Chuka Umunna: Labour will cut tax for firms who lift wages October 13, 2014 Firms who pay their low-paid staff a higher wage should get tax breaks, Labour’s Chuka Umunna said yesterday, ahead of a debate in the House of Commons over the minimum wage. The shadow business secretary will call for an £8 per hour minimum wage, a new mandate for the Low Pay Commission (LPC) to push [...]
Ukip: We’ll prop up Tories if EU vote is in 2015 October 13, 2014 UKIP leader Nigel Farage has said his party would work with a minority Conservative government if the Tories agreed to a “full free and fair referendum” on Britain’s membership of the European Union soon after the General Election. Speaking to the BBC’s Sunday Politics, Farage said he wanted “the opportunity to get our country back, [...]
Global decline in shares stokes growth fears October 13, 2014 STOCKS in Dubai tumbled from nearly seven per cent yesterday, adding to a bearish period that has seen equities sink in recent weeks. The main indexes in Dubai and Saudi Arabia dropped by 6.5 per cent in trading yesterday. Global markets took a big hit at the end of last week as investors fled to [...]
How much does a FTSE 100 director get paid? Earnings rocket as companies raise share incentives October 13, 2014 Long-term incentive payments saw FTSE 100 company directors enjoy huge earnings rises over the last year, according to new figures published this morning. Salaries rose by a relatively modest 2.5 per cent, data released by employment researchers Incomes Data Services showed, while bonuses rose 12 per cent. However, overall earnings rose 21 per cent in [...]
Money for old rope as Melrose pulls in £365m October 13, 2014 MELROSE Industries is selling its rope-manufacturing arm Bridon to the Ontario Teachers’ Pension Plan (OTPP) for £365m. As part of the deal, British investment company Melrose will contribute £6.7m towards the Bridon Group (2013) pension scheme, which will remain with Bridon on disposal. Melrose said it intends to use the proceeds of the sale to [...]
London Mining administration announcement expected today October 13, 2014 London Mining is expected to announce it is going into administration today, after revealing at the end of last week that it was temporarily suspending trading on the Aim “pending clarification of the company’s financial position”. A source told City A.M. that London Mining was in acquisition talks yesterday with Indian company JSW Steel, and [...]
Tesco woes mount as two more senior executives head for exit October 13, 2014 TESCO is set for further upheaval after the supermarket giant confirmed the resignation of company secretary Jonathan Lloyd yesterday. Lloyd – who advises the board on legal and governance issues – resigned last month before the discovery of the £250m overstatement in profits that stunned investors and has cost billions of pounds in market value. [...]
Veteran TV boss David Frank raises £30m to fund takeovers October 13, 2014 Former Zodiak Media boss David Frank has signed his first acquisition as part of the launch of his new media investment vehicle Dial Square 86. Frank is currently raising between £20m and £30m to fund the takeover of a number of target content businesses as he looks to build “a content group of the future”. [...]
Lending Works hires technology chief to boost leadership team October 13, 2014 ONLINE peer-to-peer lender Lending Works will today announce the hiring of Michael Raasch, its first head of technology, who spent 15 years managing software development for global banks including Goldman Sachs, Commerzbank and UBS. Lending Works is one of the rising stars of the peer-to-peer lending sector having lent out £500,000 in September. The firm [...]
Business boom dented by euro area troubles October 12, 2014 UK BUSINESSES lost some momentum in September, with survey data showing that most regions have been impacted by economic troubles across the Channel. A purchasing managers’ index (PMI) released by Lloyds Bank, which records business activity, scored 57.4 for the UK average, down from 59.3 in August. Anything above 50 implies growth and although this [...]