Gibraltar action not ruled out August 19, 2013 DOWNING Street has refused to rule out taking action against Spain over a dispute in Gibraltar, while tensions rise with the arrival of British warships in the territory. A number of UK ships, including HMS Westminster, sailed into the port in a scheduled visit, only a day after around 40 commercial Spanish ships entered Gibraltar’s [...]
Strawberry fine for Tesco August 19, 2013 TESCO was fined £300,000 yesterday for misleading customers over a “half price” promotion for strawberries in the summer of 2011. The case, brought by Birmingham City Council, relates to the price of a 400g punnet of strawberries at stores in 2011. They were marked at half price longer than the original price – breaching the [...]
What the other papers say this morning – 20 August 2013 August 19, 2013 FINANCIAL TIMES US top trade official presses Japan The top US trade official Michael Froman pressed Japan to open up its car and insurance markets as transpacific trade talks reach a critical stage, with negotiators trying to seal a deal by the end of the year. Race for Africa investment tax deals The surge in [...]
Shares rise as City backs new M&S campaign August 19, 2013 SHARES in Marks & Spencer edged higher yesterday as the City backed the retailer’s new high profile autumn campaign, although some analysts warned that a failure to convert it into sales could deal a blow to chief executive Marc Bolland’s hopes of survival. Shore Capital analyst Clive Black said the campaign – featuring a host [...]
German student dies in London during BAML summer internship August 19, 2013 A SUMMER intern at Bank of America Merrill Lynch died last Thursday, police confirmed yesterday. Moritz Erhardt, a 21-year old German and a student at the WHU school of management, was found dead at his student accommodation in Bethnal Green. He has interned in previous years at other City institutions. “We are deeply shocked and [...]
Banks told to assess capital August 19, 2013 THE US Federal Reserve yesterday said bank holding companies needed to up their game on capital holdings to ward off unexpected market risks. The Fed, which made the recommendation in a policy paper, said banks should plan their capital requirements above targets they set internally “to withstand stressful economic and financial conditions”. It added that [...]
Falcone agrees SEC settlement over use of hedge fund cash August 19, 2013 HEDGE fund tycoon Phil Falcone and his firm Harbinger Capital Partners yesterday accepted an $18m fine and five-year ban from the US trading watchdog after admitting improperly using client cash. Billionaire Falcone illegally borrowed $113m from the fund to pay taxes, meaning investors could not access their cash in the fund, the US Securities and [...]
Bovis Homes hails best sales since 1997 float August 19, 2013 BOVIS Homes saw profits and revenues jump in the first half of the year thanks to a pick-up in confidence in the housing market and after selling more profitable family homes in the south of England. The housebuilder yesterday said operating profits increased 50 per cent to £20m in the six months to 30 June, [...]
Analyst Views: Did Bovis’ half year results meet your expectations? August 19, 2013 CLYDE LEWIS PEEL HUNT There were no major surprises in terms of the half-year numbers reported yesterday. They have made good progress and it is now time for the icing in terms of how margins improve from here. The key test is how fast they can deliver on those profits and margins. RICHARD CURR PRIME [...]
Surging market sees mortgage choice boosted August 19, 2013 THE UPSWING in housing market activity has let to a sharp rise in the number of mortgage products, with variety back up to 2008 levels. There are now over 10,000 mortgage products available in the UK again, the first five-figure result seen for nearly five years, with a third more on offer than there were 12 [...]