Business group to PM: “If tax cuts aren’t dirty, let’s have a few more of them” October 2, 2013 The Institute of Directors has urged Cameron to reduce the tax burden. Responding to David Cameron’s speech to the Conservative Party conference today, Simon Walker, the group's director general, said: Businesses up and down the country will welcome the Prime Minister’s recognition that they are the driving force behind the economy, creating jobs and putting [...]
ECB keeps interest rate at 0.5 per cent October 2, 2013 The European Central Bank has announced its decision to hold the interest rate for the Eurozone at 0.5 per cent. All other rates remain unchanged. Capital Economics' Ben May comments on the ECB's decision: The ongoing improvement in the outlook for the euro-zone economy had ruled out an ECB interest rate cut today. Meanwhile, the [...]
Berlusconi backs government in confidence motion October 2, 2013 Silvio Berlusconi has announced to the Senate that his PDL party will back the government in its vote of confidence. The support the PDL guarantees that the government will win today's vote and that there will not be a fresh wave of elections. The move is dramatic U-turn from Berlusconi's party which withdrew five ministers [...]
Italian confidence vote called as debate rages October 2, 2013 The vote of confidence in the Italian government has been officially called. It is still unclear whether Silvio Berlusconi himself will back the government, but what is clear is that a significant part of his party will vote for prime minister Letta. The vote has not yet taken place and Berlusconi is not expected to [...]
Bank’s Fisher says borrowers and lenders must not over-stretch themselves October 2, 2013 The Bank of England's Paul Fisher has said that while the Funding for Lending Scheme has been "remarkably successful", it is important that "both borrowers and lenders need to be careful not to over-stretch themselves." Bank staff projections for net lending to the real economy, consistent with the MPC’s outlook for growth in the August [...]
MP quits role to spend more time with his All-Party Freight Transport Group October 2, 2013 Labour MP Rob Flello has resigned as shadow justice minister "after careful consideration" in order "to return to the backbenches to focus on my other parliamentary interests. Flello is chair of the All-Party Freight Transport Group, which states as its objective that it will "promote freight transport issues and provide a forum to discuss challenges [...]
Crossrail construction digs up Roman skulls October 2, 2013 About 20 Roman skulls have been unearthed near Liverpool Street station during work on the Crossrail project. Workers, under the direction of Crossrail's achaeologists, removed the human skulls and Roman pottery, found in the sediment of the historic channel of the River Walbrook. Construction on the site has already unearthed remains from other periods, with [...]
Berlusconi in possible U-turn over no confidence vote October 2, 2013 In a dramatic turn of events Silvio Berlusconi and his PDL party may back prime minister Letta in today's confidence vote. Letta's speech was well received both in the Senate chamber and in the markets as the Italian stock market reached a two year high at the end of Letta's speech. Commentators are increasingly confident [...]
Abu Dhabi and Dubai stock exchanges merger on the cards October 2, 2013 As first reported by Reuters, Dubai and Abu Dhabi are contemplating a merger of their two main stock exchanges and have hired banks to advise them in the state-backed deal. Abu Dhabi has hired investment bank J.P. Morgan Chase and First Gulf Bank to advise on the merger of the two bourses (the Dubai Financial Market [...]
Russia cuts stake in world’s largest diamond producer Alrosa October 2, 2013 The Russian government will be selling a 14 per cent stake in Alrosa, the world's largest diamond producer. Wargan Holdings Limited, a subsidiary of Alrosa will sell an additional two per cent of shares. The deal which has been int pipeline for more than a decade is expected to be worth over £600m. The Russian [...]