UK is facing a lost decade for growth December 3, 2012 CITY leaders yesterday raised new concerns about the pace of growth in the Western economies after experts warned countries were facing more than a decade of economic stagnation. The gloomy warnings will send a stark reminder to chancellor George Osborne ahead of tomorrow’s Autumn Statement of the growth challenges facing Britain and its debt pile. [...]
US manufacturing stalls ahead of looming fiscal cliff December 3, 2012 US FIRMS yesterday blamed Hurricane Sandy and the oncoming fiscal cliff for a plummet in manufacturing activity to its lowest level since July 2009. The ISM’s widely-regarded purchasing managers’ index (PMI) crashed from 51.7 in October to 49.5 in November – a level that shows a contracting manufacturing sector. Companies cited political uncertainty as the [...]
Duke and Duchess of Cambridge expecting baby December 3, 2012 THE Duke and Duchess of Cambridge yesterday confirmed they are expecting their first child. The royal couple, who wed last April, said they were “delighted” by the news. The 30-year-old duchess is not yet 12 weeks pregnant, but St James’s Palace was forced to make an early announcement as she has been hospitalised in London with [...]
UBS prepares to pay Libor fine of more than $450m December 3, 2012 SWISS banking giant UBS is set to be the next bank to settle with regulators over Libor manipulation claims, it emerged yesterday, with RBS likely to follow suit in the coming months. The bank could take the hit as soon as next week under negotiations taking place with the authorities in the UK and the [...]
Crosby sorry for his role in HBOS failure December 3, 2012 FORMER HBOS chief executive Sir James Crosby yesterday apologised for his role in building up an unsustainable bank, which had to be rescued in 2008 after he left the helm in 2006. The session at the parliamentary commission on banking standards was Sir James’ first appearance before MPs and peers since the collapse of the [...]
US watchdog charges audit China affiliates December 3, 2012 THE US markets watchdog yesterday hit the Chinese arms of five accounting firms with charges, after the affiliates failed to hand over audit documents the US body wants. PwC, KPMG, Ernst & Young and Deloitte – the so-called big four – as well as BDO, have been charged with securities violations by the Securities and Exchange Commission (SEC), [...]
What the other papers say this Morning December 3, 2012 FINANCIAL TIMES EDF cost rises damp nuclear hopes EDF, the French utility, said the cost of its new nuclear power station in northern France had increased by a third, raising fears that its planned UK plant may also be vulnerable to a similar budget blowout. But EDF Energy, the company’s UK subsidiary, insisted that the [...]
Directors slam politicians for tax loopholes December 3, 2012 POLITICIANS should target tax avoidance by getting rid of legal loopholes, not browbeating firms into paying more, the Institute of Directors (IoD) said this morning. “It is very frustrating for many companies who pay large tax bills that some multinationals are able to avoid doing so,” said IoD boss Simon Walker. “The solution must be simplifying the [...]
Government to put gas at centre of UK’s energy production plans December 3, 2012 GAS will be put at the centre of the UK’s energy plans, with a series of announcements expected from the government this week. George Osborne will use tomorrow’s Autumn Statement to launch a consultation on introducing substantial new tax reliefs for investment in gas-fuelled energy production. Incentives are expected to be offered for up to 26 [...]
Private Finance Initiative to be replaced in Autumn Statement December 3, 2012 THE CONTROVERSIAL Private Finance Initiative (PFI) will be replaced with a new programme designed to be cheaper and faster, chancellor George Osborne will say in tomorrow’s Autumn Statement. PFI, which sees the public sector partner with private companies to fund and operate long-term infrastructure projects, will be replaced with Private Finance 2 (PF2). The new scheme will include [...]