Guilty ten times over August 22, 2012 ■ Ex-Polly Peck chief stole £28.9m ■ Sentence to be given this morning ■ Creditors seek £374m in assets ■ Triumph for the Serious Fraud Office ■ Wife vows he will appeal verdict FORMER fugitive tycoon Asil Nadir was yesterday convicted of plundering £28.9m from his former company Polly Peck International in a complex financial [...]
Consumers hit by energy and mortgage price hikes August 22, 2012 CONSUMERS are facing up to an autumn of painful price rises after one of the country’s biggest energy suppliers yesterday hiked its charges, just hours after Santander confirmed that it would increase the interest rate on many of its mortgages. SSE, formerly Scottish and Southern Energy, said a nine per cent jump in tariffs from [...]
BSkyB’s rivals scheme over new live football rights deals August 22, 2012 Word that ITV might be interested in showing live Premier League matches for the first time ever is fascinating. If the unlikely move occurred, ITV would bring elite football back to a broader audience after more than 20 years of having it shown exclusively live on pay-per-view television. Not everybody would be cheering from their [...]
What the other papers say this morning August 22, 2012 FINANCIAL TIMES Firms to disclose government fees Oil and mining groups with US listings will have to disclose payments to foreign governments afte US regulators rejected most of the industry’s efforts to water down new rules intended to combat corruption. It will affect firms such as ExxonMobil, BP and Rio Tinto and oblige manufacturers such as [...]
KPMG: Bankers face job losses and pay cuts August 22, 2012 SPENDING cuts and jobs losses at big UK and European banks have not been enough to stabilise their positions, and more will be needed if the economy does not improve soon, according to a KPMG report published today. Major institutions have “made real progress in strengthening balance sheets and capital reserves,” said the analysis of [...]
Fed considers new stimulus August 22, 2012 THE US Federal Reserve is likely to deliver another round of monetary stimulus “fairly soon” unless the economy improves considerably, according to minutes of its most recent meeting released yesterday. “Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the [...]
HP posts loss on writedown August 22, 2012 HEWLETT-PACKARD (HP) last night announced a $8.9bn (£5.6bn) quarterly loss as personal computer sales continued to fall and it absorbed a $10.8bn writedown, mainly relating to the purchase of its EDS software business. Net revenue fell by five per cent to $29.7bn, while income from the firm’s services division held up better than hardware sales. [...]
This is your last chance, Juncker warns Greece August 22, 2012 JEAN-CLAUDE Juncker, head of the Eurogroup, warned last night that Greece faces its last chance to save its economy and disastrous public finances, after a day in which markets sank partly due to fear over the Eurozone debt crisis. After meeting with Greek Prime Minister Antonis Samaras, Juncker said: “The ball is in the Greek [...]
Ex-MPC member Barker blasts new Bank of England powers August 22, 2012 POLITICIANS and not unelected officials should be responsible for making key decisions on economic and financial policies, a former senior Bank of England official argues in a report published today. Far from improving stability in the markets, former Monetary Policy Committee member Kate Barker claims the new Financial Policy Committee will “complicate” macroeconomic management. “The [...]
Montague calls for changes to rented sector August 22, 2012 THE GOVERNMENT has today launched a long-awaited review of the private-rented housing market that calls for councils to waive affordable housing requirements on private rented schemes and for financial incentives to encourage investment into the sector. The review, conducted by 3i chairman Sir Adrian Montague, makes five recommendations to the government for encouraging large institutions [...]
