Cameron forced onto the defensive as Miller quits April 9, 2014 DAVID Cameron was struggling to restore his authority last night, after his attempt to keep Maria Miller as culture secretary despite overwhelming public anger ended in failure. Cameron acknowledged that public concern over MPs’ abuse of expenses was “still very raw” and that more had to be done to rebuild trust. Ed Miliband accused Cameron [...]
Why Sajid Javid could soon become the Tories’ great hope April 9, 2014 IT is a remarkable story. When Dadabhai Naoroji was elected as the Liberal Party member for Finsbury Central at the 1892 general election, the Mumbai-born became Britain’s first Asian MP. He was soon followed by Sir Mancherjee Bhownagree, elected in 1895 as the Tory MP for Bethnal Green North East. But it took another 122 [...]
Bankia switches off the power April 9, 2014 Spain’s biggest state-owned lender Bankia last night instructed the sale of its entire 4.94 per cent stake in the power company Iberdrola. The stake is worth around $2.2bn (£1.31bn). Citi and UBS were given the mandate to sell the stock. The sale is part of Bankia’s divestment programme. Bankia has already sold stakes worth more [...]
G4S gets government go-ahead April 9, 2014 The government said yesterday that it welcomed outsourcing firm G4S’ corporate overhaul plan and that it “represents the right direction of travel to meet our expectations as a customer”. G4S agreed to repay £108.9m to the government last month after overcharging on a criminal-tagging contract. G4S said it now wants to grow the business by [...]
Dimon’s pay slips to $11.8m April 9, 2014 JP Morgan chief executive Jamie Dimon saw his pay slip 37 per cent to $11.8m in 2013, according to regulatory filing released last night. Meanwhile, Dimon used a letter to shareholders to say that settling the bank’s wide-ranging legal cases with multiple government agencies last year was “the most painful, difficult and nerve-wracking experience that [...]
What the other papers say this morning – 10 April 2014 April 9, 2014 FINANCIAL TIMES Firms in the dark over pension charges Employers running final-salary pension schemes can be charged 10 times more than more efficient competitors, according to a new regulatory study that exposes a further lack of transparency in Britain’s investment industry. Research by The Pensions Regulator has also found that nearly a quarter of the [...]
Fed’s minutes play down fear over rate rises April 9, 2014 SENIOR officials at the US Federal Reserve have eased the concerns of investors over its future monetary policy, with last night’s minutes of its March meeting helping to boost shares across the pond. The minutes revealed that Fed officials had worried that traders might overreact to mapped forecasts that suggested interest rates could be 2.25 [...]
Next chief Lord Wolfson hands his £4m bonus to 20,000 staff April 9, 2014 AROUND 20,000 staff at Next are to share in a £4m cash windfall after the retailer’s chief executive Lord Wolfson decided to gift his bonus for a second year in a row. In a letter sent to staff yesterday, the Conservative peer said that everyone who has worked for the retailer since April 2011 will [...]
RBS clears path to dividends April 9, 2014 RBS has agreed to pay the government £1.5bn before it gives shareholders a dividend, the lender announced yesterday. It has struck a deal to buy back the dividend access share, which was put in place as part of its bailout. RBS will pay £320m immediately, and the remainder when it is able. Once it has [...]
FCA guidelines on annuities April 9, 2014 AROUND 400,000 people will be contacted by the insurance industry after the City watchdog urged pension providers to provide clarity to savers on changes to annuities. The Financial Conduct Authority said providers should contact people approaching retirement to make sure they are aware of the impact that transitional arrangements for savings will have on them [...]
