Central banks fight against devaluation January 29, 2014 SOUTH Africa’s interest rate hike yesterday made it the third emerging market to tighten policy in as many days, though the interventions of central banks are failing to reverse currency weaknesses so far. The South Africa Reserve Bank unexpectedly raised their benchmark rate to 5.5 per cent yesterday. After a brief upswing, the change failed [...]
What the other papers say this morning – 30 January 2014 January 29, 2014 FINANCIAL TIMES 20 years of energy pain for Europe High gas and electricity prices will continue to plague Europe for at least 20 years, damaging the competitiveness of industries that employ almost 30m people, the world’s leading energy forecaster has warned. In findings likely to inflame claims EU climate change policies are damaging the bloc’s [...]
UK companies contribute more to taxation bill January 29, 2014 BRITAIN’S biggest firms and their employees paid more tax last year despite the falling rate of corporation tax, as business investment and hiring improved, a study from PwC shows today. The largest listed businesses paid £78bn in the last financial year, up from £77bn in the previous 12 months and around 15 per cent of [...]
JP Morgan supports staff after shock death of IT vice-president January 29, 2014 STAFF at JP Morgan are being offered one-to-one counselling after a senior member of staff at the bank fell from the roof and died at around 8am on Tuesday. Gabriel Magee, described by colleagues as well-liked, was a vice-president in the IT and technology side of the business. The bank held a minute’s silence yesterday [...]
Barclays takes £330m blow January 29, 2014 BARCLAYS fourth quarter results will be around £330m worse than previously expected, the bank warned investors yesterday. The results, to be published on 11 February, will include a £220m charge against costs as well as a £110m underperformance in its investment banking arm. The lender is in the process of a major set of reforms, [...]
Deutsche’s culture costs January 29, 2014 DEUTSCHE Bank is happy to turn away some deals and let bankers with a short-term focus leave, even if it means lower revenues, co-chief executive Anshu Jain said yesterday. The lender is particularly keen to reform the high-paced culture in its London office, he said. “There is barely a piece of our business in New York [...]
Cameron refuses to rule out 45p tax cut January 29, 2014 DAVID Cameron was pressed to show his hand on lowering taxes during Prime Minister’s Question Time today. The PM refused to be drawn on whether he would cut the top rate of income tax to 40p from 45p, telling the House his party stood for lowering taxes for low and middle income families. Business group [...]
Sainsbury’s chief to step down after ten year rule January 29, 2014 SAINSBURY’S chief executive Justin King is to step down after ten years at the helm, having overseen nine years of consecutive growth and restored the company’s status as Britain’s second largest supermarket chain. King will step down at the company’s annual general meeting in July, when he will be replaced by Sainsbury’s commercial director Mike [...]
Bottom Line: An orderly handover but uneasy lies any head wearing this crown January 29, 2014 LONG live the new king. Sainsbury’s emphasis is firmly on continuity as it announces its new boss. The choice of commercial director Mike Coupe is the antithesis of a palace coup – every inch a loyal insider, Coupe is closely tied to King’s strategic vision, as demonstrated by his involvement in recent successes like Brand [...]
Google sells off Motorola unit to Lenovo for $3bn January 29, 2014 LENOVO Group said last night it agreed to buy Google’s Motorola handset division for $2.91bn, less than two years after Google paid $12.5bn to buy the firm. The deal ends Google’s short-lived foray into making consumer mobile devices and marks a pullback from its largest-ever acquisition. However, Google will keep several lucrative patents, including the [...]
