UK economy set for bullish end to a strong year November 4, 2013 THE BRITISH economy is set for a rosy fourth quarter, with a new forecast expecting growth to speed up even more as 2013 comes to an end. The Institute of Chartered Accountants in England and Wales (ICAEW) and Grant Thornton’s most recent business confidence monitor, announced today, is the most positive in the history of [...]
Minister calls on Swiss banks to raise capital November 4, 2013 SWISS banks should be subject to higher leverage ratio requirements, Swiss finance minister Eveline Widmer-Schlumpf was quoted as saying yesterday, in a move that could have big implications for UBS and Credit Suisse, still two of the City’s biggest investment banks. “We need to think about whether we need to further enhance the capital base,” [...]
What the other papers say this morning – 04 November 2013 November 4, 2013 FINANCIAL TIMES Aircraft carrier cost to rise to £6.2bn Britain will this week reveal another substantial increase in the cost of building its two new aircraft carriers, declaring that total funding for the programme will rise by another £800m to £6.2bn.Philip Hammond, defence secretary, is expected to say that a new set of demands – [...]
M&S to reveal fresh slump in fashion sales November 4, 2013 MARKS & Spencer will reveal how its revamped clothing range is faring tomorrow, with the City braced for another drop in sales. Chief executive Marc Bolland, who has pledged to turn around the general merchandise branch of the business, is set to reveal a ninth straight quarter of falling like-for-like sales as well as a [...]
Bottom Line: Bolland has got six months to ensure clothing measures up November 4, 2013 EVERY cloud has a silver lining, and for Marc Bolland, the storm clouds battering Britain last week must have come as a huge relief. Finally, the weather is right for the coats and pullovers of his autumn range to start leaving the racks. Sadly, the start of jumper season has come too late to boost [...]
Tilda basmati rice brand is put up for sale November 4, 2013 THE OWNERS of Tilda, one of the world’s top basmati rice brands, are considering a sale that could value the business at up to £250m. The Thakrar family, which owns Tilda, is understood to have appointed investment bank Rothschild to review options for the family’s shareholding, according to reports by Sky News. Rothschild declined to [...]
CBI calls for UK to stay member of reformed EU November 4, 2013 UK FIRMS would benefit from remaining the in the EU, despite the need for urgent reforms, according to a report released today by the Confederation of British Industry (CBI). Among the benefits of EU membership, the CBI lists 30 free trade agreements, and access to the single market, an important destination for many UK exporters. [...]
Visa bonds for high-risk tourists scrapped after Lib Dems hit out November 4, 2013 PLANS TO impose a £3,000 bond on so-called high-risk tourists have been axed, the Home Office confirmed yesterday. The scheme, which would have forced visitors from countries including India, Pakistan and Nigeria to pay the sum on arrival in Britain, is believed to have been shelved after the Liberal Democrats objected to the policy. The [...]
Co-op to rely on watchdog to help preserve its independence November 4, 2013 THE CO-OPERATIVE Group will rely on City regulators to stave off a full-scale assault on its banking unit from a group of US vulture funds swooping to control the firm, under restructuring plans due today. The group is understood to be injecting £400m into the bank under the long awaited plan, giving it a 30 [...]
Q and A: Co-op restructure plan November 4, 2013 Q What’s the background? A The Co-op Group floated a plan to fill a £1.5bn black hole by stumping up £1bn and getting the other £500m from bondholders. The bondholders, primarily US distressed debt funds, disagreed with idea. The US funds formed a consortium called the LT2 Group to press their interests. They wanted their [...]
