OFT calls for review into petrol prices September 5, 2012 The consumer affairs watchdog has called for information on petrol and diesel prices from the industry and consumer groups to identify whether there are competition problems it needs to tackle. In a sign that authorities are worried about near record high fuel prices, the Office of Fair Trading (OFT) is calling for responses on whether [...]
Barclays names European retail banking boss September 5, 2012 Barclays’ new chief executive Antony Jenkins has handed the running of its Continental European retail and business banking division to Curt Hess, currently the division’s chief financial officer, the bank said today. In one of Jenkins’ first significant appointments, Hess will lead the European Retail and Business Banking (ERBB) division, covering Spain, Portugal, France and [...]
FTSE 100 opens lower on weak economic data September 5, 2012 The index fell in early trading, as investors were cautious on sluggish economic data. A contraction in US manufacturing, following a production slowdown in China, meant shares were little changed ahead of the European Central Bank’s monthly meeting tomorrow. Oil firms and miners clustered in the fallers, with natural resources group Bumi leading the pack, [...]
Australian economy solid in second quarter September 5, 2012 Australia’s economy enjoyed solid growth last quarter to again outpace its peers, but there was little time to celebrate as tumbling export prices and a slowdown in China argued for a cut in interest rates now to safeguard growth in the future. Government data today showed GDP rose 0.6 per cent in the second quarter, [...]
SMEs reduce borrowing on worries over economic slowdown September 5, 2012 Small and medium-sized businesses (SMEs) cut back on borrowing in the past quarter, a survey showed today, highlighting the government’s uphill struggle to boost economic growth by unblocking the flow of credit. Britain entered its second recession in four years in late 2011 as government spending cuts and the Eurozone debt crisis have weighed on [...]
US accuses BP of “gross negligence” over Deepwater Horizon September 5, 2012 The US Department of Justice is ramping up its rhetoric against BP for the massive 2010 oil spill in the Gulf of Mexico, describing in new court papers examples of what it calls “gross negligence and wilful misconduct”. The court filing is the sharpest position yet taken by the US government as it seeks to [...]
easyJet to switch to allocated seating September 5, 2012 Budget carrier easyJet said today it would roll out allocated seating across its network from November following a successful trial this summer. Europe’s second-largest low-cost carrier after Ryanair had tested the new system across five per cent of its network during the peak season with 70 per cent of passengers preferring it to easyJet’s current [...]
FSA tells banks to change sales rewards September 5, 2012 National banks are rewarding sales staff in ways that encourage mis-selling of financial products and new rules may be needed to protect consumers, the Financial Services Authority (FSA) said today. FSA managing director Martin Wheatley said that cultural change was needed at firms so they no longer just see customers as “someone to sell to” [...]
Coalition 2.0 September 4, 2012 PM reshuffles cabinet but no shift in key policies Change at Transport, NHS, Culture and Justice Boris attacks Cameron over Heathrow expansion DAVID Cameron last night put the finishing touches to his first ministerial reshuffle, with sweeping changes to the lower ranks but with most top cabinet members remaining in place. Despite changing dozens of positions [...]
Wheatley: Review pay rules to stop misselling September 4, 2012 TOP BANK bosses will today be told to review pay practices to make sure customers are not being ripped off by unscrupulous sales tactics, as Martin Wheatley unveils his report into mis-selling. The managing director at the Financial Services Authority (FSA) is not expected to ban commission-based remuneration, but is expected to warn that such [...]
