Pay freeze Britain February 17, 2010 PRIVATE sector workers have suffered a pay freeze over the past year, official figures out yesterday revealed. But their counterparts in the public sector enjoyed an inflation-busting 3.7 per cent rise, confirming that the government sector has so far been barely affected by the worst recession since the 1930s. Private sector pay (including bonuses) failed [...]
Babcock working on a higher takeover bid for rival VT Group February 17, 2010 MARITIME engineer Babcock is demanding access to the books of VT Group as anticipation builds of a fresh bid for the support services firm priced at around 700p per share, valuing the company at £1.26bn. Babcock is growing increasingly frustrated at the lack of cooperation from VT’s management, which yesterday embarked on a whirlwind round [...]
Spanish bond wins approval February 17, 2010 SPAIN drew a stampede of demand for a government bond issue yesterday that brought relief for the peripheral eurozone countries. Some analysts said a successful Spanish sale could open the door for the crisis-ridden Greek government to launch a 10-year bond after European Union leaders pledged support last week for Athens’ plans to shrink its [...]
Public sector’s turn to face squeeze February 17, 2010 THERE is a simple reason why unemployment in Britain, while tragically elevated, has remained under control despite the recession: private sector workers have been on a pay freeze for well over a year. Many have even agreed to pay cuts, a revolutionary embrace of flexibility which has saved countless jobs and demolished the central Keynesian [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 17, 2010 FINANCIAL TIMES DISEASE SENDS SALMON PRICES LEAPING Salmon prices are jumping after the collapse of the Chilean industry through fish disease caused a sharp decline in global supply. Wholesale prices for Norwegian-produced Atlantic salmon have risen 20.6 per cent since the start of the year , says Statistics Norway. That has extended a year-long rally [...]
Fed cautious over growth February 17, 2010 THE Federal Reserve is slightly more bullish about the state of the US economy, upgrading its prediction for growth for the year from three to 3.2 per cent. The minutes of its January policy meeting, released yesterday, also reveal unemployment is expected to drop in the last quarter of 2010 but only from 9.7 to [...]
$1.5bn Beijing investment fund February 17, 2010 Beijing’s sovereign wealth fund, China Investment, said yesterday it will invest $1.5bn (£950m) in the private equity secondary market. It will set up custom accounts with three of the biggest specialists in buying second-hand buy-out and venture capital fund interests.
Russia set to ban BP from field February 17, 2010 The Kremlin look set to strip BP’s Russian venture of the right to develop a massive Siberian gas field. The Russian environment watchdog said TNK-BP should not be allowed to develop the Kovykta field. Analysts say the move to block BP could further damage Russia’s standing with investors.
Abbey Road may be saved February 17, 2010 The National Trust may step in to save Abbey Road studios after they were put up for sale by EMI. The National Trust said: “It’s not often that the public spontaneously suggests we acquire a building. Abbey Road studios appear to be very dear to the nation’s heart – to the extent that we will [...]
UK Reader’s Digest hit by pension woes February 17, 2010 TREMORS passed through the corporate landscape as Reader’s Digest collapsed under the weight of its pension deficit yesterday, leading experts to warn of a fresh phase of crisis for retirement schemes. The UK arm of the 87-year-old publisher filed for administration two weeks after the Pensions Regulator rejected a plan to plug the £125m hole [...]
