Living wage in London lifted to £8.80 an hour November 4, 2013 MAYOR Boris Johnson yesterday announced a 25p increase in the so-called living wage in London from £8.55 to £8.80 an hour. The wage, which is adopted by firms on a voluntary basis, has also risen outside the capital – from £7.45 to £7.65 per hour worked. While the scheme is optional, unlike the enforced minimum [...]
Hair today, krona tomorrow November 4, 2013 ANDERS Borg, the finance minister of Sweden, has shocked his homeland by appearing in public without his trademark ponytail. The former chief economist at Stockholm’s ABN Amro Bank, who has been finance minister for seven years, was recognisable for his haircut, an uncommon choice among the world’s finance ministers. On Twitter, the surprise change was major [...]
Couple to bring Christmas cheer to the Guildhall November 4, 2013 STUCK for Christmas present ideas? The couple pictured below might just have the answer for you. Alderman John Garbutt and his partner Solangela Tangarife (who hails from Colombia and is herself a professional events organiser) have spent the past few months organising the British Red Cross Christmas Market, which takes place at the City’s Guildhall [...]
A very arty end to your commute November 4, 2013 ING Discerning Eye is inviting City A.M. readers to a one-off art event in Liverpool Street Station this Thursday, 7 November. Members of the public will have the opportunity to perfect their artistic skill by attending a free drawing class in one of London’s most iconic and bustling landmarks. Classes will take place at 8am, [...]
Fortnum & Mason unveils festive window November 4, 2013 THE COUNTDOWN to Christmas doesn’t officially begin until Fortnum & Mason unveils its famous Christmas windows… well that time has come. CEO Ewan Venters is pictured next to this year’s opulent displays, the theme for which is Where Dreams Come True.
Alcatel-Lucent to raise cash for recovery drive November 4, 2013 LOSS-MAKING telecom equipment maker Alcatel-Lucent plans to raise €955m (£808m) from shareholders and $750m from a high-yield bond to cut debt and drive what its boss has called a last-ditch effort to save the group. Chief executive Michel Combes launched his Shift plan in June, including 10,000 job cuts, €1bn of cost savings and €1bn [...]
Johnson & Johnson will pay $2.2bn to end US drug probes November 4, 2013 IN ONE of the largest health care fraud settlements in US history, Johnson & Johnson will pay $2.2bn to end civil and criminal investigations into kickbacks to pharmacists and the marketing of pharmaceuticals for off-label uses, US Attorney General Eric Holder said yesterday. The resolution of the long-running case with the company and its subsidiaries covers [...]
EU weighs up funding backstop to reinforce non-Eurozone banks November 4, 2013 BRUSSELS is considering using an EU fund for non-Eurozone states with balance of payments problems as a backstop for banks in those countries that fail regionwide financial health checks, EU officials said yesterday. The idea is part of a wider discussion on how to reassure investors that Europe will have enough money to bolster banks [...]
Factory activity grows again in currency bloc November 4, 2013 THE EUROZONE’S manufacturing sector saw a boost for the fourth month in a row during October, its best period of growth since the European Central Bank’s brief rate hike in 2011. The euro area’s factories recorded a score of 51.3 in Markit’s purchasing managers’ index (PMI), a slight improvement on September, and above the neutral [...]
Swiss lenders fall after finance minister confirms capital plans November 4, 2013 SHARES in European banks Credit Suisse and UBS slumped yesterday after a spokesperson for Swiss finance minister Eveline Widmer-Schlumpf confirmed her comments in a newspaper that Swiss banks should be subject to a leverage ratio of six to 10 per cent, against the three per cent for global banks under rules that come into force in [...]
