Carney: World economy is not in the clear yet September 10, 2014 THE GLOBAL economy is still very weak and markets should not get over-excited just because the UK is performing strong, Bank of England governor Mark Carney warned yesterday. British growth has taken off, and the Bank believes it will soon be strong enough to withstand higher interest rates. But the economy is still being slowed by the [...]
Policymakers row over chance of increase in wages this year September 10, 2014 BANK of England policymakers disagreed yesterday over the chance of a rise in wages over the coming months. Martin Weale told MPs he voted for an interest rate rise last month because indicators suggest wages will rise soon. He wants to start slowly raising rates before inflation shoots up as a result. “I fear inflationary pressures [...]
Banks start to regain public’s confidence September 10, 2014 BANK OF THE YEAR This year may be remembered as the year the banking sector started to fight back against the regulators after years in the doldrums post the financial crisis. Profitability is up, lenders are at last overcoming tough new regulatory hurdles and a stable future could be just around the corner. And the [...]
Reds’ warning over earnings September 10, 2014 FOOTBALL giant Manchester United saw its revenues rise to a record level in 2014, but poor results on the pitch are likely to cut earnings by nearly £50m in 2015, the club warned yesterday. The club revealed its seventh place finish last season and subsequent lack of European football would hit its finances, as the [...]
DIY expert nails the top job at Kingfisher September 10, 2014 Veronique Laury set to become only one of five female FTSE 100 chief executives FEW PEOPLE on this side of the Channel will have heard of Veronique Laury, but after renovating three houses of her own, the incoming chief executive of Europe’s largest retailer has knowledge of the DIY sector that goes beyond just the [...]
Sir Ian Cheshire bows out after seven years turning around the B&Q and Castorama owner September 10, 2014 KINGFISHER chief executive Sir Ian Cheshire announced yesterday he was to leave after seven years at the helm, having doubled pre-tax profits at the DIY chain and helped to steer it out of the recession. Sir Ian, who will be replaced by Castorama boss Veronique Laury, said that Kingfisher needed a chief executive to commit [...]
UK commuters feeling strain of taking the train September 10, 2014 If you are a regular traveller on the 16:46 from London Euston to Crewe and are wondering why you never get a seat, it’s because you are on the most crowded train service in Britain. According to figures released yesterday by the Rail Executive of the Department for Transport, last autumn the four-carriage service carried an [...]
Viacom closes £450m Channel 5 takeover and unveils new shows September 10, 2014 MTV-OWNER Viacom has completed its £450m takeover of Channel 5, ending the auction process of the UK broadcaster which began last year. Viacom also announced its first joint programme commissions with Channel 5, a reality TV show called 10,000 BC, as the US group looks to boost the British channel’s programming budget and benefit from [...]
LSE completes Russell acquisition September 10, 2014 LONDON Stock Exchange shareholders yesterday backed its biggest ever acquisition after voting through the £1.6bn acquisition of Russell Investments. The exchanger operator, which launched a £942m rights issue to buy the group, said 99.96 per cent of shareholders approved the deal at a general meeting yesterday. Chief executive Xavier Rolet has bought the group to [...]
BSkyB prices £3.25bn bond issue to cover the cost of Sky Europe September 10, 2014 SHARES in British Sky Broadcasting fell slightly in trading yesterday after it priced £3.25bn of euro- and US dollar-denominated bonds to help it buy Sky Italia and Sky Deutschland. The deal will create a so-called Sky Europe, a pan-European PayTV empire, described by BSkyB as a “world-class, multinational pay TV business with enhanced headroom for [...]