Our sprawling permanent state is a disaster for the UK’s public services February 17, 2013 OF ALL the pejorative terms applied to the banking industry, “vampire squid” is my favourite. It’s uniquely expressive, describing a malign organism that extends its tentacles into all the crevices of its host, while draining it of resources. Expressive though it is, applying the term to the banks is mistaken. Britain’s real “vampire squid” is [...]
US authorities probe trades in Heinz shares February 17, 2013 US securities regulators have filed a lawsuit against unknown traders in the options of ketchup maker HJ Heinz. The Securities and Exchange Commission (SEC) alleges that traders acted on inside information before Heinz announced a deal to be acquired for $23bn (£14.8bn) by Warren Buffett’s Berkshire Hathaway and Brazil’s 3G Capital. The suit marks the [...]
Natixis to simplify its structure and pay out a special dividend February 17, 2013 FRENCH bank Natixis said yesterday it would simplify its finances by shed- ding a 20 per cent stake in BPCE, a network of cooperative lenders which controls it, paving the way for higher dividends in the future. Natixis said it would sell €12bn (£10bn) in investment certificates through which it owned a fifth of parent [...]
EasyJet shrugs off pilot claims ahead of AGM February 17, 2013 EASYJET yesterday insisted that it pays its pilots properly, after the British Airline Pilots Association (Balpa) claimed that “penny pinching management” were short-changing staff. In an open letter to EasyJet chairman Sir Mike Rake ahead of this Thursday’s shareholder meeting, Balpa claimed that the firm’s plan to hire 330 new permanent pilots is a [...]
Supermarket bosses blame cheap food culture for horsemeat fiasco February 17, 2013 MALCOLM Walker, the chief executive of frozen food supermarket chain Iceland said yesterday local councils are to blame for driving down food quality with cheap food contracts for schools and hospitals. Speaking on the BBC’s Andrew Marr show, Walker said supermarkets should not be held responsible for the horsemeat crisis, arguing that they had become [...]
New tie-up for mobile security February 17, 2013 FTSE 100 giants Vodafone and BAE Systems yesterday announced a five- year strategic partnership to safe- guard mobile phones. The tie-up is part of BAE Systems’ push to grow its cyber and security arm BAE Systems Detica and will also help Vodafone’s business customers fight against the growing threat of cyber attacks. The initiative between [...]
Conservative wins first round of Cyprus vote February 17, 2013 CONSERVATIVE leader Nicos Anastasiades easily won the first round in Cyprus’s presidential elections yesterday, but failed to avoid a runoff vote, reflecting deep divi- sions among Cypriots on a bailout deal to save the island nation from bankruptcy. A financial crash in Cyprus could reignite the Eurozone debt crisis and investors are keen to see [...]
Rail directors receiving £100k February 17, 2013 The state-owned railway company East Coast Main Line has paid eight directors salaries of £100,000 or above, according to Freedom of Information figures. The highest-paid director, believed to be Karen Boswell, is on a salary package worth £161,000 to £180,000 a year, figures released to the Press Association showed. Seven other executives at the government- [...]
The French bank chief fighting back against hostile politicians February 17, 2013 FRANCE has never been the friendliest country for bankers to work in. Its suspicion of capitalism and enduring official support for a short working week don’t make for a natural fit with the fast-paced world of high finance. Hence many of the country’s best and brightest have moved to more welcoming shores. But Société Générale’s [...]
Lib Dems may vote with Labour on mansion tax February 17, 2013 VINCE Cable yesterday suggested the Lib Dems could join Labour and vote in favour of a so-called mansion tax on £2m homes, saying it was an “an idea whose time has come”. However the business secretary was forced to talk down internal party suggestions for a wealth tax on personal items such as jewellery, saying [...]
