What the other papers say this morning – 04 December 2013 December 3, 2013 FINANCIAL TIMES IBM legal challenge to India tax claim IBM has launched a legal challenge over an estimated $800m tax demand from India’s revenue department – becoming the latest major western multinational to find itself ensnared in a payment dispute in Asia’s third-largest economy. The company’s move follow a series of recent high profile tax rows [...]
City bosses call for shake-up of UK education December 3, 2013 BUSINESS leaders railed against the UK’s lacklustre education system yesterday, as international rankings showed that Britain is slipping behind many other countries. The UK did not make the top 20 list for mathematics, science or reading, according to the OECD’s latest Programme for International Student Assessment (Pisa), with the points awarded to UK students stuck at [...]
Infrastructure deal: December 3, 2013 ■ Six major insurers have announced plans to collectively invest £25bn in UK infrastructure over the next five years. They are: Legal & General, Aviva, Prudential, Scottish Widows, Standard Life and Friends Life. ■ The government has unveiled a new national infrastructure plan containing over £375bn of public and private sector projects in the pipeline. [...]
Co-op’s advisers defend role in botched Lloyds branch sale December 3, 2013 THE CO-OPERATIVE Bank’s advisers on its aborted attempt to buy 632 Lloyds branches defended their part in the botched sale yesterday, insisting their advice was robust. JP Morgan’s Tim Wise, part of the team that advised Co-op, told MPs his bank had given “dispassionate and conservative” advice, despite the majority of its payment being dependent [...]
UK government backs BP in US federal dispute December 3, 2013 THE UK government has backed oil giant BP in its dispute over the US government’s decision to suspend all of the oil major’s federal contracts after the Deepwater Horizon disaster. “This is a straightforward economic argument – BP is vital to British jobs and British pension funds; businesses need certainty to operate and invest,” a [...]
MPs pile pressure on RBS over latest payment system failures December 3, 2013 LEADING MPs yesterday called on RBS to explain why its payment systems broke down on Monday evening, calling for top bosses to answer questions. It is the third time in 18 months the bank has left millions customers unable to use debit cards, take cash from ATMs and or access their online accounts. “We need [...]
Cameron’s selfie on trade mission to China December 3, 2013 DAVID Cameron wants the UK to be at the “front of the queue” when it comes to Chinese trade deals. The PM, who yesterday was pictured in a so-called “selfie” with Alibaba’s Jack Ma (left), will make the case for the “importance of two-way trade”, a spokesman for Number 10 said. Cameron says his visit [...]
Building’s brisk growth driven by new houses December 3, 2013 BRITISH builders are recovering rapidly as the economy begins to turnaround, recording the fastest expansion in business for over six years in November. The latest purchasing managers’ index (PMI) from Markit and the Chartered Institute of Purchasing and Supply hit its highest level since August 2007. On its own, residential construction surged at the quickest [...]
Forecast points to £3bn in gifts from Osborne December 3, 2013 AS CHANCELLOR George Osborne’s Autumn Statement draws nearer, a new report today lays out what is expected from the Treasury. EY’s Item Club are the latest group to suggest Osborne’s giveaways will run to around £3bn, projecting that the Office for Budget Responsibility (OBR) will slash the UK’s borrowing forecast to £110bn. This would mean [...]
Bank fears debt too high to cope with a rate hike December 3, 2013 HIGH house prices are pushing up families’ debts and mean they could be in danger when interest rates rise, the Bank of England said yesterday. The minutes of its financial policy committee’s (FPC) latest meeting show the panel of policymakers is worried that further sharp rises in prices will build up risks in banks and [...]
