Royal Mail sale set for new probe July 9, 2014 The government has launched an investigation into the way it disposes of state assets like Royal Mail, ahead of a report to be published tomorrow that slams the sale of the postal business last October. Business secretary Vince Cable has appointed former Labour City minister Lord Myners to lead the probe, which will look at [...]
Fat Face boss keeps the float dream alive July 9, 2014 FAT FACE chief executive Anthony Thompson would not rule out a second attempt at listing shares in London yesterday, just weeks after market nerves forced the retailer – whose casual clothes are modelled above – to abandon plans for a £300m-plus flotation. Thompson said the firm would have “to see what happens”.
Tories will take action to limit public sector strikes in manifesto July 9, 2014 David Cameron announced yesterday that his party will take tough action on strikes if he is re-elected in 2015, as schools across the country prepare to walk out today. During Prime Minister’s Question time in the House of Commons yesterday, Cameron condemned the union walkout which will affect thousands of children, telling MPs “the time [...]
AbbVie’s bid to take over Shire weakens amid mixed messages July 9, 2014 US drug firm AbbVie’s bid to take over UK rival Shire softened again yesterday after shares fell for a second day. The drop added to the US group’s woes after it was forced to issue an embarrassing clarification about shareholder support for the proposed deal. Chief executive Rick Gonzalez said shareholders backed him but yesterday [...]
BNP Paribas offers guilty plea to US for violating sanctions July 9, 2014 BNP Paribas last night pleaded guilty in a New York court to charges that it conspired to violate US international sanctions against Sudan, Cuba and Iran. The admission was part of a deal by the French bank, including a whopping $8.97bn (£5.23bn) charge for breaking sanctions against several countries for an eight- year period. US [...]
SSP prices its shares to go July 9, 2014 Upper Crust sandwich shop owner SSP will price its London stock market debut at the lower end of the range today at 210p. The group, which narrowed the price range from 200p to 240p to between 210p and 230p on Tuesday, will debut with a market cap of nearly £1bn. Investor demand for the issue [...]
Fed to finish $10bn monthly QE in October July 9, 2014 THE FEDERAL Reserve revealed yesterday that its quantitative easing (QE) will finally finish in October, putting a date on the end to tapering for the first time. The end date was made official by the Federal Open Market Committee (FOMC) yesterday. The timeline means the last $15bn (£8.76bn) in QE asset purchases remaining will be [...]
Strikes in Greece over privatisation July 9, 2014 Public sector workers in Greece held a 24-hour strike yesterday, while the government narrowly passed a part-privatisation of the country’s biggest power company. About 30 per cent of the Public Power Corp (PPC), will be sold next year. There was significant opposition to the move, with 51 politicians voting in favour and 46 against.
Entire wholesale banking sector faces probe for unfair behaviour July 9, 2014 Every aspect of the wholesale banking market faces a new round of scrutiny, the City watchdog warned yesterday. From corporate banking to asset management, and investment banking to market infrastructure, the Financial Conduct Authority (FCA) is appealing for complaints over a lack of competition. It is gathering evidence over the next three months to see which [...]
Investors flee Scotland ahead of independence referendum July 9, 2014 Businesses are diverting investment away from Scotland and into other areas like the north of England because of the uncertainty around September’s independence referendum, PwC bosses said yesterday. And the business services group’s chairman Ian Powell added that being part of a larger trading bloc will be beneficial for the UK and Scotland, particularly in [...]