JP Morgan to settle over US energy rigging charges July 29, 2013 JP MORGAN Chase was last night publicly accused by a US federal watchdog of manipulating American energy markets in a series of trades made between 2010 and 2011. The Wall Street bank, led by high profile chief executive Jamie Dimon, is widely expected to settle the charges with the Federal Energy Regulatory Commission (Ferc), the [...]
Britain is falling badly behind in the entrepreneurship stakes July 29, 2013 ONE OF Britain’s great advantages is that we are meant to be a much more entrepreneurial nation than most of our major competitors. We do, indeed, create more companies than some other wealthy countries but as a study by RSM reveals, we are hardly covering ourselves in glory. In fact, we are ranked a pathetic [...]
Surprise weakness in June lending despite growth July 29, 2013 LENDING figures for June dipped below expectations yesterday, with a smaller rise in consumer credit than expected, despite the fledgling recovery indicated by recent growth. The Bank of England recorded a £489m increase in consumer credit, compared to £781m of additional lending in May. The average monthly rise in 2013 has been around £700m, suggesting [...]
What the other papers say this morning – 30 July 2013 July 29, 2013 FINANCIAL TIMES US funds return to European banks US money market funds have nearly doubled their allocations to European banks over the past 12 months, in a sign of improving investor sentiment towards the region. In the first half of the year, the 10 biggest US money market funds allocated about 15 per cent of [...]
July sales best in half a year July 29, 2013 UK FIRMS reported the best month for sales volumes since January this month, according to the CBI’s latest distributive trades survey, released yesterday. According to the responding businesses, 43 per cent said volumes were up on a year earlier, while only 26 per cent said hey were down. The atmosphere was particularly buoyant for motor [...]
Assembly talks up Crossrail 2 July 29, 2013 BUILDING a second Crossrail route running from south west to north east London will generate up to £49bn for the capital’s economy, a report by the London Assembly’s transport committee claims today. It said a new rail service stretching out to the suburbs would also open up new areas for housing. But it conceded that [...]
Online crime left unreported July 29, 2013 ONLINE crime is rarely reported to the authorities and specialist police units need more funding to deal with it, according to a report released today by MPs. Evidence on submitted to the home affairs select committee also ridicules the government’s claim that E-Crime costs the UK £27bn a year, saying the figure is unreliable. Committee chair Keith [...]
Light shone on UK labour data July 29, 2013 DESPITE the flat economy of recent years, the UK’s private sector still managed to create 3.6m jobs in 2011, the most recent year in which figures were available. While 3.6m jobs were created in the year, 3m were destroyed, helping stop the unemployment rate from deepening. Pre-crisis, four million were created annually, while 3.7m disappeared. [...]
Omnicom and Publicis defend ad merger plan July 29, 2013 SHARES in Omnicom and Publicis rose in response to the advertising giants’ merger plans yesterday – but so did shares in rival WPP, on hopes that the London-listed company will benefit from client losses stemming from the landmark tie-up. Publicis boss Maurice Levy insisted yesterday that the pair’s biggest clients support the deal. “Sure, [...]
Bankers could lose part of bonus under EU proposal July 29, 2013 BANKERS could see part of their bonus wiped out if their employer’s capital position falls below certain levels, according to a proposal from the EU’s banking regulator. Under existing EU rules up to half of a bonus can be paid in cash, with the rest in shares that the employee can cash in over several [...]
