Higher wage bill would hit small business September 22, 2013 NEARLY half of small firms already paying staff at or above the amount advocated by the living wage campaign, according to new research. A survey by the Federation of Small Businesses (FSB) suggests that 49 per cent of firms already pay their staff at or above the amount that the campaign is pushing for, but [...]
Ofgem supports campaign to cut switching time September 22, 2013 REGULATOR Ofgem today said it supports First Utility’s campaign to reduce the time it takes customers to switch suppliers, a move that it is claimed could save UK households a total of £1.5bn per year. First Utility, an independent energy provider that is vying to break the stranglehold of the so-called big six, today launched [...]
EY to hike headcount by 2,000 September 22, 2013 PROFESSIONAL services giant EY is hiring another 3,700 staff at all levels over the coming nine months, a recruitment push that is expected to increase its overall headcount by around 2,000, the group said last night. As the economic recovery takes hold the group, formerly called Ernst and Young, is expecting an increase in demand [...]
Autumn price rises of up to 10 per cent expected at British Gas September 22, 2013 BIG SIX energy supplier British Gas is expected to raise its prices by up to 10 per cent this autumn, far above the inflation rate and a greater increase than last year. Reports claim that the firm will raise its prices in the next few weeks, in time for the winter when most gas and [...]
Private equity firms consider bidding for TSB September 22, 2013 LLOYDS has reportedly received a number of approaches from private equity firms looking to buy its TSB business, which was split from the state-backed bank earlier this month. US-headquartered firm JC Flowers is among the interested parties, according to the Sunday Telegraph. New York-based AnaCap is also believed to have expressed an interest. The approaches [...]
Foxtons chief executive makes £52m from oversubscribed float September 22, 2013 FOXTONS chief executive Michael Brown has made £52.2m by reducing his stake in the estate agent to 8.8 per cent on Friday’s oversubscribed public offering. The London flotation raised £335m for selling shareholders, including majority owner private equity group BC Partners, and management such as Brown. Brown had 45.5m shares before the listing, selling 22.7m [...]
Greece expects primary budget surplus for 2013 September 22, 2013 GREECE and its lenders are close to agreeing that Greece will achieve a primary budget surplus this year, a senior Finance Ministry official told reporters yesterday after senior Greek and EU and IMF officials met. Hitting a primary budget surplus, before interest payments, is key for Greece because it would trigger a clause in its [...]
Lambert wants US banks to join standards body September 22, 2013 RICHARD Lambert, former director general of the Confederation of British Industry, who was appointed by Britain’s biggest banks to set up a new independent banking standards body on Thursday, is calling for the big US banks to sign up. The body will be independent from the banking industry, and has been initiated following a recommendation [...]
Thousands queue for last peek inside Battersea Power Station September 22, 2013 THOUSANDS queued this weekend to get a last glimpse of the iconic Battersea Power Station before it undergoes an £8bn redevelopment. The Art Deco landmark was one of 700 sites being opened up to visitors as part of the Open House project. Police helped manage the large crowd, allowing 18,000 people to look inside the [...]
Patten calls for BBC’s senior staff to be cut September 22, 2013 CHRIS Patten, chairman of the BBC Trust, yesterday called for a reduction in the number of BBC senior managers by half over the next two years. In a speech at the Prix Italia broadcasting awards in Turin last night, Patten called for the nearly 600 senior managers currently employed to be reduced to less than [...]