Puma forced into writedowns after fraud claims at Greek joint venture October 25, 2010 GERMAN sporting goods maker Puma said yesterday it would bring criminal charges against its partners in a Greek joint venture after discovering an alleged swindle that could cost it as much as €130m (£115.3m). Puma said it suspected that its “Greek joint venture partner, along with members of the Greek local management, has committed a [...]
Higher business spending aids Intercontinental October 25, 2010 DESPITE talk of a double-dip recession in the US, the noises coming from corporate America are increasingly positive. Take technology giant Intel, which recently said firms were beginning to ramp up their IT spend, despite nearly two years of hibernation. Now Intercontinental is hailing the return of the business traveller, leading to a dramatic recovery [...]
Cameron hints at softer migrant cap October 25, 2010 DAVID Cameron yesterday gave his strongest hint yet that a new immigration cap would not stop firms from recruiting highly-skilled foreign talent. Business leaders have been lobbying the government relentlessly over the issue, after a temporary cap – which put a limit of 24,000 on non-EU workers – caused huge problems for firms. In his [...]
Cable: Banks should be wary of handing out lavish bonuses October 25, 2010 BANKS should think twice before paying out lavish bonuses this year and must start to refocus on longer-term investment to avoid a repeat of the financial crisis, business secretary Vince Cable said yesterday. Chancellor George Osborne last week confirmed he would impose a tax on banks’ balance sheets as part of measures to insure the [...]
UKFI to delay bank stake sale to influence lending October 25, 2010 PRIME Minister David Cameron yesterday indicated that the government will opt to retain its stakes in the banks for a while longer in order to influence their SME (small and medium sized enterprise) lending policies, rather than selling them off as soon as possible to maximise value for the taxpayer. Cameron, speaking at the CBI’s [...]
ANALYST VIEWS: DID THE PRIME MINISTER PROVE THAT THE GOVERNMENT IS PRO-BUSINESS IN HIS FIRST CBI SPEECH? October 25, 2010 MARK LITTLEWOOD | INSTITUTE OF ECONOMIC AFFAIRS If the coalition is serious about improving the prospects of the private sector, it needs to produce a lengthy list of burdensome rules and regulations it will abolish. This can’t come soon enough. RICHARD LAMBERT | CBI The Prime Minister demonstrated a real passion for business and an [...]
Labour: Britain biased against manufacturing October 25, 2010 ED MILIBAND yesterday said that Britain’s political classes suffered from an “anti-manufacturing bias” and called for a return to industrial interventionism to recalibrate the economy. Making his first speech to the CBI since becoming Labour’s new leader, Miliband said: “Despite all the talent in engineering and work in our universities, I fear Britain still suffers [...]
Barclays warns of consolidation October 25, 2010 BARCLAYS president Bob Diamond yesterday predicted that the avalanche of new financial regulation will spark a wave of consolidation across the banking sector, as struggling banks are swallowed up by more successful rivals. Diamond, answering questions from delegates at the CBI’s annual conference, said that higher capital requirements in particular would mean that banks will [...]
Santander: UK is competitive October 25, 2010 SANTANDER’S UK chief executive António Horta-Osório yesterday defended the competitive nature of Britain’s retail banking market, even as his peers warned that regulation may lead to a wave of consolidation in the market. Horta-Osório told the CBI conference that UK retail banking is currently “highly competitive and presents low barriers to entry”, positioning himself at [...]
Tucker: Bank to hold fire on withdrawing stimulus October 25, 2010 DEPUTY governor of the Bank of England Paul Tucker said yesterday that the central bank is unlikely to start withdrawing support from the UK economy in the near future, given the uncertain nature of the recovery. Tucker said the recovery would be “bumpy and uneven” because of “reasonably strong” headwinds, despite a strong rebound from [...]
