Auditors say sale of stake in Lloyds lost UK £200m December 17, 2013 THE TAXPAYER lost £200m on its first sale of Lloyds shares instead of making a profit as initially claimed, official auditors said today, because the government’s sums did not take account of the cost of borrowing money to bail the bank out. September’s sale of 4.3bn shares brought in £3.2bn and outweighed the amount paid [...]
Debenhams demands a little help from its suppliers (again) December 17, 2013 SUPPLIERS to Debenhams got a nasty shock yesterday when the retail giant wrote to them asking for a contribution to the group’s recent investment programme. It’s not the first time they have been asked for extra support. Earlier this year they were asked to extend payment terms from 90 to 120 days. In the latest [...]
Bonuses clipped by shareholder spring activism December 17, 2013 BONUSES for top executives at the UK’s biggest public companies dropped in the last financial year, as the effect of 2012’s shareholder spring rolled on. According to research revealed by EY today, bonuses for chief executive officers in FTSE 100 firms dropped 5.2 per cent in 2012-13, compared to their levels in the previous financial [...]
What the other papers say this morning – 18 December 2013 December 17, 2013 FINANCIAL TIMES French seek EU defence fund Plunged into its second African military mission in under a year, France is showing increasing frustration at what it sees as a lack of spine among European partners on defence issues. In an effort to put its allies on the spot, President François Hollande is poised to demand, [...]
Bank to announce on new notes December 17, 2013 The Bank of England is expected to push forward plans to move to polymer bank-notes today, as the public consultation over the change comes to an end. The Bank floated the idea earlier in the year, and assessed public views at events around the country. The new material may come into use for new £5 [...]
Bumi meeting backs new name December 17, 2013 Coal mining giant Bumi confirmed their split from the Bakrie family that helped set the firm up, setting the course for the firm to be renamed Asia Resource Minerals. A shareholder meeting yesterday concluded the separation, as the Bakries agreed to sell their share of Bumi to Samin Tan, one of Indonesia’s richest men. Nat [...]
Moscow to assist Yanukovich December 17, 2013 The Russian government has offered a major package of economic assistance to embattled Ukrainian President Viktor Yanukovich, who is facing huge protests in his own country. Russia is now set to buy $15bn (£9.22bn) of Ukrainian bonds to help boost the country’s public finances. Moscow is also slashing the price that Ukraine pays for Russian [...]
Boris Island is kept afloat in airport report December 17, 2013 HEATHROW and Gatwick have been picked as the best sites for a new runway by the government’s Airports Commission – but the Boris-backed proposal for a hub in the Thames Estuary has been given a possible lifeline. The independent commission left the Estuary plan off its shortlist yesterday, calling it “imaginative”, “uncertain” and “extremely expensive”– [...]
Carney warns growth may be weak for several years to come December 17, 2013 BRITAIN has not yet recovered from the full effects of the financial crisis, and may take several years to return to strong and sustainable economic growth, Bank of England governor Mark Carney warned yesterday. Although economic growth in recent months has been higher than he expected, the forecast is not entirely positive, he said. The [...]
Inflation falls to 2009 levels December 17, 2013 PRICE rises slowed unexpectedly last month, the Office for National Statistics said yesterday, as the winter rise in energy bills kicks in later than usual. Inflation came in at 2.1 per cent, down from 2.2 per cent in the previous month and down to the lowest level since November 2009. Price rises have exceeded the [...]
