IDS claims there is no debacle in universal credit December 9, 2013 WORK and pensions secretary Iain Duncan Smith told a committee of MPs yesterday that there is no “debacle” in the universal credit system. The comments came after Duncan Smith faced criticism over delays and extra costs related to the new benefit system. He told the BBC’s Today programme last week that the rollout was on [...]
Public donates £900,000 to the Treasury to ease national debt December 9, 2013 ALMOST £900,000 has been donated to the Treasury to pay back national debt during this financial year – even as the government continues to add over £100bn each year to the UK’s debt, which exceeds £1 trillion. Members of the public made 11 contributions in total, adding up to £898,540. The figure, the result of [...]
EADS in plan to cut 5,800 European jobs December 9, 2013 AIRBUS parent EADS plans to cut 5,800 European jobs in a three-year restructuring of its defence and space activities, the European aerospace group said yesterday. The cuts will be spread between the UK, France, Germany and Spain and will include 1,000 to 1,450 net redundancies, putting Europe’s largest aerospace company on a potential collision course [...]
Industry echoes OECD energy policy worries December 9, 2013 INDUSTRY bodies echoed warnings from the head of the Organisation for Economic Co-operation and Development (OECD) yesterday, that Labour’s plans to freeze energy bills could seriously hinder investment into the sector. Angel Gurria, secretary-general at the OECD, told BBC Panorama last night that forcing firms to absorb higher costs could bankrupt their investors. Simon Walker, [...]
US Airways and AMR seal $18bn merger December 9, 2013 AMERICAN Airlines Group, the world’s biggest airline after AMR’s merger with US Airways Group, intends to take advantage of its broad global network to win more corporate customers, the company’s president said. American Airlines parent AMR and US Airways sealed their $18bn (£10.9bn) merger yesterday. Shares are trading on Nasdaq under the symbol AAL. “We [...]
TCS shines with maiden results December 9, 2013 SHARES in Russian credit card firm TCS Group yesterday remained stubbornly lower than their November float price, despite the firm posting a 22 per cent rise in profits. The business, founded by Russian entrepreneur Oleg Tinkov, closed at $14 a share after it said pre-tax profits rose to $61m for the three months ending September, [...]
Analyst Views: What is your verdict on TCS group’s maiden set of results? December 9, 2013 MAGDALENA STOKLOSA MORGAN STANLEYThe growth story underpins a return on equity driven re-rating of TCS shares. TCS’s earnings per share growth is likely to be one of the strongest across global emerging market banks but stricter consumer finance regulations continue to pose key revenue risk, in our view. DAVID NANGLE RENAISSANCE CAPITALIt’s good to see [...]
Monte dei Paschi shares boosted December 9, 2013 SHARES in Monte dei Paschi di Siena rose more than five per cent in early trade yesterday after the top investor in the Italian bank said it would vote against a planned rights issue unless its launch was delayed until at least 12 May. The bank was planning to start the capital increase in January [...]
Greece deep in deflation December 9, 2013 GREEK prices fell at the fastest level on record during November, as the country enters its ninth month of deflation. GDP declined by only three per cent between the third quarter of 2012 and the same period this year, but data released yesterday confirm that prices are deflating at an increasingly rapid pace. In the [...]
Eurozone investor confidence slips with German production December 9, 2013 A MAJOR barometer of the Eurozone’s investor confidence was released yesterday, suggesting an unexpected cooling in sentiment over the last month. The Sentix investor confidence index’s headline score dropped from 9.3 last month to eight this month, indicating a minor decline in confidence. Analysts had expected a marginal improvement to 10.4. Despite the drop, investors [...]
