Luxembourg off tax haven list July 8, 2009 Luxembourg has been removed from a “grey list” of countries seen by the OECD as lacking financial transparency, budget minister Luc Frieden said yesterday. “As of this afternoon Luxembourg will be on the OECD tax haven white list,” he said. The Paris-based Organisation for Economic Cooperation and Development had placed Luxembourg on the so-called grey [...]
TalkTalk delivers a blow to Phorm July 8, 2009 Shares in Phorm suffered another blow yesterday after the online behavioural monitoring company confirmed that telecoms retailer Talk Talk had ended their commercial agreement. The news came two days after BT said it had no plans to use Phorm’s service, sending the shares 42 per cent lower. Phorm said Carphone Warehouse subsidiary TalkTalk had not [...]
JPMCaz unveils scathing Pru note July 8, 2009 JP Morgan Cazenove (JPM Caz) has published a controversial research note suggesting insurance heavyweight Prudential has “made full use of the vagaries of insurance accounting to present its results in a good light”. The note, a draft of which was shown to the firm last week, sparked concern when Pru proposed a number of changes [...]
Manufacturing output slump July 7, 2009 MANUFACTURING output fell by 0.5 per cent in May, according to official data released yesterday by the Office for National Statistics, reducing the likelihood that the UK economy returned to growth in the second quarter. The surprise fall – analysts had expected a rise of 0.2 per cent – meant that manufacturing is now 13.1 [...]
Shop prices inched higher in June, food prices to fall July 7, 2009 INFLATION in shop prices rose only modestly in June and at a slower rate than in May, according to the British Retail Consortium-Nielsen’s shop price inflation index released today. Prices rose by 0.7 per cent in June compared with the same period last year and was held up by food inflation of 5.6 per cent [...]
UK consumer upbeat about rest of year July 7, 2009 BRITISH consumers are feeling increasingly positive and confidence levels are now close to those recorded last year, according the Nationwide consumer confidence index published today. The index rose to 58 from 54 in May, compared to a reading of 59 in June last year. Consumer expectations for the economic situation in six months time were [...]
EU finance chiefs agree capital plan July 7, 2009 EUROPEAN Union finance ministers have agreed to make changes to capital requirements on financial institutions, to ensure that they build up greater cash cushions during good times. The plans, which will form the basis of legislation to be drafted in October, is intended to prevent banks lending recklessly when growth is strong and allow them [...]
Brown pulled plug, say the Rover four July 7, 2009 FOUR former MG Rover executives accused of asset-stripping the company blamed Prime Minister Gordon Brown yesterday for pulling the plug on Britain’s last major car maker, leaving it to collapse in 2005. They say he took advice from key treasury adviser Baroness Vadera while he was chancellor. The so-called “Phoenix Four” – John Towers, Nick [...]
LONDON BOMBINGS COMMEMORATED July 7, 2009 PRIME Minister Gordon Brown and London mayor Boris Johnson joined the families of the 52 victims who lost their lives in the July 7 attacks, for the unveiling of an official monument in Hyde Park yesterday. The monument, consisting of 52 stainless steel pillars, came at the fourth anniversary of the terrorist attacks.
Michael Page: UK job market is stabilising July 7, 2009 SHARES in job market bellwether Michael Page rose yesterday after its chief executive Steve Ingham said that it had seen a stabilisation in some markets but did not expect a firm recovery until next year. “I wouldn’t say the shoots are green out there but there’s some stabilisation which is reassuring,” Ingham said. The statement came as [...]