Silence of the doves as inflation concerns grow April 18, 2012 AFTER tolerating the UK’s high inflation for years, Bank of England officials have suddenly begun to worry that it is not coming down towards its two per cent target as they had hoped. The Bank had predicted inflation would fall to its target before the end of the year, but deputy governor Paul Tucker yesterday [...]
Why Britain’s productivity disaster is costing workers dear April 18, 2012 ONE of the most important trends of recent years has been the appalling performance of UK productivity, otherwise known as output per worker. This matters hugely: over time, the only way that wages can go up is if workers become more productive, either because they become more skilled or work harder or smarter, or if [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 18, 2012 FINANCIAL TIMES Ackman plans listing for $4bn fund Pershing Square Capital, the $11bn hedge fund run by high-profile US activist investor Bill Ackman, is planning a $4bn public flotation for a new fund in January 2013. Ackman intends to float the vehicle, which has already been set up in Guernsey and is known as Pershing [...]
Eurozone banks face $2.3 trillion firesale, says IMF April 18, 2012 EUROPEAN banks could be forced into selling off $2.3 trillion worth of assets as they battle to regain investors’ trust, the IMF warned yesterday. The Washington based fund expects EU-based banks to sell almost seven per cent of their total assets – a staggering $2.3 trillion – over the next 20 months as they attempt [...]
Auditing watchdog gets serious April 18, 2012 The national auditing watchdog is considering imposing higher fines based on a percentage of annual turnover, with a similar approach based on total remuneration for punishing individual partners, rather than using past rulings as a benchmark. The Accountancy and Actuarial Discipline Board yesterday unveiled draft guidelines for imposing “credible” fines which are “proportionate to the [...]
EC to approve Sony’s EMI takeover April 18, 2012 The European Commission is today set to approve Sony’s £1.4bn takeover of EMI’s music publishing division. To placate competition concerns, the music giant is prepared to sell off some of EMI’s music publishing catalogues, which roll in €25m (£20.5m) a year. It was revealed late last month that Sony – which is bidding for the [...]
BlackRock boss gloomy while profit ticks up April 18, 2012 BLACKROCK chief executive Laurence Fink has issued a warning over the health of global markets as the world’s largest money manager beat expectations to post almost flat profits. He said the markets were “quite fragile” despite a powerful rally in the first quarter, driven in part by an easing in turmoil in Europe. Major investors [...]
VAT changes approved despite biggest rebellion since fees row April 18, 2012 THE CONTROVERSIAL VAT hikes outlined in the Budget were yesterday approved by parliamentary vote despite prompting the second largest rebellion of the coalition government. The introduction of VAT on hot takeaway food, alterations to listed buildings and static caravans was approved after Labour called a vote on the issues, but the latter prompted the largest [...]
Allen & Overy sets scene for low wage rises April 18, 2012 MAGIC CIRCLE law firm Allen & Overy (A&O) has set the scene for an anaemic round of salary rises for City lawyers this year, after announcing pay increases of just one per cent or less for its associates. A&O kicked off the 2012 remuneration season yesterday by matching the salaries it offers to newly-qualified associates [...]
Unemployment drops as firms pick up hiring April 18, 2012 UNEMPLOYMENT fell in the three months to February, official data showed yesterday, raising hopes that businesses are now confident enough in the economic recovery to take on more staff. Joblessness fell 35,000 in the three-month period to 2.65m, down to 8.3 per cent from 2.685m in the three months to November. The number unemployed for [...]
