G7 fails to halt currency wars February 12, 2013 INTERNATIONAL leaders yesterday failed in their attempt to reassure investors that a currency war would not be allowed to escalate, after a joint-statement failed to convince analysts and prompted sharp fluctuations in the foreign exchange markets. Finance ministers of the Group of Seven leading nations, known as the G7, sought to reaffirm their “commitment to [...]
“We’ve never been stronger” – Tim Cook says Apple is at top of its game February 12, 2013 APPLE chief executive Tim Cook sounded a bullish note at a Goldman Sachs event yesterday, reassuring investors that “limit” was not a word in his vocabulary, and that the firm remained a “centre of innovation”. Speaking ahead of the bank’s annual technology and internet conference, Cook acknowledged the lawsuit brought against the firm by David Einhorn’s [...]
Comcast to buy stake in NBCUniversal February 12, 2013 US CABLE provider Comcast is to buy out General Electric’s (GE) entire 49 per cent stake in NBCUniversal for $16.7bn (£10.7bn), taking full control of the company behind CNBC and Universal Studios. The deal, which was announced late last night, comes more than a year ahead of the original date that was agreed when GE [...]
Work placements for the unemployed make a lot of sense February 12, 2013 UNEMPLOYMENT remains obscenely high in today’s stagnant Britain, and far too many people – young and old – have been on the dole or on other out of work benefits for far too long. Anything that allows them to break out of their present predicament should be welcome. The government should be able to ask [...]
Retailer Republic poised to fall into administration February 12, 2013 REPUBLIC, the youth fashion retailer, is poised to become the latest high street name to collapse into administration, putting 1,000 jobs and 121 stores at risk. Ernst & Young has been lined up as administrators and the appointment is expected to be confirmed this morning. The group’s demise marks the latest in a string of [...]
What the other papers say this morning February 12, 2013 FINANCIAL TIMES IT groups’ tax accounts face scrutiny MPs are preparing to scrutinise the tax affairs of IT companies that supply the public sector before a crackdown on aggressive avoidance by contractors that receive billions from taxpayers. The public accounts committee has confirmed that it is considering calling in some of the IT sector’s biggest [...]
Infrastructure plan attacked February 12, 2013 LABOUR yesterday accused the government of failing to take decisive action and build large-scale projects that could help kickstart the economy. The party’s analysis of the government’s national infrastructure plan suggested only seven out of the 576 major building projects on the list have been completed, while just only 18 per cent are under construction. [...]
Dow Jones near to all time high February 12, 2013 THE DOW Jones industrial average index is close to hitting an all-time high, after edging up 0.34 per cent to close at 14,018.70 last night. The key New York index is approaching the 14,164.53 mark that it reached over half a decade ago – in October 2007. Yet equities across the pond could swing either [...]
Kengeter exits UBS sooner than expected February 12, 2013 CARSTEN Kengeter, the former chief executive of UBS’s investment bank, is leaving the group sooner than expected as part of a management shake-up. Kengeter was recently moved from being co-head of the investment bank with Andrea Orcel, its current chief executive, to head the winding down of the group’s fixed income business. But last night [...]
Jenkins slashes jobs and pay to shore up profit February 12, 2013 BARCLAYS shares soared as the bank announced a major cost-cutting plan yesterday, shutting four business units and shaking up another 32 of its 75 units to streamline the institution and shore up profits in the face of a weak economic outlook. Chief executive Antony Jenkins announced 3,700 job cuts – well above the 2,000 expected [...]
