Boris Bikes see red: Santander is the next sponsor of Boris Johnson’s cycle hire scheme February 27, 2015 Say goodbye to the blue Boris bikes: Santander about to paint the town red as the new sponsor of London's cycle hire scheme. They're even renaming them "Santander Cycles". Under a seven-year sponsorship deal worth a cool £6.25m a year, Santander will pay £6.25m a year for the rights to naming the bikes, then add [...]
George Osborne slammed for claiming to have halved £1.7bn EU bill February 26, 2015 George Osborne will come under attack today over his claim to have halved a £1.7bn EU bill that landed on the chancellor’s desk last autumn. A powerful group of MPs led by Tory MP Andrew Tyrie will praise the Treasury for delaying the payments until later this year, but will shoot down Osborne’s bolder claim [...]
Immigration data forces David Cameron to explain failed commitment as net migration rises significantly February 26, 2015 The net migration rate in the UK has risen significantly, official figures showed yesterday, leaving Prime Minister David Cameron to explain why he has failed to meet his commitment to slash the number of people who come to the UK. The PM had said that he would reduce the rate of net migration, the difference [...]
As RBS reports a £3.5bn loss, is George Osborne right that senior executives should not get bonuses? February 26, 2015 Steve Davies, education director at the Institute of Economic Affairs, says Yes The question is not whether bonuses are the correct way to remunerate people. It is whether RBS should be making such payments when the bank is incurring serious losses. Clearly, the answer should be no. When a business is in financial straits, the [...]
Which countries would be affected if Vladimir Putin and Russia turn off the gas? February 26, 2015 Vladimir Putin could be considering closing the taps on Europe’s gas supply. Yesterday, Russia threatened to trim gas supplies to Europe in a matter of days, an action that could have a severe effect on the region. Although some countries have moved to cut their dependence on Russia, much of the continent’s gas is on the [...]
RBS chief executive Ross McEwan hands back £1m share reward February 26, 2015 Royal Bank of Scotland chief executive Ross McEwan will forfeit a £1m portion of his pay packet for the second year in a row. McEwan, known as the lowest-paid bank boss in the FTSE 100, said he did not want to receive the "role based" incentive often used by major UK banks to get around [...]
As senior Tories call for him to play a big role in the campaign, should the party bank on Boris Johnson? February 25, 2015 Charles Lewington, managing director of Hanover Communications, says Yes Giving Boris a prominent role in the campaign may not have a dramatic effect on the election result, but if the Tories are going to win enough seats to form a government (especially in London), they need to use every asset at their disposal. When Boris [...]
HSBC bosses Stuart Gulliver and Douglas Flint apologise to MPs over Swiss private banking scandal February 25, 2015 Stuart Gulliver, HSBC's chief executive and Douglas Flint, the embattled bank's chairman, have apologised for "unacceptable" practices at its Swiss private banking arm. During questioning by the Treasury Select Committee, Gulliver admitted the scandal had caused "damage to trust" in HSBC, while Flint said he felt "shame" and would "take his share of responsibility". However, [...]
Janet Yellen: Markets unmoved amid second day of testimony February 25, 2015 Markets were largely unconcerned during the second day of testimony by Federal reserve chair Janet Yellen, who is speaking before the Senate Bank Committee. The S&P 500 was trading flat today at 2114.97 points, while the Dow Jones Industrial Average also remained flat. In Europe, the FTSE 100 closed down 0.3 per cent, while the French [...]
Mark Carney silent on Bank of England’s mystery dove as he predicts interest rate hikes February 24, 2015 Interest rates will rise gradually over the next two years, Mark Carney told MPs yesterday, playing down the chance of another rate cut. One member of the monetary policy committee (MPC) is tempted to vote for a rate cut, according to the minutes of its last meeting. However, Bank of England governor Carney refused to [...]