London faces Tube chaos October 3, 2010 LONDONERS are facing another gruelling day of commuting across the capital as London Underground (LU) workers launch a second 24-hour strike in as many months. The walkout, which will finish at 6:28pm tonight, will cause extreme disruption to this morning’s commute as the entire Underground network is affected by the action. At 6:29pm yesterday, over [...]
Coalition still too complacent on tax October 3, 2010 IT IS heating up here in Birmingham at the Conservative Party conference. George Osborne is about to launch a scathing attack on Ed Miliband for failing to grasp the importance of cutting the deficit; and a deal has been agreed to sweep away the plethora of incentive-destroying benefits, eventually replacing them with a single payout [...]
CBI hits out at strike laws October 3, 2010 THE CBI is calling for an overhaul of current strike laws to provide greater protection to the public and companies as the threat of industrial action in the UK continues to rise. The business lobby group said the current laws need to reflect the fact that 85 per cent of private sector employees are not [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 3, 2010 THE SUNDAYS The Sunday Telegraph EURO MAY NOT SURVIVE, CAUTIONS STIGLITZ One of the world’s leading economists has warned that the future of the euro is “looking bleak” and the fragile European economic recovery could be irreparably damaged by a “wave of austerity” sweeping the continent. Joseph Stiglitz, the former chief economist of the World [...]
RBS exposed to Irish debt October 3, 2010 Royal Bank of Scotland will be the biggest loser should the Ireland fail to repay its debts, it has emerged. The 84 per cent state-owned bank holds a staggering £3.3bn of Irish sovereign debt – more than any other UK lender – and the figure is set to rise even further. Industry sources defended RBS’ position, [...]
Banks may need fresh bailout October 3, 2010 Many British banks may need another state bailout next year and their borrowing requirements could hit £25bn a month, the New Economics Foundation (NEF) thinktank will say this morning. The NEF said it had examined Bank of England data and concluded that many UK banks appeared to face a funding cliff. UK banks have a [...]
Middle East, China boost PwC revenue October 3, 2010 ACCOUNTANCY giant PwC has seen revenues inch up 1.5 per cent in the past year, as booming demand from the emerging markets offset a slowdown in corporate activity and margin pressure from an aggressively competitive pricing environment. PwC will announce this morning that gross revenues hit $26.6bn (£16.8bn) across its global business in the year [...]
AIG cut Asian IPO to court investors October 3, 2010 AIG is understood to have lowered its valuation for the planned initial public offering of its Asian life insurance business, AIA, to secure a $1bn (£631.6m) commitment from the Kuwait Investment Authority and other cornerstone investors. American International Group is thought to have initially aimed to sell shares in AIA at a level that would [...]
IMF renews its call for bank levy and a revamp of global regulation October 3, 2010 THE International Monetary Fund has called for a new world system to dismantle troubled financial institutions and a levy on banks to pay for it. The IMF’s statement, released last night, comes ahead of meetings here this week among fund officials, the World Bank and leading nations’ finance officials. It urges better international regulatory cooperation [...]
Pensiveness is mood of the day for Tories October 3, 2010 POLITICAL EDITOR THIS shouldn’t be an annus horribilis for the Tories. For the first time in 13 years, their leader will address the party conference as Prime Minister. The long slog of opposition is, at last, over. And yet things are not quite right. Maybe the party should have gone to Brighton or Bournemouth this [...]
