PM ready to fight on EU migration November 27, 2013 DAVID Cameron’s calls for tighter rules on European migration yesterday sparked a row over free movement within the EU. The Prime Minister called for a package of measures to ease the impact of migration on the UK economy when restrictions on Romania and Bulgaria are lifted in January 2014. The changes include controls on when [...]
Carney worried risks building in housing market November 27, 2013 BANK of England governor Mark Carney has indicated he fears a new bubble could build in the housing market, ahead of the publication of the Financial Stability Report today. In a letter to Treasury Select Committee chairman Andrew Tyrie, Carney said he is preparing measures that could stabilise the market, should his intervention be needed. “The [...]
London property flotation gets a boost from Dubai’s Expo win November 27, 2013 THE PLANNED London flotation of Damac, the Dubai-based property group, received a boost last night when Dubai was chosen as the venue for Expo 2020, beating off stiff competition from cities in Brazil, Turkey and Russia. Potential investors in the upcoming float had asked for the bookbuilding process, which should have closed on Tuesday evening, [...]
StanChart in new market with Iraq site November 27, 2013 STANDARD Chartered yesterday became the first international bank to open a full branch in Iraq. The UK-listed lender, which specialises in emerging markets, opened the branch in Baghdad. “We are optimistic about the prospects of the Iraqi economy. As an international bank, we believe there is substantial opportunity to play a leading role in the economic [...]
Louis Vuitton’s Russian case to be packed up November 27, 2013 A GIANT Louis Vuitton suitcase in Moscow’s Red Square is set to be dismantled after locals criticised the installation for trivialising a “sacred space” for the Russian state. Department store GUM, which set up the suitcase to house an exhibition about luggage produced by the luxury brand, said yesterday that it would remove it.
Accountants call for end to jump in stamp duty November 27, 2013 GEORGE Osborne should ease the burden of buying a house by reducing the huge jumps in stamp duty at each price threshold in next week’s Autumn Statement, leading tax adviser Baker Tilly urged yesterday. The tax adviser hopes that Osborne will follow Scotland’s lead in changing the rates at which stamp duty kicks in. Currently there [...]
Yellow Pages parent Hibu in administration November 27, 2013 YELLOW Pages parent company Hibu has been placed into administration after it agreed a financial restructuring plan with lenders. Deloitte has been appointed to handle the restructure, which will see Hibu’s shares delisted from the London Stock Exchange at 8am this morning. Chairman Bob Wigley commented: “With today’s announcement, we move one step closer to [...]
Italy’s Senate expels ex-PM Silvio Berlusconi November 27, 2013 THE Italian Senate yesterday voted to expel former Prime Minister Silvio Berlusconi from parliament with immediate effect over his conviction for tax fraud. The move means that Berlusconi has lost his immunity from prosecution, and could therefore face arrest over other criminal cases.
German parties agree on grand coalition terms November 27, 2013 GERMAN Chancellor Angela Merkel’s centre-right party yesterday secured a deal with the country’s social democrats for the formation of a new government, after months of negotiations. The deal’s terms include a minimum wage and a lowering of the pension age for workers who have contributed since age 18. However, the centre-left party must first ballot [...]
Greek economy to miss growth forecast in 2014 November 27, 2013 THE TROUBLED Greek economy will continue to shrink in 2014, despite official forecasts to the contrary, according to international researchers. The Organisation for Co-operation and Development (OECD) released an updated economic survey yesterday, suggesting that the embattled Mediterranean economy will contract by 0.4 per cent next year. However, the Greek government has forecast that growth [...]