Sentance attacks Bank May 31, 2011 OUTGOING Monetary Policy Committee (MPC) member Andrew Sentance used his last day in office to launch a stinging attack on the Bank of England. Sentance, whose five-year term ended yesterday, said the Bank of England was in danger of losing its credibility. “I think that there is a big risk now emerging to credibility of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 31, 2011 FINANCIAL TIMES UK CONSUMER RECOVERY SET TO BE SLOWEST IN 180 YEARS The UK economy is set to experience the slowest pick-up in consumer spending of any post-recession period since 1830, according to a Financial Times analysis of official forecasts. Families are expected to spend just slightly more by 2015 than they were before the [...]
Red tape cut for small business May 31, 2011 The EU has agreed to simplified accounting rules for small businesses, cutting the red tape for the UK’s smallest firms. Business ministers from across Europe met in Brussels yesterday and agreed accounting exemptions for “micro-entities”. Business minister Ed Davey said it could save firms as much as £300m a year. To join the new category [...]
Bank of Ireland deal disappoints May 31, 2011 Bank of Ireland said it would impose large losses on junior bondholders and disappointed investors by withholding details on the possibility of a more attractive deal for holders willing to take shares instead. Bank of Ireland’s lower tier two paper dropped sharply after the lender said it might offer an equity alternative to its cash [...]
Rental battle puts Southern Cross on brink May 31, 2011 THE chances of the UK’s largest private sector nursing home operator collapsing increased last night as two of its landlords refused a plan that would see its rents reduced by 30 per cent over the summer. Southern Cross, which cares for more than 30,000 old people, says it needs its landlords to agree to a [...]
Spain would back Carstens for IMF May 31, 2011 SPAIN wants France’s Christine Lagarde to head the IMF, but the fund’s group voting procedures would oblige it to back Mexico’s Agustin Carstens if he stands, economy minister Elena Salgado said yesterday. “Our presence in the IMF shares a seat with Mexico, with Venezuela and other countries of Latin America, so Spain’s vote is with [...]
SIP and Betfred in final Tote race May 31, 2011 THE winning bid for the Tote is set to be announced tomorrow – with frontrunners Sports Investment Partners (SIP) and bookmaker Betfred neck and neck at the finish. A Sky News report yesterday suggested SIP chief Sir Martin Broughton had increased the value of his offer to the Treasury by £2m and the overall value [...]
EIB calls halt to Glencore finance May 31, 2011 THE European Investment Bank (EIB) has suspended new financing to Glencore over concerns about the mining giant’s alleged tax avoidance in Zambia. The bank, which is the European Union’s financing arm, had already agreed to lend $50m (£30 million) to Glencore to renovate a smelter and reduce sulphur dioxide emissions at its Mopani Copper Mines [...]
Nokia shares tumble as firm abandons targets May 31, 2011 NOKIA’S share price tumbled to its lowest in 13 years yesterday after the mobile phone maker abandoned hope of meeting key targets it set just weeks ago. Shares plunged 18 per cent to €4.75 (£4.16), wiping some €3.8bn off its market value as investors worried that Nokia, once a leading force in the industry, had [...]
Wal-Mart gets Massmart consent May 31, 2011 US grocer Wal-Mart yesterday got the green light for its $2.4bn (1.5bn) purchase of most of South African discount retailer Massmart. South Africa’s competition body said Wal-Mart must not cut jobs for two years and develop local suppliers as part of the deal, first mooted in September. The conditions were less stringent than feared, helping [...]
