Bank of England’s MPC still split 2-7 on interest rate rise as eurozone and China pressures take their toll October 22, 2014 Minutes of September's meeting of the Bank of England's monetary policy committee (MPC) show its members have become more pessimistic about the chances of raising interest rates early, as the impact of wobbles in China and the eurozone began to be felt in the UK. Policymakers said headwinds facing the economy – such as weak [...]
Competition and Markets Authority chastises HSBC over small business loan “bundling” October 22, 2014 HSBC is one of two banks chastised by the government's new competition watchdog over the way it sells loans to small businesses. The Competition and Markets Authority (CMA) said today it had previously warned banks over "bundling", the practice of forcing small and medium-sized firms taking out a loan with them to open business accounts, [...]
SuperGroup share price slides as former Co-op boss Euan Sutherland replaces Julian Dunkerton as chief executive October 22, 2014 The former boss of The Co-operative Group, who jumped ship from the troubled company he once called "ungovernable" in March after only 10 months in charge, has been named the new chief executive of Supergroup. Euan Sutherland will replace Julian Dunkerton, the man who founded the group’s fashion brand SuperDry, who becomes product and brand director. [...]
Home Retail Group share price falls as it announces plans to close a quarter of stores by 2018 October 22, 2014 Shares in the owner of DIY retailer Homebase fell 3.8 percent in early trading this morning, after it announced plans to close 25 per cent of its 323 stores by 2018. Home Retail Group, which also owns Argos, said the current estate was too big relative the demands of the UK market and out of [...]
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.