IMF: Slow UK growth puts plans to cut deficit at risk July 19, 2012 THE COALITION government will have to abandon its plan to slow the growth of the national debt if the economic recovery fails to pick up, the International Monetary Fund (IMF) said yesterday. If unemployment stays high – the most recent data puts it at 8.1 per cent after plummeting in the three months to May [...]
It’s not all bad: Britain is becoming safer despite recession July 19, 2012 REMEMBER the view, widespread on some parts of the political spectrum, that recessions and poverty are what cause crime? Well, it’s nonsense. We’re in the middle of a nasty double-dip recession, high levels of unemployment, a national pay cut, falling wealth, still high inflation, an agenda dominated by corporate scandals – and yet crime is [...]
Pressure on G4S mounts as costs come under fire July 19, 2012 THE COST of the Olympic contract given to security company G4S was brought under further political scrutiny yesterday as MPs including Ed Miliband criticised the firm. A report from the public accounts committee on preparations for the Games expressed concern that G4S would “receive substantial sums of public money without providing the contracted number of [...]
Border strike scheduled for Olympics eve July 19, 2012 HOME Office workers have said they will strike next Thursday, on the eve of the Olympics, unless the government agrees to talk over pay and job cuts. Staff at the Border Agency, passport services and the Criminal Records Bureau are due to walk out on 26 July, the Public and Commercial Services union confirmed yesterday, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 19, 2012 FINANCIAL TIMES EU targets Google mobile services Europe’s antitrust enforcer is demanding that Google makes sweeping changes to its mobile services as it paves the way to serve formal charges against the company for anti-competitive behaviour should talks over a settlement collapse. The regulator is worried about how Google favours its own products in search results; [...]
Morgan Stanley revenues fall in industry rout July 19, 2012 REVENUES slumped in the second quarter, Morgan Stanley revealed yesterday, with falling market confidence hitting business levels hard. But the bank reported a profit of $564m (£358.7m), compared with a loss of $558m in the same quarter of 2011 – when underlying figures were distorted by the conversion of a preferred stock investment made in [...]
Head of UBS’s American arm quits to set up own business July 19, 2012 ROBERT Wolf, chairman of UBS in the Americas, is leaving the Swiss bank to start his own consultancy firm. He has been a prominent associate of President Barack Obama and is a major fundraiser for his re-election campaign. Wolf’s new firm is called 32 Advisors, after the squad number he wore while playing American Football for [...]
Libor chief quits British Bankers’ Association July 19, 2012 THE official responsible for controlling the Libor rate has left the British Bankers’ Association (BBA), it emerged yesterday. John Ewan has been at the trade body for seven years but ceased his involvement with the organisation this week. He has left to join data firm Thomson Reuters, which has a role in collating the data that [...]
Co-op to break dominance of top tier banks July 19, 2012 MILLIONS of Lloyds customers are set to become Co-op clients under the deal announced yesterday, making the smaller bank a new “challenger” to the UK’s dominant big five. Under the deal, set to be finalised by Christmas, the Co-op will issue £350m of subordinated debt in the coming months as an initial payment for the [...]
FSA in bid to create rivals to offer more banking choice July 19, 2012 AS PART of efforts to boost new entrants into the banking sector, the Financial Services Authority said yesterday that it will review applications for banking licences that were unsuccessful. Financial services minister Mark Hoban said the review would aim to ensure the current requirements are “proportionate” and “do not create excessive barriers to entry.” The [...]
