Cameron considers scrapping housing benefits for under-25s June 24, 2012 PRIME Minister David Cameron will today give more details on his idea to take away housing benefits from almost 400,000 low-paid and unemployed under 25 year olds – but union bosses claimed the move could spark riots. The Conservative leader will try to start a debate on Britain’s welfare bill by setting out plans to [...]
Sinking bank values mean it could be game on for Co-op June 24, 2012 THE Co-op is back in the game. Its groundbreaking bid for 632 Lloyds branches looked like it was on the brink of being knocked out when, in April, the mutual lost its hold on exclusive talks. Now, however, it is competing again after some canny negotiating with Lloyds, 41 per cent taxpayer owned, and because [...]
NatWest opens on a Sunday for the first time June 24, 2012 STUDENT Haris Khan visited the London Bridge branch of NatWest yesterday, as it opened on a Sunday for the first time ever, but he came away dissatisfied. The third year accounting and finance student at the London School of Economics described his experience as “frustrating” after being unable to pay his rent, and instead told [...]
Customers vent fury on firm’s Ideas Bank site June 24, 2012 NATWEST’S “Ideas Bank” page for customer interaction has been flooded with complaints, exposing fury and distress among holders of RBS group accounts. Users of the bank’s web-site have made popular posts demanding chief executive Stephen Hester’s resignation. They have also sought compensation beyond what has been promised, and have blamed the group’s IT policy. Perhaps [...]
Borrows set to cut costs as 3i’s shake-up begins June 24, 2012 THE new chief executive of buyout firm 3i has seen off a looming row with activist investor Laxey Partners with a series of cost-cutting measures that are likely to lead to the loss of 160 jobs. City veteran Simon Borrows is set to announce plans to cut the staff by about 40 per cent and [...]
Morgan Stanley German boss offers resignation over emails June 24, 2012 THE head of Morgan Stanley’s German unit has offered to step down following an uproar over emails he reportedly exchanged with a regional politician, and the bank has not yet decided whether to accept his resignation, according to two people familiar with the matter. The departure of Dirk Notheis would be a blow for the [...]
Walgreens in bid to attract UK investors June 24, 2012 AMERICAN pharmacy Walgreens will kick off a series of high-level meetings with UK investors today in a bid to increase institutional interest in the US-listed company, following its £4.3bn initial takeover deal with Alliance Boots. Chief executive Gregory Wasson has arrived in the country to sound out institutional investors, such as large UK pension funds, [...]
Tropical Storm Debby threatens oil production at Shell and BP June 24, 2012 US REGULATORS said yesterday that Gulf of Mexico oil and gas operators had shut down 22.7 per cent of daily oil and 22.9 per cent of daily natural gas production because of Tropical Storm Debby. The US Bureau of Safety and Environmental Enforcement, which oversees oil and gas activity in the basin, said 313,775 barrels [...]
Settlement in Madoff-related suit June 24, 2012 Money manager Ezra Merkin has agreed to pay $410m (£330m) to settle a lawsuit brought by the New York attorney general that accused Merkin of steering client money to Ponzi schemer Bernard Madoff, a person familiar with the settlement said yesterday. Justice Richard Lowe of New York state court signed off on the settlement on [...]
Rolls-Royce may seek new chair June 24, 2012 Rolls-Royce yesterday refused to comment on speculation it is on the hunt for a new chairman to replace Sir Simon Robertson. Weekend reports suggested the aerospace engine manufacturer was set to sound out candidates to replace Robertson – made non-executive chairman in 2005 – for the £385,000 a year job. Names in the running include [...]
