Libor trials in jeopardy over legal aid cuts May 1, 2014 BRITAIN’S anti-fraud regime could fall to pieces if more cases collapse from a lack of legal aid funding, insiders at the UK’s enforcement agencies warned yesterday. It comes after a judge at Southwark Crown Court halted a fraud case, worked on by the Prime Minister’s lawyer brother, because the five accused could not find a [...]
Shares in TSB for sale by end of June as Lloyds kicks off £1.5bn flotation May 1, 2014 RETAIL investors will get a chance to buy shares in new high street bank TSB by the end of June, Lloyds said yesterday. The group is selling off the bank as part of the terms of its 2008 bailout. Up to 40 per cent of TSB is likely to be on offer in the first [...]
Industry’s burst of growth sends pound to 2009 high May 1, 2014 THE POUND surged to its highest level in nearly five years yesterday, following a strong suggestion that the UK’s manufacturing sector is growing even more rapidly than previously thought. Sterling jumped back above $1.69 for the first time since 2009, in the wake of the latest purchasing managers’ index (PMI) for the UK’s manufacturers, produced [...]
We are stuck in a disastrous spiral of misplaced interventionism May 1, 2014 VICIOUS circles are the new normal in British politics. Bad, often economically illiterate, policies create poor outcomes; voters become angry; the opposition (and in some cases the government) responds with hopeless populist policies intended to alleviate the symptoms of the previous round of bad policies; the situation worsens; disenchantment with the establishment rises ever further. [...]
What the other papers say this morning – 02 May 2014 May 1, 2014 FINANCIAL TIMES Ebay settles DoJ ‘no poach’ probe Ebay is the latest Silicon Valley company to settle with US authorities over allegations it struck illegal agreements with rivals to not hire their employees. The ecommerce company will pay California $3.75m, some of which will go to compensating employees affected by a so-called “no poach” agreement [...]
Commuters face another week of tube strikes May 1, 2014 STRIKES on the London Underground next week, starting on Monday evening and lasting until Thursday, are still set to go ahead as talks between Transport for London (TfL) and the RMT transport union continue today. “Should next week’s strike go ahead there is likely to be disruption but we will do everything we can to [...]
Network Rail to cut bonuses May 1, 2014 Network Rail will make an announcement this morning in which it is expected to announce plans to rein in its bonuses. Executive directors at Network Rail, which receives £3bn from the public purse each year, are eligible for bonuses of up to 60 per cent of their salary and long-term bonuses that can double their [...]
Moody’s to give Scotland A-rating May 1, 2014 Scotland would likely see its an investment-grade credit rating drop two notches if it votes for independence, while the UK’s rating would rise, ratings agency Moody’s said yesterday. “While there are significant uncertainties associated with Scottish arrangements post-independence, an A rating is perhaps the most likely at the outset, but with risks tilted to the [...]
JP Morgan revamps Bournemouth May 1, 2014 JP Morgan will spend almost $50m (£28.6m) doing up its 22-year old Bournemouth site with state of the art communications technology. JP Morgan says it hopes the revamp of its Bournemouth campus, which has over 4,000-staff, will encourage workers to be more productive and collaborative, giving an advantage over rivals. JP Morgan is currently the [...]
Retail investors to get TSB stake by end of June May 1, 2014 LLOYDS will sell a chunk of as much as 40 per cent of spun-off bank TSB by the end of June, the state-backed bank revealed yesterday. Retail investors will be able to buy shares through brokers as part of the sale, as well as institutional investors. The final terms of the sale are being arranged [...]
