South African retail tycoon eyes UK move with new shell vehicle June 9, 2014 SOUTH African retail magnate Christo Wiese has created a shell company in the UK, in a sign that he is poised to make a move on the UK high street. According to Companies House, the name Pepkor UK was set up earlier this year. Former Asda chief executive Andy Bond and his business partner Mark [...]
Christine Lagarde rules herself out of running for top EU job June 6, 2014 CHRISTINE Lagarde yesterday ruled herself out of the running to become president of the European Commission, saying she would instead see out her term as head of the International Monetary Fund (IMF). “I’m not a candidate and the reason I’m not a candidate is that I have a job,” Lagarde said. “It’s a job that [...]
The ECB’s new interest rate policy – what does it all mean? June 5, 2014 The European Central Bank has taken the bold decision to push the deposit rate from zero to minus 0.1 per cent, essentially meaning that Eurozone banks must pay the central bank to make deposits there. But what does this decision from ECB president Mario Draghi mean for everyone? Funding For Business Lending [...]
Scottish independence: Obama urges voters to say no – and tells the UK to stay in EU June 5, 2014 BRITAIN would be stronger if it remains united than if Scotland votes to leave in the summer referendum, US President Barack Obama said yesterday. In a joint press conference with David Cameron, Obama also urged Britain to stay in the EU. “We must make sure the UK stays united,” Obama said, while making clear it was a [...]
ECB easing must damage growth eventually: Let’s hope we’re not there yet June 5, 2014 THE EUROPEAN Central Bank (ECB) has cut its main interest rate to 0.15 per cent, and imposed an interest rate charge of 0.1 per cent upon banks leaving money in the ECB (as opposed to the traditional practice whereby central banks pay interest on such reserves). ECB governor Mario Draghi has also indicated a willingness [...]
Bank of England holds policy as investors await afternoon’s ECB statement June 5, 2014 They're still twiddling their thumbs over at the Bank of England. Policy has been left unchanged, with interest rates at their historic lows of 0.5 per cent, and asset purchases maintained at £375bn. No surprises there, with analysts widely forecasting we'd see nothing changed today. Minutes of the Monetary Policy Committee's last meeting revealed that [...]
Boris Johnson praises finance hiring June 4, 2014 LONDON’S financial sector is ramping up its hiring of school leavers and recent graduates as part of Mayor Boris Johnson’s initiative to get an additional 2,020 trainees in investment management firms over the next six years. Aberdeen Asset Management, BlackRock and JP Morgan are among the 20 investment firms that have already hired 87 trainees [...]
Farage promises top rate tax cut as he lays out Ukip’s election plan June 2, 2014 UKIP LEADER Nigel Farage yesterday promised to slash the top rate of tax to 40p, putting tax cuts and a vow to tackle the cost of living at the heart of his party’s plans ahead of the general election next May. Speaking to the BBC’s Andrew Marr, Farage said he would cut the top rate [...]
Putin fears an EU fracking bonanza – but environmentalists don’t have to May 29, 2014 RUSSIA and China agreed on a $400bn, 30-year deal last week, wherein Gazprom will deliver 38bn cubic metres of natural gas a year to China. This will exacerbate the EU energy crisis, but the bloc still seems intent on ignoring the only obvious solution – fracking – and fidgets at the margins with renewables. Large [...]
Bill Gates sells down stake in outsourcer G4S May 28, 2014 MICROSOFT co-founder Bill Gates has sold off part of his stake in G4S, the scandal-struck outsourcing firm said yesterday. Multi-billionaire Gates owned the shares through his companies Cascade Investment and the Bill & Melinda Gates Foundation Trust. It is thought that he sold a small part of his stake, bringing his holding down to just [...]