Boris Johnson reveals £1.3 trillion plan to fix London’s water shortages July 30, 2014 As London races towards a record population size of 8.6m people next year, topping its previous population record in 1939, it could face daily water shortages of up to 60m litres, according to the latest figures from Thames Water. By 2050, as London reaches an expected population of 11.3m people in the capital, its daily [...]
Surge in growth for US as price pressures build July 30, 2014 THE AMERICAN economy surged out of the first quarter’s arctic slump during the three months to July, with growth outstripping analysts expectations, and the Federal Reserve hinted at rising inflationary pressure. On an annualised basis, GDP jumped by four per cent in the second quarter, ahead of the three per cent increase expected. The US [...]
Hammond on UK Ebola risks July 30, 2014 FOREIGN secretary Philip Hammond said yesterday that the Ebola virus poses a risk to the UK, but that it is not an immediate threat and would be manageable. “We have many British nationals who travel in that area”, said Hammond. He added: “In a world as interconnected as ours it would be folly to assume that [...]
Huge loss for Banco Espirito July 30, 2014 PORTUGAL’S Banco Espirito Santo posted record losses last night, down €3.58bn (£2.76bn) in the three months to June. The bank’s new chief executive, Vitor Bento, said that there would be an immediate attempt to raise capital. The crisis began with concerns about the bank’s finances. The struggling shares dropped by another 10.57 per cent yesterday, [...]
Bad bankers to pay back bonus seven years on July 30, 2014 BANKERS will be allowed to enjoy their bonuses only more than seven years after being awarded, under new rules announced yesterday to keep financiers on the straight and narrow. Regulators believe the rules would have cut the pension and bonus Fred Goodwin received after the RBS bailout. Proposed rules to stop bosses delegating responsibility are intended [...]
EU sanctions Putin’s cronies as G7 nations say more may come July 30, 2014 The European Union yesterday extended sanctions against the Russian government to another group of individuals and organisations, freezing the assets of “cronies” of Russian President Vladimir Putin, according to one EU official. The eight individuals included Arkady Rotenberg, a friend of Putin, who has benefitted from public contracts and the gains of Moscow’s state-owned firms. The [...]
What does The Engine Group do? July 30, 2014 ■ Nestled in offices behind Oxford Circus, the Engine Group describes itself as an integrated marketing communications group, which owns ad agency WCRS, PR group MHP Communications, digital shop Jam and direct marketing specialist partners Andrews Aldridge, among others. ■ Engine’s UK chief executive, Debbie Klein, stressed that the group would retain its independence after [...]
Barclays’ Antony Jenkins says his bank has turned corner July 30, 2014 Antony Jenkins had a new spring in his step yesterday. Payment protection insurance mis-selling might have blown another near-billion pound hole in his profits, but he had the look of a man who knows he is on the verge of something great. Like most post-crisis banking chiefs, Jenkins took the reins at Barclays in the wake [...]
Barclays’ progress frustrated by legal costs and PPI July 30, 2014 Mounting PPI payouts and weak investment bank performance knocked Barclays’ profits in the first half of 2014, the bank said yesterday. Pre-tax profits fell seven per cent to £3.3bn, down from £3.6bn in the same period of 2013. Operating income fell nine per cent to £12.2bn, while operating expenses rose nine per cent to £8.9bn. [...]
Astrazeneca and Pfizer: It’s a conscious uncoupling as drugmakers go separate ways July 30, 2014 Drugmakers Astrazeneca and Pfizer yesterday put to bed their “will they, won’t they” bromance by signing new deals with other companies. FTSE 100-listed Astrazeneca, which fought off a £69bn takeover approach from larger US rival Pfizer in late May, said it had agreed to buy Spanish firm Almirall’s lung drugs business for up to $2.1bn [...]