British American Tobacco share price slides as revenues go up in smoke October 22, 2014 British American Tobacco (BAT) is one the biggest fallers on the FTSE 100 this morning dipping by 4.5 per cent. Revenues at BAT fell by 9.6 per cent at current rates of exchange in the nine months ended 30 September. However, using constant rates of exchange revenue grew 2.4 per cent. The tobacco giant suffered [...]
Diane Abbott: Labour’s mansion tax on £3m properties will not save the NHS October 21, 2014 Labour MP Diane Abbott has urged shadow chancellor Ed Balls to rethink his so-called mansion tax policy, warning that the “tax on London” will fail to raise enough to support the NHS as promised. “I am worried about how much this policy will actually raise and I am worried about it as a sustainable funding [...]
Warren Buffett’s hat-trick of woe: Billionaire loses $1bn as Coca-Cola, IBM and Tesco share prices crash October 21, 2014 Billionaire investor Warren Buffett lost $1bn yesterday after shares in his second biggest investment Coca-Cola crashed to a six-year low, capping a torrid week for the 84-year old after similar misfortunes with IBM and Tesco. Buffett’s 400m shares in the soft drinks firm fell $2.61 each, reducing the value of his holding by $1.1bn after [...]
Chancellor struggling to rein in state borrowing October 21, 2014 THE GOVERNMENT borrowed £11.8bn in September – £1.6bn more than the same month last year. Chancellor George Osborne might have been hoping to offer one or two pre-election sweeteners in December’s Autumn Statement, but yesterday’s figures acted as a reminder of the limited fiscal leeway that he has at his disposal So far, this fiscal [...]
Flint: Heavy regulations are crushing growth October 21, 2014 EXCESSIVE regulations risk squeezing growth out of the global economy, HSBC’s chairman Douglas Flint told a House of Lords committee yesterday. He fears regulators are so focused on stability that they are stopping banks taking the risks they need to lend to firms, creating jobs and growth. “It seems to me that all too often [...]
Instant $84m Karma for Microsoft boss October 21, 2014 MICROSOFT just revealed how much it is paying its new chief executive, Satya Nadella. All told for the first year, it’s a $84m (£52m) package. Just 11 days ago, he urged women in technology not to ask for pay raises but trust in “karma” to get a fair salary.
Risk of mega-fines holds back RBS privatisation October 21, 2014 Bailed-out bank RBS is almost ready to be privatised, but the risk of major fines is stopping a large scale share sale, UK Financial Investments’ (UKFI) bosses told MPs yesterday. The government still owns 80 per cent of the bank and has yet to begin selling up – in contrast with Lloyds, where it has [...]
Top banks fined after Libor manipulation October 21, 2014 THREE banks were yesterday fined after traders tried to manipulate Swiss franc derivatives and Libor, the European Commission announced. It is not thought that any customers were actually harmed by the attempts to rig the market. UBS was fined €12.65m (£10m), JP Morgan €10.53m and Credit Suisse €9.17m over claims traders attempted to manipulate the [...]
UK manufacturing stays strong despite decline in job numbers October 21, 2014 MANUFACTURING output in the UK is now higher than it was in the late 1970s, according to the Office for National Statistics (ONS), scotching perceptions that Britain has lost its manufacturing prowess. Manufacturing output had managed to increase despite a decline in its share of the economy and falling job numbers, the statistics agency said [...]
Tesco suffers worst decline in grocery sector October 21, 2014 TESCO emerged as the biggest loser in the grocery sector over the past three months, despite sales showing signs of recovery, as the supermarket price war and fierce competition continued to take its toll on the troubled retailer. The company, which stunned the City last month with revelations of a £250m black hole in its [...]