I agree with Nick, tweets Ed Balls January 8, 2014 LABOUR’S Shadow chancellor Ed Balls has set fingers tapping on Twitter again, this time by seemingly pledging his allegiance to Nick Clegg. In an interview in New Statesman magazine Balls said he could understand why the Liberal Democrat leader had formed a coalition with the Conservatives, adding that he would not be averse to discussing [...]
Skip the visa queue – pay January 8, 2014 THE GOVERNMENT could be about to hand wealthy investors an easy way around the visa queue by handing over cash in return for citizenship. Investor visas could be awarded to the highest bidder, or potential citizens offered the chance to donate money to good causes, including building new hospitals or universities, in return for leave to [...]
RBS to cut jobs to reduce costs January 8, 2014 ROYAL Bank of Scotland is expected to announce job cuts next month as part of plans to reduce its cost base. Chief executive Ross McEwan, who took the helm last October, said he wanted to cut the group’s cost base, reducing its cost to income percentage target to the mid 50s from its current 65 [...]
Fairfax buys Blackberry debt January 8, 2014 FAIRFAX Financial Holdings is set to buy another $250m (£150m) worth of BlackBerry’s debt, providing the struggling smartphone maker with much-needed cash. The move by Fairfax, the Canadian property and casualty insurer run by investment guru Prem Watsa, will double the company’s holdings of BlackBerry’s debt. Fairfax also owns a 9.9 per cent equity stake [...]
Terra Firma staff see pay double on bumper year January 8, 2014 STAFF at Terra Firma, the private equity firm controlled by seasoned investor Guy Hands, saw their salaries and bonuses double during the last financial year, according to figures released yesterday. Wages and salaries jumped to £35.6m for the year ending 31 March 2013, up from £17.6m during the year-ago period. The company had 91 staff [...]
Greek ministers hail recovery and hint at bond issue in 2014 January 8, 2014 SENIOR Greek ministers were in a bullish move as the country took up its six-month presidency of the European Union, claiming that the troubled Mediterranean state could return to the bond market this year. Speaking at the presidency’s launch ceremony yesterday, finance minister Yannis Stournaras and foreign minister Evangelos Venizelos talked up Greece’s recovery from [...]
New power-cut emergency line to be launched January 8, 2014 GOVERNMENT ministers and the energy industry have agreed to launch a new emergency phone line to help people who have had their electricity cut off. Energy secretary Ed Davey yesterday chaired a meeting of operators responsible for the UK power network to discuss lessons to be learnt from the recent poor weather and subsequent power [...]
Sainsbury says discounters an all-year threat January 8, 2014 SAINSBURY’S chief executive Justin King yesterday conceded the pressure from discounters was an “all-year” rather than a Christmas effect, as the group posted a sharp slowdown in sales over the Christmas quarter. Shares fell 2.4 per cent yesterday after the supermarket posted a 0.2 per cent rise in like-for-like sales in the 14 weeks to [...]
Supermarket retailers Waitrose and Co-op see mixed fortunes January 8, 2014 THE FESTIVE trading period produced mixed fortunes for supermarket retailers Waitrose and the Co-operative, which is fighting to turn itself around after a dire year for its banking arm. The Co-op’s food arm, which has been steadily losing market share, gained some respite after posting a one per cent rise in like-for-like sales in 13 [...]
Fat Face steps closer to float January 8, 2014 FAT FACE’S chief executive said yesterday the leisurewear retailer was “examining an IPO in more detail” as it delivered strong first half sales. Anthony Thompson said the group, which hired Lazard last year to explore options for the business, was now seriously considering an IPO off the back of a strong first half. Sales rose [...]
