What the other papers say this morning – 12 June 2014 June 11, 2014 FINANCIAL TIMES Renminbi boost for London Britain’s bid to become the leading centre for offshore trading in the renminbi is set to receive a boost with the designation of China Construction Bank , the country’s second-largest lender, as a clearing bank in London for the Chinese currency. The move – filling a gap in the [...]
EU opens probe into tax rules of business giants June 11, 2014 THE EUROPEAN Commission yesterday opened an investigation into the deals cut by Apple, Starbucks and Fiat with the European countries where they base their tax residencies. The Commission said it was looking at whether the countries’ tax treatment of multinationals, which help to attract investment and jobs that might otherwise go to where the companies’ [...]
Thousands face travel delays as tempers rise over Passport Office backlog June 11, 2014 Prime Minister David Cameron yesterday accused Labour leader Ed Miliband of scaremongering over delays at the Passport Office, which had left thousands of families at risk of having to cancel their summer holidays. During Prime Minister’s question time yesterday, Cameron said the Home Office was facing “above normal” passport applications which had led to the [...]
B&M Retail goes for high IPO price June 11, 2014 B&M Retail is expected to set the price of its initial public offering at 270p per share today, in a show of confidence in the float despite a string of recent disappointments on the London market. The bargain retailer had earlier this week revised up its range to between 260p and 280p per share, encouraged [...]
Payments need a lighter touch June 11, 2014 COMPETITION and innovation in bank payments risk being undermined if the system’s new regulator is too heavy handed, a report from Demos Finance warns. The government is setting up a regulator to ensure new and smaller banks get a fair deal when using larger rivals’ systems. But analysts at Demos worry some actions to address [...]
Justin King confident Sainsbury’s will still outperform June 11, 2014 Sainsbury’s outgoing chief executive Justin King said he was confident that the supermarket chain would continue to outperform its rivals long after he had gone, despite the group reporting a fall in like-for-like sales for a second consecutive quarter. King has overseen nine years of unbroken growth during his time at the company and has [...]
Bottom Line: As the going gets tough, Justin King gets going June 11, 2014 There was a lot of back-slapping at Sainsbury’s yesterday, with Justin King talking up his successor, and his successor lavishing praise on the soon-to-depart chief executive. “When Justin started at the business we were serving 14m customers a week, and now we’re serving 24m a week. That’s a great achievement,” enthused Mike Coupe. King insists the [...]
Bank’s new deputy governor to lead crackdown on benchmarks June 11, 2014 A SWATHE of new rules over forex, commodities and interest rate benchmarks will be decided by incoming Bank of England deputy governor Minouche Shafik – before she even officially takes up the role. George Osborne will tonight give her and City watchdog chief Martin Wheatley control of a new body overseeing the regulation of the [...]
Mitsubishi joins Siemens to help pursue Alstom June 11, 2014 SIEMENS has enlisted Japanese conglomerate Mitsubishi for a possible joint bids for parts of French engineering firm Alstom. Siemens and Mitsubishi Heavy Industries said in a joint statement that they would decide on a proposal to Alstom’s board of directors by Monday next week. “I appreciate Mitsubishi Heavy Industries’ commitment to join our efforts and [...]
Quindell share price falls further after its premium listing bid is rejected June 11, 2014 Quindell, the Aim-listed insurance firm whose shares have plummeted 60 per cent since a scathing blog post by US short seller Gotham City Research, saw its shares knocked again yesterday after revealing its attempt to join the London market’s premium segment had been unsuccessful. The rejection hit Quindell’s shares as much as 40 per cent. [...]
