing a plan to open a chain of Cadbury-branded cafés, in a bid to cash in on Britain’s café culture. The chain will go head to head with the likes of Starbucks, but will play on the brand’s British heritage by serving cream teas. US parent Kraft is expected to license the Cadbury [...]
Petrol prices hit new high April 8, 2010 THE price of petrol raced to an all-time high yesterday as the improving global economy, rising fuel duty and the weakening pound conspired to sting drivers. They hit an eye-watering 119.9p a litre – topping the previous record of 119.7 reached in July 2008 – in what has been called a “dark day for motorists”. [...]
Easter delivers record March sales boost for US retailers April 8, 2010 Top US retail chains yesterday posted record rises in monthly same-store sales in March, helped by an early Easter holiday and an improving job market, in the strongest sign yet of revived consumer demand. Sales at stores open at least a year rose 9.1 per cent in March, the largest monthly jump since Thomson Reuters [...]
Digital Bill attracts a wave of criticism April 8, 2010 LABOUR and the Tories were both on the back foot yesterday as a wave of criticism overshadowed the passing of the Digital Economy Bill. The controversial bill passed its third reading in the House of Commons, making it a formality that it will be passed into law. But businesses and the public slammed the decision, [...]
New piracy law is not a magic bullet April 8, 2010 THE thud of the Digital Britain bill hitting the statute books yesterday drowned out a collective sigh from the music industry. They shouldn’t be so relieved. Legislating to punish pirates will do nothing to address the massive challenges that record labels face in a digital age. Forcing internet service providers like TalkTalk to disconnect customers [...]
Brown and Clegg rubbish Tory plans to scrap tax on jobs April 8, 2010 GORDON Brown yesterday hit back in the “tax on jobs” row, accusing the Tories of working out their National Insurance plans on the “back of an envelope”. At his first press conference of the campaign, the Prime Minister released an 11-page dossier rubbishing Tory proposals to reverse next year’s one per cent hike in National [...]
ELECTION2010 April 8, 2010 More businesses back Osborne Another 13 businesses leaders backed Tory plans to curb Labour’s proposals to raise national Insurance contributions by one per cent. ITV chairman Archie Norman and Dairy Crest chief executive Mark Allen are among those who agree with George Osborne that the hike is “a tax” on job creation. Michael Caine ditches [...]
M&S sales up as staff given £80m bonus April 8, 2010 STAFF at Marks & Spencer will be handed an £80m bonus pot after the retailer ended the year with better-than-expected same store sales of 5.1 per cent in the UK. The figures were fuelled by the unseasonally cold weather which saw a massive jump in the sake of woollens. M&S said that total like-for-like sales [...]