JJB landlord backs CVA plan March 16, 2011 One of JJB’s biggest landlords has caved in to the struggling sports firm’s controversial CVA plan to help avoid administration. Peel Holdings, which owns six JJB stores that will see rents slashed or the outlets closed under the scheme, said it plans to vote in favour of the cost-cutting package at a creditors’ meeting next [...]
RBS shuffles its futures business March 16, 2011 State-owned lender RBS has reorganised its futures business, seeing the departure of its head of over the counter (OTC) derivatives clearing. At a time when regulators are shaking up the industry, RBS has merged its OTC derivatives clearing unit with its futures business under new global head Jeremy Wright. It has let go of John [...]
Private sector boost fails to lift job market March 16, 2011 PRIVATE sector jobs growth at the end of last year more than offset cuts in government jobs, official data showed yesterday. However, the jobs boost was not enough to stop overall unemployment edging up from 7.9 to eight per cent, as the working age population grew by half a per cent. According to more up [...]
New home starts plummet in the US March 16, 2011 AMERICA’S housing slump looks set to continue, despite recovery in other parts of the world’s largest economy. Housing starts in the US posted their biggest decline in 27 years in February while building permits dropped to their lowest level on record, it was revealed yesterday. Groundbreaking on new construction dropped 22.5 per cent last month [...]
FSB attacks fuel duty rise plan March 16, 2011 Rises in fuel duty are stifling eight out of 10 small firms, the Federation of Small Businesses (FSB) said yesterday. The manufacturing, construction and transport sectors are particularly affected, the FSB said, urging the government to reverse the planned one pence rise in fuel duty the budget next week.
Eurozone inflation hits 2.4pc March 16, 2011 Eurozone consumer price inflation for February was confirmed at a 28-month high of 2.4 per cent, the EU’s statistics office Eurostat said yesterday. Meanwhile, new car registrations rose by 0.9 per cent in February across the European Union (excluding Cyprus and Malta) with 981,429 new cars registered, the European Automobile Manufacturers’ Association (ACEA) said.
Council staff paid £100k surge March 16, 2011 The number of local council staff earning over £100,000 per annum shot up by 18 per cent in 2009-10, compared to the previous year, the TaxPayers’ Alliance (TPA) announced yesterday. The TPA also identified 48 council employees earning over £250,000 per year.
UBS: Oil price rise impact minimal March 16, 2011 Global growth will be only slightly affected by rising oil prices, economists at UBS said yesterday. Despite revising up its medium term oil price projection by $10 (£6.23) a barrel, UBS said world growth would slow only by 0.1 per cent this year, from 3.9 per cent to 3.8 per cent.
Geithner urges deficit cuts March 16, 2011 Treasury Secretary Timothy Geithner said yesterday it is imperative that the United States cut its budget deficits, and he believes there is increasing bipartisan support in Congress to do so.
IHG boss to quit after his 6-year reign March 16, 2011 INTERCONTINENTAL Hotels Group (IHG) yesterday made the shock announcement that chief executive Andy Cosslett would stand down and hand over the reins of power to finance boss Richard Solomons. The move triggered a flurry of calls to the company’s top ten investors to reassure them that it was “business as usual” despite the resignation of [...]
