Day two of shutdown October 1, 2013 ■ Almost 1m workers on leave as the deadlock enters a second day ■ US risks default on debts if a deal is not reached by 17 October ■ Dollar slumps but traders keep their cool to calm markets HUGE swathes of US government services were shut down yesterday after politicians failed to agree a [...]
New law sets out seven-year jail terms for bankers guilty of reckless misconduct October 1, 2013 TOP BANKERS could be jailed for up to seven years if they are found guilty of a new offence called “reckless misconduct in the management of a bank”, changes to the Banking Reform Bill published yesterday revealed. The crime would cover staff in the new Senior Managers Regime who made decisions that led to a [...]
Both parties dig in heels and refuse compromise over US shutdown deal October 1, 2013 THERE was no deal in sight to end the shutdown of the federal government yesterday, with neither party budging from their uncompromising position on a debt ceiling deal. The White House and Senate Democrats, who make up the majority in the chamber, are still voicing opposition to anything but a clean continuing resolution. Such a [...]
What the other papers say this morning – 2 October 2013 October 1, 2013 FINANCIAL TIMES Euro banks undervalued Europe’s banks are just as strong as US rivals and are being unjustly undervalued by investors, according to the vice-president of the European Central Bank (ECB) – the man in charge of setting up safety testing of the Eurozone’s banking system. Vitor Constancio’s comments come as the ECB prepares for [...]
David Cameron to say profit is not a dirty word October 1, 2013 DAVID Cameron will today launch a staunch defence of the free market, insisting that tax cuts, profit and wealth creation are “not dirty words” but the only way to boost the British economy. The Prime Minister will tell the Conservative party conference that Labour leader Ed Miliband does not understand the importance of business, insisting [...]
Pickles backs giving tenants the right to ask for long-term leases October 1, 2013 ERIC Pickles yesterday said he would give tenants the right to request longer rental agreements lasting two to five years – despite concerns that mortgage restrictions will rule out many landlords. The government will now launch a standardised contract for longer rental agreements, even though only Nationwide and Paragon currently allow landlords with buy-to-let mortgages [...]
Boris calls for a cut to stamp duty in London October 1, 2013 BORIS Johnson yesterday called on chancellor George Osborne to exempt London homes from stamp duty, bemoaning the “baleful effects” of the tax on the capital’s housing market. The Mayor of London told the Conservative party conference that the tax – levied at three per cent on homes above £250,000 – is “stamping on the fingers of those [...]
King hires Brunswick to steer it to NY flotation October 1, 2013 POWERSCOURT, the ambitious financial public relations group founded by ex-Goldman Sachs spin doctor Rory Godson, has become the first casualty of the decision by King, the UK-based mobile gaming company, to list in New York rather than London. King, best known for its hit game Candy Crush Saga, has hired Brunswick, which has a US [...]
Solid rise in revenues revealed with plans to expand from PwC October 1, 2013 PROFESSIONAL services giant PwC revealed robust growth in the last fiscal year yesterday, posting $32.1bn (£19.81bn) in revenue, a four per cent increase. PwC’s UK arm underperformed against the company as a whole, with revenues only growing by two per cent. The biggest growth markets for the company in the fiscal year to 30 June [...]
Party cracks appear after Berlusconi tries to end Italy coalition October 1, 2013 SENIOR party figures in Silvio Berlusconi’s fractious centre-right movement urged Italian lawmakers yesterday to defy the billionaire media tycoon and back Prime Minister Enrico Letta in a confidence motion expected today. Berlusconi’s party has come close to breaking apart after he pulled his ministers out of the government at the weekend and called for new [...]