Cameron’s decision to stick with Osborne is a major gamble August 2, 2012 SO that’s it, then. George Osborne will remain chancellor after the September reshuffle, and will keep his job until the election. David Cameron was emphatic yesterday. It means his fortunes are now inextricably linked to his chancellor’s; critics of Osborne’s policies will now also become critics of Cameron’s; and anybody who wants to replace the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 2, 2012 FINANCIAL TIMES Siemens sets out €3bn share buyback Siemens, the German industrial conglomerate, plans to buy back up to €3bn in shares by the end of the year as it tries to make best use of its capital structure. Siemens said in a statement late on Thursday that the equity-for-debt swap would be used to [...]
LinkedIn bucks social network revenue trend August 2, 2012 SOCIAL network LinkedIn posted an 89 per cent jump in revenues in its quarterly profits last night, fuelled by a year on year increase in its Hiring Solutions products. The network, which is used by 175m professionals globally, announced it had increased revenues for the quarter to $228.2m (£147m), up from $121m in the second [...]
RBS expected to announce costs for IT blunder August 2, 2012 ROYAL Bank of Scotland is expected to announce plans to set aside millions of pounds today to pay for costs related to its computer blunder in June, which left it unable to process customer transactions. The bank, which is 82 per cent owned by the taxpayer, will reveal its first interim results since the meltdown [...]
Olympic slump as ghost town effect worsens August 2, 2012 NEW DATA released yesterday shows just how hard central London has been hit by the Olympics’ focus on the east of the City, with fewer visitor numbers and a significant drop in traffic in the area. Figures from retail specialist Springboard shows that shops and restaurants were much quieter than expected over the first weekend [...]
Vodafone and Barclays check in to Tech City August 2, 2012 A HOST of technology firms have announced new ventures in London today, with companies including Barclays and Vodafone investing in the government’s Tech City project. The companies are plunging money into accelerator programmes, designed to provide startups with funds and expertise, in the East London hub. Vodafone said yesterday it plans to have its operation [...]
Bank of England holds rates despite darkening economy August 2, 2012 THE Bank of England held fire on new policy yesterday, despite the darkening outlook for the UK economy. Its Monetary Policy Committee decided not to increase quantitative easing (QE) and kept rates on hold again, an approach analysts have put down to a concern to see how funding for lending (FLS) and the most recent [...]
US warned over fiscal cliff as IMF says recovery will be slow August 2, 2012 THE US will continue to recover through this year and the next, at a mild pace but well ahead of Europe and the UK, according to a report released yesterday by the IMF. Growth will be two per cent this year, and two and a quarter per cent next year, says the international body. But [...]
BoA in dispute with Fannie Mae August 2, 2012 BANK of America is in talks with Fannie Mae to resolve a dispute over bad mortgages that the government-controlled entity wants the bank to buy back. In a filing yesterday, Bank of America said it is in dialogue with Fannie Mae to “address our ongoing differences.” At issue are billions of dollars of mortgages that [...]
Schroders nets fresh funds in spite of turmoil August 2, 2012 SCHRODERS shares rose 0.8 per cent yesterday as its four per cent rise in assets under management in the half year outshone a 17.7 per cent slide in pre-tax profits compared to a year ago. The asset manager said it had £194.6bn on its books at the end of June, due to £2.7bn in net [...]
