FSA removed Sir Fred criticism January 24, 2012 The Financial Services Authority removed criticism of Sir Fred Goodwin’s banking experience from its final report into the failure of RBS, said Bill Knight, one of two experts reviewing the FSA’s inquiry, in an appearance before the Treasury Select Committee yesterday. “It is true that the references to Sir Fred were changed following Maxwellisation but [...]
IMF slashes its forecasts for growth January 24, 2012 THE EUROZONE crisis has entered a “perilous new phase” and is devastating confidence across the world, the International Monetary Fund (IMF) said yesterday as it slashed its growth forecasts. Global economic growth is expected to come in at 3.3 per cent this year, lower than the four per cent the IMF predicted just a few [...]
French banks ratings cut as state backing weakens January 24, 2012 THREE major French banks saw their credit ratings downgraded by ratings agency Standard and Poor’s yesterday, less than two weeks after the country itself lost its coveted triple-A status. The long-term counterparty credit ratings of BPCE, Crédit Agricole Agricole and Société Générale were all chopped from “A plus” to “A.” “This is a direct consequence [...]
Markets lower on Greece and Hungary fears January 24, 2012 EUROPEAN stock markets lost ground yesterday as the shine came off a possible deal with Greece’s lenders. Leaders also threatened to remove Hungary’s EU funding over budgetary worries, while France kept campaigning to tax financial transactions. The FTSE 100 closed down 0.5 per cent, having hit a six-month high on Monday, while in Paris the [...]
McDonald’s to dish up 2,500 British jobs January 24, 2012 FAST food king McDonald’s is to create 2,500 jobs in Britain during 2012 after benefitting from a recession that has pushed customers towards its cheap meals. The American firm announced an 11 per cent rise in net income for the last three months of 2011 to $1.38bn (£886m) on the back of a 10 per [...]
A winning formula: treats for tough times January 24, 2012 YESTERDAY, the Liberal Democrat deputy Prime Minister Nick Clegg was out posing for the cameras at a McDonald’s training facility in East Finchley. Two or three years ago, such a photo shoot would have been unimaginable. The fast-food giant, a bête noire of the chattering classes, was seen as politically toxic and blamed for everything [...]
CITY VIEWS: DO YOU THINK THE MCDONALD’S IMAGE HAS IMPROVED? January 24, 2012 CRAIG PIERCE | OFFSHORE LIFTBOATS LLC “Not really. Regardless of the marketing, the calorie count on their salads and lighter foods are still high. I would avoid eating there on a regular basis.” MARK BROWN | JLT INSURANCE “McDonald’s has been attempting to give itself a face-lift, certainly, but it is what it is. The [...]
Cairn ditches boss windfall after revolt January 24, 2012 OIL explorer Cairn Energy yesterday shelved a plan to pay founder and chairman Sir Bill Gammell £2.5m in order to quell a shareholder revolt. The decision was announced amid the wider furore over executive pay, which has led business secretary Vince Cable to draw up plans to tackle perceived boardroom excess. Gammell’s planned payment was [...]
Petrol supply under threat as Petroplus files for insolvency January 24, 2012 THE OWNER of the Coryton oil refinery, Petroplus, yesterday filed for bankruptcy, putting 1,000 jobs at risk as well as petrol supplies in the south east. The refinery in Essex, which supplies 20 per cent of fuel for south east England, halted sales and told staff it was not sure when supplies would restart. The [...]
UBS protesters drop court bid January 24, 2012 PROTESTERS who took over a disused UBS building in the City are set to leave after dropping their appeal against a possession order. The Occupy group, which set up the camp in mid-November, is expected to depart within a matter of days. Sun Street Properties, a subsidiary of UBS, recently won a possession order on the [...]