Portugal puts faith in Silva January 23, 2011 PORTUGUESE President Anibal Cavaco Silva won a second term in an election yesterday, television exit polls showed, a result that should ensure short-term political stability as the cash-strapped government fights to avoid an international financial bailout. The country’s leading television stations put Cavaco Silva’s share of the vote at around 55 per cent compared with [...]
Tax officials’ bonuses to be curbed after bumper 2010 January 23, 2011 BONUSES received by tax officials will be curbed in line with the rest of the public sector, following revelations that top HMRC staff received a bumper £13m bonus payment between them last year. The Revenue paid out almost £800,000 more on staff bonuses last year than it did in 2009, despite a blunder in the [...]
Greece says recovery is being set back by debt restructuring talk January 23, 2011 GREECE’S central banker said yesterday that talk of debt restructuring is hurting the country as it struggles to exit the fiscal crisis that has shaken the eurozone. “I believe that even mere talk of debt restructuring hurts the country,” Bank of Greece governor George Provopoulos told local Greek press. He said the negative impact of [...]
BELGIUM PROTESTS LACK OF GOVERNMENT January 23, 2011 Tens of thousands of Belgians took to the streets yesterday to shame political leaders who have failed to form a government more than seven months after an election and left the country at the mercy of financial markets. Organisers of the “Shame: no government, great country” protest said up to 50,000 people had joined the [...]
Candy brother buys One Hyde Park flat January 23, 2011 THE DEVELOPERS of One Hyde Park have tried to lead by example by snapping up two of the luxury flats in the complex in Knightsbridge, it emerged yesterday. Christian Candy, one half of property firm Candy & Candy, has bought a single-storey penthouse for £31m, according to press reports based on Land Registry documents yesterday. [...]
Etihad mulls a bid for Virgin Atlantic January 23, 2011 THE head of Etihad Airways has written to Virgin Atlantic to express “top level interest” in taking over the airline, according to reports at the weekend. Sir Richard Branson’s airline hired Deutsche Bank last year to look at options for the company, which could include a merger or takeover. Etihad, which is based in Abu [...]
Firms struggling to stay afloat up by 20 per cent January 23, 2011 THE number of UK companies struggling to stay solvent jumped 20 per cent in the last quarter of 2010, data shows today. Nearly 148,000 companies had insolvent accounts, a court action against them or a wind-up petition filed by the end of 2010, up from 123,361 in the third quarter, the Red Flag Alert analysis [...]
Renault chief: spy case is not over technology January 23, 2011 RENAULT chief executive Carlos Ghosn has revealed that alleged industrial espionage in the company’s electric cars programme centred on its business model rather than technology. Ghosn told a French newspaper the legal investigation would take several months to complete and that he was “surprised and shocked” by the affair. Three of the company’s executives have [...]
Greencore to fight rival bid January 23, 2011 GREENCORE is expected to sweeten its merger deal with Northern Foods this week in an attempt to best Boparan’s £342m cash takeover offer. Dublin-based Greencore is considering adding a cash sweetener on top of its all-share merger with Northern, according to people familiar with the companies. Northern’s board has dropped its support for the Greencore [...]
Barclays may overhaul its remuneration January 23, 2011 BARCLAYS could completely overhaul the way it remunerates its top staff next month. Bob Diamond is considering paying a portion of bonus payments for his top 1,000 staff in contingent convertible bonds – known as Cocos. Cocos are a more politically acceptable form of remuneration as they convert from debt to equity if a bank [...]
