A new team for “deepening reform” says China’s CPC as it recognises market’s “decisive” role November 12, 2013 China's CPC has approved a decision to set up a central flagship team for "comprehensively deepening reform", following a four-day meeting which ended on Tuesday. The team will be in charge of designing, coordinating, arranging and pushing forward reform as well as supervising the implementation of the reform plans, according to a statement issued [...]
Wonga appoints co-founder Errol Damelin as chairman November 12, 2013 Payday loan company Wonga has appointed its co-founder and chief executive officer (CEO), Errol Damelin as chairman of the company. Damelin has been the CEO of the company since its founding in 2006. He will be replaced by chief operating officer, Niall Wass. Jonty Hurwitz, who co-founded Wonga, announced he will retire from the company's [...]
RBS reprivatisation could be sped up by “bad bank” November 12, 2013 RBS's "bad bank" may speed up the reprivatisation of the state-owned lender, according to James Leigh-Pemberton. Leigh-Pemberton was answering questions from MPs at a Treasury Select Committee meeting this morning, in his role as executive chairman designate of UK financial Investments (UKFI) – the UK body that manages taxpayers' stakes in RBS and Lloyds Banking [...]
Walkie Scorchie redesign almost there says developer Land Securities November 12, 2013 The developer of the Walkie Talkie skyscraper in the City of London, Land Securities, said this morning that a solution to the "seasonal solar glare" issue – the 70C beam of sunlight that melted cars, burnt shops and saw an egg fried in its heat – is in its final stages. Land Securities says that [...]
Growth set to gain momentum in developed economies says OECD November 12, 2013 Growth in developed countries increased in September with the recovery in the Eurozone "gaining momentum," according the Organisation for Economic Co-operation and Development. The Composite Leading Indicator (CLI), intended to detect turning points in economic activity, show growth is above trend in Japan and is strengthening in the UK. Growth in the US is around [...]
US to overtake Saudi Arabia as number one oil producer by 2016 November 12, 2013 The US will become the world's largest oil producer by 2016, according to a report by the International Energy Agency (IEA). The IEA's world energy outlook report, released on Tuesday, said the rising output from both the US and Brazil is reducing the role of OPEC countries. IEA chief economist, Fatih Birol, speaking to Reuters [...]
UK core inflation drops to a four-year low in October November 12, 2013 The inflation rate fell to 2.2 per cent in the year to October, down from 2.7 per cent last month – its lowest level since 2009. Consensus had been that it would fall to 2.5 per cent. UK core inflation fell to 1.7 per cent year-on-year in October. The other main consumer price indices moved [...]
EDF to raise gas and electricity bills by 3.9 per cent November 12, 2013 EDF Energy announced on Tuesday that it will be hiking the average gas and electricity bill by 3.9 per cent, from 3 January 2014. The price rise is significantly less than rivals such as British gas who announced price rises of 9.2 per cent. The company's statement says the typical consumer will be at least [...]
Bovis Homes snaps up former Balfour Beatty boss November 12, 2013 Bovis Homes has snapped up Ian Tyler, the former boss of Balfour Beatty, as its new chairman to replace Malcolm Harris, who is retiring. Ian Tyler has spent over 20 years involved with the construction industry and is also a non-executive director at BAE Systems as well as chairman of the audit committee at Cable [...]
Premier League bids to hit £5bn November 12, 2013 War between BSkyB and BT for TV football rights set to escalate THE COST of broadcasting Premier League matches is set to soar as soon as next year, as competition over the coveted rights intensifies between BSkyB and rival BT. After Sky’s sports dominance was challenged over the weekend by BT’s knockout £900m bid to [...]