New budget 2015: George Osborne uses CBI speech to lay out government plans to tackle the productivity puzzle May 20, 2015 George Osborne offered a glimpse of what to expect at the 8 July budget when he gave a speech to the Confederation of British Industry (CBI) this evening, with productivity a major focus. Also top of the agenda is the merging of the Shareholder Executive – the body that runs the government’s financial interests in [...]
George Osborne CBI speech: Government to merge Shareholder Executive and UK Financial Investments to help return public assets to the private sector May 20, 2015 George Osborne announced this evening that the government is to merge the two bodies that manage the majority of the taxpayer’s stakes in businesses into one company. In a speech to the Confederation of British Industry, the Chancellor said the Shareholder Executive (ShEx) and UK Financial Investments (UKFI) would be made into one holding company, [...]
“Flash crash” trader Navinder Sarao loses £5m bail appeal May 20, 2015 The British trader accused of sparking the 2010 US flash crash has lost a bid to overturn his bail conditions at High Court, landing him back in custody. Navinder Sarao, who is charged with 22 counts of illegal trading activity in a US court, is fighting extradition and has been in custody since his [...]
Burberry’s Christopher Bailey proves elusive again – Editor’s Letter May 19, 2015 When the fashion retailer Burberry unveils its full-year results today, it will be unsurprising if its chief executive and chief creative officer Chris Bailey keeps a low media profile, leaving the task of answering reporters’ questions to his finance director, Carol Fairweather. Bailey himself rarely makes an appearance in front of the media to [...]
Stop the dithering: David Cameron needs to make an early call on Heathrow or Gatwick airport expansion May 19, 2015 As MPs arrive in Westminster to take their seats in the House of Commons this week, one of the bigger decisions they will face – and one which I believe must be taken urgently – is the decision to build a new London runway. Having spent almost three years rigorously examining all the evidence, [...]
Microsoft founder Bill Gates has released his summer reading list – it includes Richard Dawkins’ latest, and the XKCD book May 19, 2015 Now in its third year, Bill Gates' summer reading list has become something of a tradition for Gates-watchers. While last year's was hardly a laugh a minute (it featured Tim Geithner's Stress Test and Elizabeth Kolbert's The Sixth Extinction. Festive), this year Gates is clearly in a breezier mood – 2015's list even features an anthology of [...]
Euro falls below 1.2 against the dollar as ECB hints it will ramp up QE May 19, 2015 The euro fell back below $1.12 today, after a European Central Bank (ECB) policymaker hinted that the Bank is preparing to ramp up its bond-buying programme before the summer. By mid-afternoon in New York, the currency had fallen 1.42 per cent to $1.1154 – the first time it has dropped below the $1.12 mark since [...]
Richard Branson calls for bike-only streets May 19, 2015 Richard Branson has called for whole streets in cities to be closed for all vehicles but bikes – a comment guaranteed to set the lycra brigade against drivers everywhere. London cyclists would likely welcome the idea – the capital’s streets are notoriously dangerous when compared to other European cities, even if the chances of any [...]
Potus tweets, world listens: Barack Obama finally gets his own Twitter account May 19, 2015 Barack Obama is used to enduring long battles but even by his standards, a six-year wait to get a Twitter account must have been something of a slog. Still, he's made his point, gaining 1.77m followers in less than 24 hours, easily beating poor old David Cameron, who languishes down the table with * [...]
“Flash crash” trader Navinder Singh Sarao returns to court this week to fight bail setting May 19, 2015 The trader accused of bringing about the flash crash of 2010 is to return to London's High Court tomorrow. Navinder Singh Sarao, 36, remains in custody after failing to pay his £5.05m bail. He is fighting efforts by the US authorities to have him extradited, with the Department of Justice claiming he made £26m [...]