What the other papers say this morning February 12, 2013 FINANCIAL TIMES IT groups’ tax accounts face scrutiny MPs are preparing to scrutinise the tax affairs of IT companies that supply the public sector before a crackdown on aggressive avoidance by contractors that receive billions from taxpayers. The public accounts committee has confirmed that it is considering calling in some of the IT sector’s biggest [...]
Infrastructure plan attacked February 12, 2013 LABOUR yesterday accused the government of failing to take decisive action and build large-scale projects that could help kickstart the economy. The party’s analysis of the government’s national infrastructure plan suggested only seven out of the 576 major building projects on the list have been completed, while just only 18 per cent are under construction. [...]
Dow Jones near to all time high February 12, 2013 THE DOW Jones industrial average index is close to hitting an all-time high, after edging up 0.34 per cent to close at 14,018.70 last night. The key New York index is approaching the 14,164.53 mark that it reached over half a decade ago – in October 2007. Yet equities across the pond could swing either [...]
Kengeter exits UBS sooner than expected February 12, 2013 CARSTEN Kengeter, the former chief executive of UBS’s investment bank, is leaving the group sooner than expected as part of a management shake-up. Kengeter was recently moved from being co-head of the investment bank with Andrea Orcel, its current chief executive, to head the winding down of the group’s fixed income business. But last night [...]
Jenkins slashes jobs and pay to shore up profit February 12, 2013 BARCLAYS shares soared as the bank announced a major cost-cutting plan yesterday, shutting four business units and shaking up another 32 of its 75 units to streamline the institution and shore up profits in the face of a weak economic outlook. Chief executive Antony Jenkins announced 3,700 job cuts – well above the 2,000 expected [...]
Barclays’ new broom shows he can balance the books February 12, 2013 CONSIDERING the glee with which investors reacted to Antony Jenkins’ plans yesterday, you’d been forgiven for thinking his cost cuts and clean-up had come out of the blue. But these changes were widely trailed – almost down to the letter – so why was an extra 26p added to the bank’s share price yesterday, on [...]
Bumi agrees crucial funding for Bakrie split February 12, 2013 TROUBLED miner Bumi last night moved a step closer to normalising the company as it agreed the first stage of the separation deal which would see Indonesian arm Bumi Resources sold off. Bumi yesterday signed a heads of terms agreement with the Bakrie Group for the separation, in return for a $50m (£32m) deposit in [...]
HSBC to publish regional loan data in new transparency drive February 12, 2013 HSBC will become the first major bank to publish regional lending data on a regular basis, City A.M. has learned, after business ministers called for the industry to become more transparent over the allocation of credit. Despite several state schemes, lending to businesses is falling so ministers are trying to find new ways to put [...]
Europe blocks Ryanair’s bid February 12, 2013 RYANAIR’S latest attempt to take over Irish rival Aer Lingus has been scuppered by the European Commission. The budget airline said it will appeal after the Commission indicated during a “state of play” meeting that it will prohibit the €694m (£597m) takeover. Ryanair had argued that its offer to give 43 short-haul routes and €100m [...]
Profit surges at McGraw-Hill February 12, 2013 MCGRAW-HILL, which is being sued by the US government for bond ratings issued by its Standard & Poor’s unit, yesterday reported a surge in quarterly adjusted profit and said it does not believe the government can prove its case. The US financial services and publishing firm’s profit from continuing operations jumped 76 per cent on [...]
