Clegg vows to keep cutting after election February 10, 2014 NICK Clegg last night promised to stick to the coalition’s deficit reduction plans after the next election, if the Lib Dems are still in government. And once the budget deficit has been eliminated, Clegg said he would go further and run a surplus to start paying down Britain’s national debt. The deputy prime minister said he recognises [...]
Barclays profits up despite legal cost increases February 10, 2014 BARCLAYS’ profits edged up on the year, the bank said yesterday, in another sign the lender is benefiting from the economic recovery. In a surprise early announcement, the lender said it made a statutory pre-tax profit of £2.9bn in 2013, up from £2.46bn in 2012. It comes after the bank revealed another £330m of legal [...]
End of Flappy Bird sparks a new market for pre-loaded phones February 10, 2014 FLAPPY Bird, the app sensation that was removed from iPhone and Android app stores this weekend, has prompted a boom in eBay sales of pre-loaded smartphones. Sellers began charging premium prices for phones that already have the app loaded, with iPhone 5 phones advertised for around £800. Bidding for a 16GB iPhone 5 with Flappy [...]
UBS suspends two bankers in hiring probe… February 10, 2014 SWISS bank UBS has put two bankers on leave as part of an internal investigation into the hiring of a close relative connected to a potential Chinese corporate client. The move comes after US federal officials launched a separate probe into employment practices at JP Morgan Chase, reviewing the circumstances behind the US bank’s hiring [...]
… as reports say China regulator asked Dimon to hire family friend February 10, 2014 CHINA’S top insurance regulator directly asked JP Morgan Chase’s chief executive Jamie Dimon to hire a family friend as a “favour,” the New York Times has reported, citing a confidential email. The latest report comes as Wall Street’s practice of hiring family and friends of China’s ruling elite continues to attract the attention of regulators. [...]
Londoners back developer plan for Smithfields February 10, 2014 HENDERSON Global Investors said that over half of Londoners had backed its £160m scheme to redevelop part of Smithfield market, as the developer prepares to battle it out with opponents at a public inquiry today. A YouGov poll carried out on behalf of the developer found that 54 per cent of the 1,100 people questioned [...]
Business lobby forecasts broader recovery with rosy 2014 outlook February 10, 2014 THE UK’S economic recovery will spread away from consumer spending, into trade and investment in the year ahead, according to a bullish forecast from the Confederation of British Industry (CBI). Rejecting pessimistic views of the UK’s return to growth, the CBI projects 2.6 per cent GDP growth this year, boosted by a return of business [...]
Retailers kick off new year with biggest sales boost since 2010 February 10, 2014 A BUMPER January saw British retailers record the fastest growth in sales for over three and a half years, with a 5.4 per cent boost when compared to January 2013. Online sales led the increase once again, expanding by a stunning 19.2 per cent over the 12 month period, the strongest result for internet retailers [...]
Thousands of bankers trained to fight crime February 10, 2014 A VIRTUAL “ring of steel” is being constructed to take on cyber crime, the British Bankers’ Association and the City of London police announced yesterday. Thousands of bankers will be trained each year to spot scams and signs that bank accounts are being raided by fraudsters. The police said they have stepped up co-operation with banks over the [...]
Thames Water bucks the trend with inflation-busting price hike February 10, 2014 THE MAJORITY of water companies in England and Wales yesterday confirmed that they would keep price increases below inflation for 2014-15, equating to an £8 – or two per cent – hike to the average bill. But Thames Water, which supplies the London area, is raising bills by 3.4 per cent. The Consumer Council for [...]
