BHP reveals more details of corruption investigation August 16, 2013 Multinational mining company BHP Billiton has released a statement regarding the potential legal action it is facing from US authorities over a possible breach of anti-corruption laws. BHP has previously disclosed it is being investigated by the Securities and Exchange Commission regarding now-terminated exploration and development efforts, as well as hospitality provided as part of [...]
Markets in turmoil over taper fears August 15, 2013 ■ Mixed US data leads to new fears over when Fed will start tapering stimulus ■ Dollar dives from one week high as uncertainty stalks trading desks ■ FTSE 100 suffers worst day in almost two months after retail sales rise GLOBAL markets were sent reeling yesterday, as strong US economic data reignited [...]
Exclusive: Banks in push to hire more arts graduates August 15, 2013 BRITAIN’S biggest banks are increasingly hiring humanities graduates at the expense of maths and economics students, City A.M. has learned. Demand for quantitative skills exploded in the boom years, but lenders now want a wider range of staff with an aptitude in areas like critical thinking. At Lloyds the proportion with finance degrees [...]
Retail sales jump to £7bn per week as UK recovers August 15, 2013 BRITISH retail sales grew at the fastest pace since 2011 in the year to July, official figures showed yesterday, giving further hope that consumer confidence is on the mend. Shoppers spent £7bn in an average week in July, pushing up sales volumes by three per cent on the year, driven by food sales and [...]
What the other papers say this morning – 16 August 2013 August 15, 2013 FINANCIAL TIMES UK state-owned bank builds brand The UK’s state-owned “zombie bank” responsible for winding down Northern Rock’s mortgages is attempting to become a brand in its own right as it also prepares to take over administration of the Help to Buy scheme. UK Asset Resolution has redesigned the websites and literature of nationalised banks [...]
London rents hit record high as demand rises August 15, 2013 RENTS in the capital jumped to a record £1,118 per month on average in July, industry data showed today, following months of soaring house prices in London. London rents jumped 5.7 per cent in the last 12 months, LSL Property Services reported. England and Wales overall saw a 1.8 per cent increase on the year. [...]
Authorities approve Aviva deal August 15, 2013 The Iowa insurance commissioner approved Athene Holding’s pending $1.55bn (£990.47m) purchase of UK insurer Aviva’s US annuity business, the state said yesterday Aviva’s US operations are headquartered in Iowa, and approval from that state and New York were two regulatory hurdles for the deal, Apollo said. Iowa said Aviva cannot pay dividends to shareholders for [...]
US Judge stalls airline merger August 15, 2013 A US bankruptcy judge yesterday held off approval of a restructuring for American Airlines, citing a US government challenge this week to the airline’s proposed merger with US Airways Group. American’s parent company, AMR, worked out the $11bn (£7bn) merger as part of a plan to exit bankruptcy. Judge Sean Lane had been expected to [...]
Black banned from directorships August 15, 2013 Former press baron Conrad Black has been banned from acting as a director of a US company and must pay $4.1m (£2.62m) in restitution in a settlement with the US securities regulator that ends a long-standing lawsuit over Black’s dealings as the head of the Hollinger media empire. In its heyday, Hollinger International operated a [...]
Firms suspend business after Egypt violence August 15, 2013 VIOLENCE in Egypt that has left hundreds dead prompted multinationals to suspend business yesterday and raised fears that two years of economic crisis may quickly get worse. General Motors closed its assembly plant outside Cairo and shut its office there, and oil giant Shell shut its offices for the next few days and restricted business [...]