Mike Ashley’s Sports Direct takes a punt on Tesco’s share price September 25, 2014 Mike Ashley isn't averse to taking a flutter. This time, the Newcastle United owner has taken a bet on Tesco – his company, Sports Direct, has entered into a put option agreement with Goldman Sachs on 23 million of its shares, which could leave it with a 0.28 per cent stake in the retailer, worth [...]
Richard Branson unveils unlimited holiday allowance for Virgin staff September 24, 2014 Entitled "why we are letting Virgin staff take as much holiday as they want" a Richard Branson blog post is making waves. The Virgin supremo will allow his staff to take off unlimited amounts of time with no questions asked – so long as breaks do not impinge upon individual or team targets. The approach, which [...]
Putin threatens retaliation against Ukraine if EU trade deal goes ahead September 24, 2014 Russian president Vladimir Putin has warned Ukraine that its access to Russian markets could be hampered if it goes ahead with a planned trade agreement with the EU. Putin said in a letter to Ukrainian president Petro Poroshenko that any change to legislation to prepare for the deal would be met with retaliation from Russia. [...]
Nicola Sturgeon launches bid for SNP leadership after Scottish Independence No vote and Alex Salmond resignation September 24, 2014 Nicola Sturgeon, Scotland’s deputy first minister, has launched a bid to become the next leader of the Scottish National Party following the resignation of Alex Salmond. Sturgeon announced her intention to run for the leadership of the party, of which she is also currently the deputy leader, in Glasgow today. Salmond said on Friday that [...]
Deficit reduction target at risk as George Osborne borrows £11.6bn in August despite rise in tax revenues September 23, 2014 The UK government had to borrow £11.6bn in August as it failed to slash the budget deficit, putting chancellor George Osborne’s borrowing targets for the year at risk. In his March statement, Osborne aimed to cut £10bn off government borrowing in 2014-15, compared to the year before. But new figures from the Office for National [...]
Barclays’ Antony Jenkins needs to perform soon – Bottom Line September 23, 2014 Another day, and another fine for Barclays. The FCA’s £38m fine on the bank for failing to protect its clients from the risk of loss will not substantially weaken Barclays financially. Nor will it impact on the authority of chief executive Antony Jenkins since the failings occurred before his appointment. Jenkins, however, must be feeling [...]
As the public finances deteriorated in August, has Osborne given up on tackling the deficit? September 23, 2014 Scott Corfe, senior economist at the Centre for Economics and Business Research, says Yes. One of the great myths of the current parliament is that it has been dominated by austerity. The figures show that this clearly isn’t the case. The government is struggling to get the deficit down. Borrowing in the fiscal year to [...]
Obama and US Treasury announce new rules to end tax inversion deals September 23, 2014 US president Barack Obama has announced sweeping new measures to end the increasingly popular practice of US firms relocating their headquarters to countries with more favourable tax regimes through foreign takeovers. The US Treasury will introduce new measures making so-called tax inversion deals less attractive to firms. Measures include an end to “hopscotch” loans whereby [...]
Tesco profits crisis: Dave Lewis must do “whatever it takes”, says shareholder September 22, 2014 Tesco could be forced to raise cash by way of a rights issue or by speeding up the sale of its UK and overseas assets, as the troubled supermarket chain launched a probe yesterday into a £250m black hole in its accounts. The debacle prompted a profits warning, which puts Tesco on course for trading [...]
Draghi hits out at Eurozone’s lack of reform September 22, 2014 EUROPE’S sick economies need massive structural reforms if they ever hope to become competitive once more, European Central Bank (ECB) boss Mario Draghi urged yesterday. “Courageous structural reforms and improvements in the competitiveness of the corporate sector are key to improving the business environment,” Draghi told the European Parliament’s economic and monetary affairs committee. “This [...]