‘The government aren’t the experts’: Liberal Democrats vow to push back controversial Pension Schemes Bill
GlaxoSmithKline finance exec prevented from leaving China July 17, 2013 PHARMACEUTICALS company GlaxoSmithKline’s head of finance for China has been prevented from leaving the country, it emerged yesterday. Steve Nechelput has been under travel restrictions since the end of June, although he has not been detained or arrested, said a GSK spokesperson. Chinese authorities have accused the FTSE 100 company of being the ringleader in a [...]
Serious Fraud Office sees costs rise and conviction rates drop July 17, 2013 THE SERIOUS Fraud Office (SFO) yesterday admitted that its costs have risen even as the number of successful prosecutions continues to fall. The troubled watchdog’s annual report shows it brought 12 cases involving 20 defendants to trial during 2012-13, with a conviction rate of 70 per cent. This is down on the 19 cases the SFO brought to [...]
BNY Mellon shares leap as asset management book grows again July 17, 2013 PROFITS increased 78.8 per cent at BNY Mellon, the bank said yesterday, as it gained from improved market conditions in the second quarter. The custodian bank saw fee revenues rise 13 per cent on the year to $3.2bn (£2.1bn) on improved market performance, and net interest revenues edge up 3.1 per cent to $757m. That [...]
BAML earnings soar on tough job cutting plan July 17, 2013 BANK of America Merrill Lynch (BAML) reported a 70 per cent jump in profits for the second quarter yesterday as the recovery pushed volumes up. And the figure was further bolstered by the lender keeping a tight rein on costs, most notably by cutting 18,300 staff over the last year, a 6.6 per cent fall [...]
Fitch cuts French banks’ ratings after downgrading the country July 17, 2013 FRENCH banks including Societe Generale, BNP Paribas and Credit Agricole were hit by credit rating downgrades yesterday in the wake of the country’s rating cut. Fitch said it had lowered the status of the banks from A+ to A, following its decision to lower France’s credit score from AAA to A+ last week. “The downgrade [...]
Heathrow sets out its stall for a third runway July 17, 2013 HEATHROW yesterday insisted that building a third runway at the airport is the best way to add extra flights in the south east of England. Europe’s busiest airport by passenger numbers set out three options for a new runway, which would require the demolition of up to 2,700 homes. The airport, which is currently operating [...]
BT Sport nets rights to share FA Cup to 2018 July 17, 2013 BT KICKED off its debut season as a sports broadcaster with an early coup yesterday, netting joint rights to televise the FA Cup until 2018. The world’s most famous domestic knock-out competition will be shown on both BT Sport and the BBC, starting from the 2014-15 season. BT had already secured rights for the coming [...]
Treasury clamps down on bank to bank lending July 17, 2013 RINGFENCED banks will not be allowed to lend to other banks in future, the Treasury announced yesterday, as part of a drive to stop institutions becoming entangled. The consultation on bank reforms sets out which activities will be allowed within the ringfenced bank – the part of the lender including basic retail services, which regulators [...]
Minimum price for alcohol and plain cigarette packs dropped July 17, 2013 HARD-LIVING Britons will be able to keep buying cheap booze and smoking branded cigarettes after the government dropped plans to rein in such indulgences. Proposals to introduce a 45p minimum price for each unit of alcohol – which would introduce a £4 base price for a bottle of wine – were pushed forward at the end [...]
Pepsi urged to become snack food behemoth July 17, 2013 ACTIVIST shareholder Nelson Peltz said yesterday he wants PepsiCo to buy Mondelez International for around $35 a share in a deal that would be worth $62.46bn and create a snack food powerhouse selling everything from chocolate to chips. Peltz said in a 59-page presentation that PepsiCo was at a “strategic crossroads” and the status quo [...]
