Sarkozy suffers downgrade as Spanish PM vows austerity January 15, 2012 FRENCH Minister Francois Fillon declared he would do “everything” to get France’s triple-A rating back after Standard And Poor’s cut it to AA+ on Friday, leading to president Sarkozy losing ground in polls. “It is always better to have the best rating,” Fillon told Le Journal du Dimanche, a Sunday newspaper. His claims could clash [...]
How US CEOs are being cut down to size by investors January 15, 2012 HERE is a finding you won’t have read elsewhere. The total pay of top CEOs in listed US firms has gone down – yes, gone down – by about 50 per cent in real terms since peaking in 2000-01. This is what Steve Kaplan, professor at the University of Chicago Booth School of Business, reveals [...]
Osborne makes plea for IMF cash January 15, 2012 CHANCELLOR George Osborne used a visit to Hong Kong to implore Asian members of the IMF to stump up more cash for the international bailout fund last night. Speaking at the Asia Financial Forum, Osborne told delegates from the region that governments “must ensure a reformed and more representative IMF has the tools and resources [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 15, 2012 THE TIMES £2BN PRISONS SELL-OFF OPENS DOOR TO MASS PRIVATISATION Seven private companies are bidding for £2bn of contracts to run nine English jails in what is being regarded as the first move towards the wide privatisation of the Prison Service. The American correctional services companies MTC and GEO are among the bidders. FINANCIAL TIMES [...]
Think-tank: No rate rise before 2016 January 15, 2012 THE WORSENING economic outlook means interest rates will stay at rock-bottom levels until 2016 and quantitative easing (QE) will soar to £400bn, according to forecasts published today by the Centre for Economics and Business Research (CEBR). The think-tank slashed its economic growth forecast for 2012 from 0.7 per cent to a contraction of 0.4 per [...]
Europe is relying on the ratings it hates January 15, 2012 THERE is a certain irony in the Eurozone’s latest dilemma over Standard & Poor’s mass downgrade on Friday. Eurozone leaders have spent months looking for convoluted ways to turn junk Greek ratings into triple-A rated debt backed by Germany. The alchemy is to be achieved via a regional bailout fund, or complex structured product called [...]
680 jobs cut as Barratts finds buyers January 15, 2012 BARRATTS PRICELESS, the collapsed shoe chain, is set to make another 680 people redundant after its founder and chief executive Michael Ziff agreed to rescue the majority of its stores. Administrators Deloitte said the existing management team had bought 89 Barratts and Priceless stores for an undisclosed sum, safeguarding 1,184 jobs. However, 39 shops and [...]
Law firm hires accountant to take it to stock market January 15, 2012 LITIGATION specialist Irwin Mitchell is believed to have hired ex-PwC vice chairman Glyn Barker as its new chairman, ensuring it has plenty of corporate firepower as it seeks to become the first UK law firm to seek a stock market listing. Irwin Mitchell is the biggest UK law firm so far to announce its intention [...]
Founder Walker moving ahead in race for Iceland January 15, 2012 RISING concerns over competition laws could clear the way for Iceland Foods founder Malcolm Walker to take control of the supermarket once again. Walker, the chief executive, has moved ahead in the race because Iceland is believed to be worried that a deal with another retailer would not be approved by the Competition Commission. Last [...]
Olympics boost for West End January 15, 2012 RETAIL sales are set to rise 3.5 per cent this year thanks to the Olympics and Jubilee, New West End Company predicted yesterday. Shopkeepers believe sales will hit £7.7bn in 2012 with the key events offsetting a slow start to the year. More than £2bn of sales is expected to come from luxury-seeking international shoppers [...]
