Clegg calls for special tax on rich August 28, 2012 Nick Clegg has called for a special emergency tax on Britain’s wealthiest while the country fights an “economic war”. The deputy prime minister said in an interview with The Guardian today that he aims persuade his Tory coalition partners of the need for a new “time limited contribution” from the rich in addition to mansion [...]
Young Londoners made to work August 28, 2012 Young unemployed Londoners wll have to do three months of unpaid full-time work experience or lose their benefits under a pilot scheme being launched by the government. Employment minister Chris Grayling denied claims that the scheme was “slave labour” and said 18 to 24-year-olds who had spent less than six months in employment would have [...]
G7 pushes for more oil output August 28, 2012 The G7 finance ministers urged oil-producing countries yesterday to raise output to ensure the market is well supplied, while warning that Western nations were ready to tap strategic oil reserves to offset rising prices that could hurt global growth. Oil prices have strengthened as hurricane season hits producers in the US.
Buckles hangs on as Olympics cost G4S £50m August 28, 2012 G4S confirmed yesterday it lost £50m from its bungled Olympic contract, as chief executive Nick Buckles fought to save the security company’s reputation and his own. Buckles admitted he was “extremely disappointed” with the way the problems were managed, and stressed that G4S’s plans for the Paralympics were in place. He said the firm could [...]
Crucial time as investors await news of public sector contracts August 28, 2012 NICK Buckles could be forgiven for not greeting today’s start of the Paralympics with much enthusiasm. While the rest of the country is desperate for a return to the more carefree mood that the Olympics brought with them (was it really just two weeks ago?) scrutiny of G4S over the next fortnight is going to [...]
Law firm Bakers retains top spot as revenues rise August 28, 2012 BAKER & McKenzie confirmed yesterday it is still the world’s largest law firm by revenues, as it released global numbers showing a 2.1 per cent rise in fee income. Fee income from its 71 offices around the world hit $2.3bn (£1.45bn) in the year to 30 June, with strong growth in Latin America and Asia [...]
Draghi will not attend Jackson Hole gathering August 28, 2012 MARIO DRAGHI has said he will not attend the Jackson Hole gathering of central bankers, sparking a flurry of speculation about the European Central Bank’s (ECB) bond buying plans. The ECB president, who said he declined the invitation because of a heavy workload, had been scheduled to speak on Saturday, but now no one from [...]
Spaniards pull cash from banks August 28, 2012 Moves by consumers and firms to pull their money out of Spanish banks gathered pace in July, with private sector deposits falling at a record rate as the country bore the brunt of the Eurozone’s debt crisis. Private deposits fell by almost five per cent to €1.509 trillion (£1.119 trillion), European Central Bank data showed [...]
Lenders start review of Portugal August 28, 2012 Inspectors kicked off a review of Portugal’s bailout yesterday, facing rising expectations they will grant the country some relief on tough fiscal goals it looks set to miss despite sticking rigidly to a tough austerity programme. The troika of lenders – the EU, European Central Bank, and International Monetary Fund – are in Portugal for [...]
Euro money growth speeds up August 28, 2012 Money supply growth picked up and loans to the private sector inched higher in July, European Central Bank (ECB) data showed yesterday. The broadest measure, known as M3, accelerated at a rate of 3.8 per cent in July, from the previous year. Economists had expected a rate of 3.2 per cent – the same as [...]
