John Duffield hits back to deny bullying December 21, 2011 JOHN Duffield, the former chief executive of New Star, has broken his silence over the bullying accusations levelled by his ex-employee Patrick Evershed. Duffield did not appear in court at the employment tribunal for the unfair dismissal case brought against New Star owners Henderson by Evershed, which settled out of court on 7 December. But [...]
Hacking at the Mirror was rife, says Hipwell December 21, 2011 PHONE-HACKING was widespread at Piers Morgan’s Daily Mirror, a former columnist at the tabloid said yesterday, as the Leveson enquiry unearthed further evidence of the illegal practice in the press. James Hipwell said he witnessed daily hacking by Mirror showbusiness reporters working a few feet from his own desk in 1999. Hipwell said he believed [...]
TOWER 42 SNAPPED UP FOR £282.5M December 21, 2011 NATHAN Kirsh, the South African property investor, has bought City skyscraper Tower 42 from BlackRock UK Property Fund and LaSalle Investment Management for £282.5m. The acquisition of Natwest’s former headquarters on Old Broad Street, one of the tallest office buildings in London, marks Kirsh’s first deal since selling a 29 per cent stake in property [...]
MPC leaving door open for 2012 QE boost December 21, 2011 THE CRISIS in the Eurozone, weak domestic demand and continued bank funding problems all threaten the UK’s economy, the Bank of England’s Monetary Policy Committee (MPC) concluded in its monthly meeting, the minutes of which came out yesterday. However, conditions are so uncertain that the MPC – led by Sir Mervyn King (right) – decided [...]
Deficit down in November as Treasury defies slow growth December 21, 2011 GOVERNMENT borrowing fell in November, putting the coalition on track to hit its deficit reduction targets, figures published by the Office for National Statistics yesterday showed – though the slowing economy could hit the target next year. The deficit came in at £18.1bn last month, £2.3bn lower than in November last year. Current spending accounted [...]
UK economy faces sluggishness at home and abroad, warns Bank December 21, 2011 THE UK economy is slowing across the board, according to the Bank of England’s business conditions summary, published yesterday. Construction output declined in November, the Bank’s agents found, and growth also slowed in manufacturing, business services, and exports. Uncertainty in the economic situation is in part to blame – “employment intentions had softened recently, with [...]
LATE BOOST FROM CHRISTMAS SHOPPING December 21, 2011 RETAIL sales jumped sharply last week, reversing the negative trend that has defined much of 2011, according to data out yesterday from the British Retail Consortium (BRC). Sales rose 2.3 per cent on the week before, and 2.6 per cent on the same week of last year. Heavy promotions and discounts led to the jump, the [...]
Airlines lose appeal over EU carbon tax December 21, 2011 US airlines have lost a legal fight to block the EU’s plans for carbon permits, which are due to come into force on 1 January. Industry group Airlines for America said it was considering an appeal after the European Court of Justice said the scheme to charge airlines for carbon emissions on flights to and [...]
Phoenix finance boss leaves as it sees cash generation in line December 21, 2011 SHARES in insurance group Phoenix got a small fillip yesterday, after the company said cash generation for the year would be smack bang in the middle of its estimated range. The firm, originally a Hugh Osmond vehicle, said it would generate around £800m in operating cash in 2011 – a £66m rise from last year’s [...]
Stockbrokers face toughest time since 1970s, says Arden’s chair December 21, 2011 SHARES in stockbroker Arden Partners soared yesterday after the firm said it had made a pre-tax profit this year, compared to a £500,000 loss in 2010. Revenue slipped from £13m to £12.4m and underlying profits were also down to £1.2m during the period from £1.3m, but Arden booked an overall profit before tax of £600,000. [...]
