Cable snubbed over Green role August 12, 2010 BUSINESS secretary Vince Cable, a vociferous opponent of tax avoidance, was not consulted over the appointment of Sir Philip Green to lead a review into government efficiency, City A.M. has learned. In the past, Sir Philip has been associated with sophisticated tax planning arrangements in the UK and offshore locations to produce tax savings on [...]
BAA staff set to strike over wages August 12, 2010 UK AIRPORTS are set to face chaos in the coming weeks after BAA staff in the Unite union voted three-to-one in favour of strike action yesterday. Unite, which represents two-thirds of BAA’s workforce, said the vote showed the firm’s offer of a one per cent basic pay rise was “derisory”. Union heads will meet on [...]
Alarm at drop in Greek GDP August 12, 2010 WEAKER than expected growth from Greece and a surge in unemployment spread fresh fears in the City yesterday over the country’s ability to weather the sovereign debt crisis. The Greek economy shrank by 1.5 per cent in the second quarter and the unemployment rate jumped to 12 per cent, according to official statistics, reflecting the [...]
De La Rue stumped for an answer August 12, 2010 IN the 1930s the bank note manufacturer De la Rue created a number of boardgames, including a cricket game called Stumpz. Yesterday its chief executive James Hussey was well and truly stumped as he resigned with immediate effect following the discovery last month of serious problems with the group’s paper production operations. What makes this [...]
BP hit by record US fine August 12, 2010 BP will pay a record $50.6m (£32.5m) fine for continuing safety problems at its Texas City refinery, where an explosion in 2005 killed 15 workers and injured around 180. The energy giant, still reeling from the Gulf oil spill, has settled 270 of the 709 cases brought against it by the US Operational Safety and [...]
Big Pharma in corruption probe August 12, 2010 The US government is investigating leading pharmaceuticals firms as part of a corruption probe. Companies including GlaxoSmithKline, Pfizer and Merck are under scrutiny for hospitality, licensing and consultant payments made across the world. The US Department of Justice and the Securities and Exchange Commission are thought to be examining whether the drugs market breaches local [...]
Android overtakes iPhone sales August 12, 2010 Global sales of Apple’s iPhone have been overtaken by phones using Google’s Android system, according to research by Gartner. Android’s global share of the market now stands at 17.2 per cent, up from 1.8 per cent a year ago, with growth largely coming at the expense of Nokia and BlackBerry maker Research in Motion. Apple’s [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 12, 2010 FINANCIAL TIMES BARCLAYS REFUSES TO USE TARGETS The head of Barclays’ small business division has firmly refused to sign up to UK lending targets in a move that could fuel government criticism of the industry’s willingness to ease credit constraints in the economy. Speaking to the FT after Barclays broadened the remit of its business [...]
Culture dept to quit iconic headquarters August 12, 2010 THE Department for Culture, Media and Sport (DCMS) is quitting its iconic headquarters near Trafalgar Square and renting space in another Whitehall building, in an audacious bid to shave £10m from its annual budget, City A.M. has learned. The unusual move shows the lengths that cabinet ministers are going to in order to find departmental [...]
Credit Suisse sheds 75 jobs in the capital August 12, 2010 CREDIT Suisse is axing 75 jobs in its British investment banking and support operations, becoming the second bank in as many days to slim down its headcount. The Swiss-based bank said yesterday the cuts are intended to help shift resources to growth areas, but would not be drawn on which departments will feel the pain [...]
