Labour MPs back Fallon to grill Treasury June 8, 2010 MICHAEL Fallon is set to win the chairmanship of the influential Treasury select committee (TSC) today, after attracting significant support from Labour MPs. The MP for Sevenoaks has been the deputy chair of the committee for the last eight years, where he gained a reputation for grilling ministers and other witnesses with tough, insightful questions. [...]
Leahy checks out of the top job at Tesco June 8, 2010 TESCO shocked the City yesterday by announcing that boss Sir Terry Leahy would retire in March. Sir Terry has led the chain for 14 years, overseeing its rise to become the UK’s leading supermarket group and will be replaced by international and IT director Philip Clarke. The chief executive, who will be 55 when he [...]
Tesco chief’s exit is a blow but shares still good buy June 8, 2010 AND so the curtain falls on Terry Leahy’s remarkable reign at Tesco. Most investors will be shocked by his departure; the received wisdom was that Leahy would stick around until 2014, when its troubled Fresh & Easy US venture started to come good. His exit is a major loss for the grocer, there is no [...]
ABB pounces with surprise Chloride offer June 8, 2010 CHLORIDE, the UK power protection group that is being courted by Emerson, yesterday shocked the markets by announcing it has tied up a £860m deal with Switzerland’s ABB. ABB is offering 325p a share, plus the payment of a 3.3p dividend, and its bid easily beats an earlier rejected offer of 275p a share from [...]
Swiss handover of UBS client data delayed by political row June 8, 2010 SWITZERLAND’S delivery of UBS client data to US tax officials has been delayed after the Swiss lower house rejected the Swiss-US deal to solve a tax row, triggering a new parliamentary debate. Yesterday’s last-minute rejection by the main arm of parliament contradicts a vote in favour of the deal by the upper house last week, [...]
Forget south africa; the world cup is coming to bishopsgate June 8, 2010 ROYAL Bank of Scotland has clearly been keeping an ear out for all the sage words of wisdom dropping from the sky over the World Cup. The four-yearly event is one of the most sought-after corporate hospitality gigs in the calendar, but RBS, mindful of that taxpayer bailout it received during the crisis, isn’t biting. [...]
EU goes ahead with plans for bank tax levy June 8, 2010 THE European Union says it will press ahead with its own banking levy after the world’s top economies failed to agree on taxing an industry seen as a main culprit behind the global economic meltdown. Finance ministers finished talks yesterday to tackle bloated public debts with a promise to find a way of taxing banks [...]
Spanish unions test appetite for unrest with one-day strike June 8, 2010 SPANISH public sector workers staged a one-day protest at planned wage cuts yesterday, in a move to test whether unions will be able to muster a full-blown general strike. Civil servants banged drums and chanted anti-government slogans in a stand against a five per cent salary reduction this year, to be followed by a pay [...]
Hungary to punish banks and ban home loans in foreign currencies June 8, 2010 HUNGARY’S Prime Minister vowed to introduce a flat income tax and a tariff on banks, cut public pay and ban foreign currency mortgages as he strove to reassure investors he could contain the budget deficit. After sweeping an April election with a two-thirds majority, Viktor Orban unveiled a programme departing from that of the previous [...]
Wayne won’t let us down, promises Rio June 8, 2010 RIO FERDINAND last night shrugged off concerns over Wayne Rooney’s ill-discipline and backed the striker to keep his cool at the World Cup. The hot-headed Manchester United star was booked in Monday’s low-key warm-up win over Platinum Stars and accused of spouting foul language at referee Jeff Selogilwe. Rooney, 24, was sent off at the [...]
