Fund criticises UK Help to Buy October 9, 2013 THE CONTROVERSIAL mortgage guarantee scheme rushed ahead to this week could inflate property prices, according to a leading figure from the International Monetary Fund (IMF). Jose Vinals, the IMF head of financial stability said that the housing market in the UK “is already recovering quite well”. On the Help to Buy scheme, Vinals added: “This [...]
Draghi claims euro progress October 9, 2013 SPEAKING at Harvard University, European Central Bank president Mario Draghi last night painted a rosy picture for the single currency. Referring to the progress seen in peripheral Eurozone countries as “staggering”, he added that some in the US “underestimated the depth of Europeans’ commitment to the euro”. Draghi also insisted that more co-ordinated fiscal policy [...]
What the other papers say this morning – 10 October 2013 October 9, 2013 FINANCIAL TIMES Outsourced contractors face blacklist Ministers will be able to blacklist contractors who provide substandard services for the first time under rules set to be ratified by the European Union within weeks. The government has been pressing for the measures in the wake of G4S’s failure to provide security guards at the Olympics and [...]
Vodafone tried Verizon merger ahead of deal October 9, 2013 VODAFONE boss Vittorio Colao initially pushed for a merger with US firm Verizon Communications instead of selling its share in the jointly owned US wireless business, it was revealed last night. Documents filed last night by Verizon in New York also reveal Colao was instrumental in rejecting a $95bn (£59.5bn) offer eight months before finally [...]
Cable: Tax threshold helps poor more than Labour’s wage plans October 9, 2013 THE COALITION has helped shore up living standards by raising the income tax threshold to £10,000, Vince Cable will say this morning. The business secretary is hitting back at Ed Miliband’s claims the government has hit living standards. The Labour leader has struck a chord with voters by promising to freeze energy bills if he is [...]
British growth picks up speed in third quarter October 9, 2013 THE PACE of growth rose between July and September, above the robust performance seen in the second quarter, according to the forecast of a prominent economic research organisation yesterday. The National Institute of Economic and Social Research (Niesr) has announced that they expect the British economy to have expanded by 0.8 per cent during the third [...]
Ernst & Young UK bullish on further growth October 9, 2013 THE BRITISH arm of Ernst & Young posted a six per cent rise in revenues today, and boss Steve Varley believes the accountancy group can keep growing without the need for acquisitions. EY said three out of four of its businesses expanded in the year to the end of June, taking turnover to £1.6bn. Advisory [...]
New payments regulator to help small banks against big rivals October 9, 2013 BIG BANKS could lose control of the payments system in 2015, as a new regulator is set up to focus on the issue, the Treasury said yesterday. Currently the payments system is owned by the biggest banks, and smaller and new banks must pay their larger rivals to access it. The government fears this could stifle [...]
Asda considers new George home brand October 9, 2013 BRITAIN’S second largest retailer Asda is considering launching homeware under the George brand. The Walmart–owned group has applied for the trademark George.home according to filings published last week on the Intellectual Property Office website. A spokesperson for Asda refused to confirm whether it was planning to launch a new homeware brand and said: “We register [...]
Co-op Bank cuts directors ahead of market float October 9, 2013 FOUR Co-operative Bank directors were taken off the board yesterday as the lender shook up its management structure ahead of its stock market debut. The move saw directors from the Co-op Group turfed out in an effort to create a more independent team monitoring executives’ activities. As a result there are now two executive directors [...]
