MPs say the civil service is a failing organisation September 5, 2013 BRITAIN’S civil service is a “failing organisation, in which most people know the system is failing,” according to a blistering report released today by MPs. The Public Administration Select Committee says the government’s existing plans to modernise Whitehall – generally considered to be the most ambitious set of civil service reforms in a generation – are [...]
Winners and losers from the great bond market crash of 2013 September 5, 2013 DON’T say you weren’t warned. The great bond market crash is upon us and it has further to go. The cost at which the US, UK and some other governments can borrow is shooting up, with the 10-year gilt and the 10-year Treasury bond both breaching the symbolic 3 per cent yesterday. Mark Carney and [...]
Cyprus passes bank bailout conditions September 5, 2013 THE CYPRIOT parliament narrowly avoided placing their €10bn (£8.4bn) bailout in jeopardy today, when it approved legislation to bring Cyprus’ cooperative banks under the supervision of its central bank. Cyprus initially rejected the legislation when politicians from the island’s left-wing opposition parties opposed the bailout conditions. In a voting session today, the parliament agreed to [...]
Draghi warns of inflation risk from Syria chaos September 5, 2013 INSTABILITY in the Middle East could cause volatility in markets and push up prices in Europe, European Central Bank (ECB) boss Mario Draghi warned yesterday. He increased his growth forecast, estimating the euro economies will shrink 0.4 per cent this year, a smaller fall than the 0.6 per cent previously predicted. And in 2014 he [...]
What the other papers say this morning – 06 September 2013 September 5, 2013 FINANCIAL TIMES Acxiom under transparency fire An effort to bring transparency to the shadowy world of consumer data brokers has backfired, as privacy advocates slam industry leader Acxiom for a new service that for the first time lets consumers glimpse what it knows about them. “Secrecy is never a good strategy,” Scott Howe, chief executive [...]
Network Rail picks Shell man as its new boss September 5, 2013 A VETERAN of the oil industry will be the next boss of Network Rail, the manager of Britain’s railways said yesterday. Mark Carne, who spent more than 20 years at Shell, will replace Sir David Higgins on 1 April 2014. He joins as the group starts a five-year, £40bn spending round and battles lingering problems [...]
Japanese brewer in talks to buy Glaxo’s Ribena and Lucozade September 5, 2013 JAPANESE group Suntory Beverage & Food is in advanced talks to buy Lucozade and Ribena from pharmaceuticals giant GlaxoSmithKline (GSK). A person close to the company told City A.M. that the two drinks brands are likely to be sold for between £1bn to £1.5bn and that a deal could be completed within days. However, the [...]
Market turmoil and Syrian strike could hit sale of Lloyds shares September 5, 2013 THE SALE of the government’s stake in Lloyds could be delayed by market turmoil caused by tapering at the Federal Reserve or by action in Syria, City A.M. understands. The combination of market turmoil potentially hitting the share price and the distraction of political attention from the bank could both have an impact. UK Financial [...]
Car registrations rev up ahead of busiest month September 5, 2013 NEW CAR registrations continued to climb in August, marking the 18th straight month in which registrations have risen, according to the Society of Motor Manufacturers and Traders (SMMT). The number of new cars registered was up 10.9 per cent on August last year, and 10.4 per cent more cars have been registered in the eight [...]
£650m Google campus given final approval September 5, 2013 A SWIMMING pool and running track are both features of Google’s new £650m UK headquarters that was granted final approval by Camden Borough Council yesterday. At 924,000 square feet and 300 metres long – as long as the Shard is tall – it will be the longest known commercial building. The campus will also include, [...]
