What the other papers say this morning – 17 December 2013 December 16, 2013 FINANCIAL TIMES US judge ruling on NSA surveillance The National Security Agency’s surveillance methods have suffered a significant legal setback after a federal judge ruled yesterday that a programme that collects bulk phone records was likely to be unconstitutional. In an often scathing ruling about the activities of the NSA, the court said the programme [...]
Miliband sets his sights on big housebuilders December 16, 2013 ED MILIBAND has angered housing developers by suggesting that they are guilty of hoarding land destined for new homes in order to make cash. The Labour leader made the comments during a tour of Stevenage yesterday as he launched a “non-stop drive” to boost building in the UK. “Profits for our four biggest housing developers are [...]
Bottom Line: Bonuses are well-deserved for boss who’s leading turnaround December 16, 2013 WHEN Thomas Cook announced its first operating profit in three years last month, chief executive Harriet Green made it clear this was no time to rest on any laurels. Despite more than halving losses and growing revenues, one-off costs meant the travel firm was still in the red on a pre-tax basis, so Green stepped [...]
Thomas Cook boss paid £2.8m December 16, 2013 TRAVEL group Thomas Cook has awarded its new boss Harriet Green £2.85m for her first full year in charge of an ambitious recovery plan. Green, who has led a £305m rights issue and cost cutting measures since joining the firm in July 2012, hit every target needed to get her full £1.8m cash bonus. Chief [...]
RBS confident in capital level December 16, 2013 RBS LAST night quit bailout backstop the contingent capital facility (CCF) after four years, indicating new confidence in its financial strength. Under the scheme the bank paid the Treasury £320m per year for insurance which would pay out if its capital levels plunged. If the bank’s capital ratio fell below five per cent the government would [...]
KKR to acquire sister business December 16, 2013 INVESTMENT firm KKR said yesterday it would acquire KKR Financial Holdings in an all-stock deal that would value the speciality finance company it launched more than nine years ago at $2.6bn (£1.9bn). “Through this transaction, we are acquiring a business with a fully invested, complementary portfolio of assets while increasing the scale and diversity of [...]
Sofa.com put on the block after jump in revenue December 16, 2013 HOME furnishings group Sofa.com has brought in advisers to help with a potential sale of the business, it confirmed yesterday, after reporting a 35 per cent surge in full-year sales. The armchair and sofa retailer’s founders Rohan Blacker and Pat Reeves have called in financial advisory firm Altium to explore their options, which could include [...]
Troubled RSA sees ratings put on negative watch by Fitch December 16, 2013 RATINGS agency Fitch has put RSA’s financial strength rating on negative watch after further concerns were raised about the insurer’s ability to maintain its position in the market. And Standard and Poor’s cut its credit rating on RSA and its core subsidiaries from A to A-, arguing that a series of profit warnings indicate management [...]
Europe’s banks build capital buffers before stress tests December 16, 2013 EUROPE’S banks have improved their capital positions rapidly in advance of next year’s stress tests, European Banking Authority (EBA) numbers showed yesterday. The EU’s biggest 64 banks increased their capital buffers by €80bn (£67.5bn) and slashed risk-weighted assets by €817bn between December 2011 and June 2013. The effort increased their core tier one capital ratios [...]
Retirement pay fails to improve December 16, 2013 BRITONS born in the 1960s and 1970s will not be any better off in retirement than those born a decade earlier, according to a study out today from the Institute for Fiscal Studies (IFS). This is the first generation where incomes are not rising in old age, thanks to wages stalling, housing costs soaring and [...]
