Bradford Bulls enter administration June 26, 2012 RUGBY LEAGUE: Bradford Bulls have gone into administration and could fold if a new buyer is not found within 10 days. “This club is on the brink of extinction,” said joint-administrator Brendan Guilfoyle.
Gillies killed in holiday accident June 26, 2012 RACING: Jockey Campbell Gillies has died after an accident suffered on holiday in Corfu, Greece. “Very sad news about Campbell Gillies – a very good jockey but an even better bloke,” said Tony McCoy.
Chancellor scraps rise in fuel duty June 26, 2012 CHANCELLOR George Osborne bowed to pressure yesterday, scrapping this year’s planned fuel tax hike in the latest of a series of screeching U-turns by the coalition government. The rise in fuel duty by around 3p per litre will now be delayed until the beginning of next year, postponing a hike due on 1 August – [...]
Glencore and Xstrata under fresh pressure to alter deal June 26, 2012 GLENCORE and Xstrata look likely to overhaul their $65bn mega-merger after another prominent shareholder demanded they alter the terms of the deal last night. Executives at the commodities firms were already seeking to rejig pay packages linked to the tie-up when the Qatar Investment Authority broke cover to seek a better deal for its 11 [...]
National debt goes up as income tax takings drop June 26, 2012 THE UK’S public finances took a hammering last month, according to data released yesterday by the Office for National Statistics (ONS). A budget deficit of £17.9bn for May pushed the net national debt to £1.013 trillion, hitting 65 per cent of GDP. Just one year ago, net debt stood at the comparatively low figure of [...]
Falling tax receipts show that we’ve forgotten Laffer’s lesson June 26, 2012 SOMETHING very worrying is happening to the UK’s public finances. Income tax and capital gains tax receipts fell by 7.3 per cent in May compared with a year ago, according to official figures. Over the first two months of the fiscal year, they are down by 0.5 per cent. This is merely the confirmation of [...]
Sir Mervyn King paints gloomy picture of UK June 26, 2012 ECONOMIC recovery in the UK is at least five years away, Sir Mervyn King told MPs at the Treasury Select Committee yesterday. The governor of the Bank of England reiterated his backing for £50bn of further quantitative easing, and even kept open the possibility of an interest rate cut. The Bank’s monetary policy committee voted [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 26, 2012 FINANCIAL TIMES Global role for Citi’s Asia consumer head Citigroup has underlined Asia’s growing importance to the bank by naming its consumer banking head in Hong Kong as global head of retail banking, according to an internal email seen by the Financial Times. Jonathan Larsen has been given the task of bringing all of Citi’s [...]
SEC goes after Harbinger’s Falcone June 26, 2012 US securities regulators could file an enforcement action against hedge fund manager Philip Falcone as soon as this week, according to reports. The US Securities and Exchange Commission recently authorised the filing of a lawsuit against Falcone, who notified investors in his Harbinger Capital Partners fund about a year ago that he was being investigated [...]
Pamplona buys UniCredit stake June 26, 2012 Private equity fund Pamplona has bought five per cent of Italy’s biggest bank, UniCredit, becoming its second-largest shareholder, in a vote of confidence on the bank’s future in the face of a deepening Eurozone crisis. The stake is worth about €750m at current market prices and is one of the largest investments by a foreign [...]
