Volunteers alone will not guarantee a 2012 Games legacy August 9, 2012 AS the London Olympic Games 2012 draw to a close, the debate about their legacy is beginning in earnest. It is a discussion taking place against a background of economic austerity, but the tremendous euphoria of the past few days means there is an air of optimism about the place. The mood recalls for me [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 9, 2012 FINANCIAL TIMES UN urges US to slash ethanol The United Nations has called for an immediate suspension of government-mandated US ethanol production, adding to pressure on Barack Obama to address the controversial food-versus-fuel debate in the run-up to presidential elections. Kenya to bid for 2024 Olympics Kenya will bid to become the first African nation [...]
Restaurant boss demands £90k from Mayor August 9, 2012 THE OWNER of a City of London restaurant yesterday hand-delivered a bill for £90,000 to Mayor of London Boris Johnson in protest at alleged loss of trade during the Olympics. Neleen Strauss of the High Timber restaurant said turnover is down 80 per cent in the last fortnight as workers stay out of the City [...]
FSA proposes to reform or scrap Libor in review August 9, 2012 FSA managing director Martin Wheatley will today announce plans to reform or scrap the London interbank offered rate (Libor) in a bid to restore “credibility and trust” in the much maligned benchmark. Wheatley, who has been appointed to lead a review into the rate, will also announce plans to deliver policy proposals on other price [...]
UK trade deficit hits record high as exports sink August 9, 2012 BRITAIN’S trade deficit hit a record high in June, as exports tumbled during a month in which economic activity was disturbed by the Queen’s Jubilee. The trade gap widened to £4.3bn in June, up from £2.7bn in May, as shipments of goods collapsed by 8.4 per cent. Exports of services rose 1.7 per cent, failing [...]
BUSINESS VIEWS | WHAT DO BRITISH FIRMS NEED IN ORDER TO START EXPORTING MORE? August 9, 2012 CHUKA UMUNNA SHADOW BUSINESS SECRETARY To boost our exports in the long term the government must adopt active industrial strategies across the board. The Business Department has failed to adequately help firms which want to export, in particular small companies. It speaks volumes that the government’s finance scheme to boost exports only helped five firms [...]
Man United prices its IPO below target August 9, 2012 MANCHESTER United last night priced shares in its New York listing at $14, below the expected range, bookrunner Jefferies said, valuing the British football club at $2.3bn (£1.47bn). The team priced 16.7m shares, as planned, and raised $233.2m, making the deal the largest sports-team IPO on record, according to Thomson Reuters data. However, this is [...]
JP Morgan cuts capital level in wake of losses August 9, 2012 BANK regulators forced JP Morgan to recalculate capital levels for its primary banking unit, resulting in lower readings of its cushion against losses, the company said yesterday. The revisions reduced the bank’s Basel I Tier 1 common ratio to 9.9 per cent from 10.3 per cent at the end of June, JP Morgan said in [...]
Investors raise questions over Standard Chartered’s defence August 9, 2012 SHARES in Standard Chartered languished 13 per cent below their price on Monday, before the allegations it violated US sanctions against Iran. Despite a thee per cent rise in the share price yesterday, investors question Standard’s defence. The bank, which until recently enjoyed one of the cleanest reputations in British banking, lost more than a [...]
Tourism to the UK tumbled in Jubilee month August 9, 2012 TOURISM to the UK dropped in June when compared to the same time last year, official figures revealed yesterday, while Brits made more trips abroad. Despite tourism to these shores being higher throughout 2012 so far, in June alone the number of visits fell to 2.6m. In June 2011 the figure had been 2.9m. Income [...]
