What the other papers say this morning October 7, 2012 FINANCIAL TIMES Austerity squeeze to last until 2018 George Osborne is set to be told this autumn by the Office for Budget Responsibility he will have to plug another large hole in the public finances, extending austerity until 2018 and throwing the coalition’s deficit reduction strategy into doubt. Regulator warns on Big Four alumni The [...]
LVMH boss Arnault to be knighted October 7, 2012 The chief executive of French luxury group LVMH, Bernard Arnault, is set to be knighted in London for his contributions to the British luxury industry, a company spokesman said yesterday. Arnault will become a Knight Commander of the Most Excellent Order of the British Empire, the spokesman said. The distinction is to recognise Arnault’s contributions [...]
China’s retail sales growth slows October 7, 2012 China’s retail sales growth slowed during the Golden Week holiday, local media said yesterday, providing a snapshot of increasingly important sources of demand in the world’s second-largest economy. Overall retail sales revenue grew 15 per cent to hit 800.6bn yuan (£78.4bn) during the National Day holiday, part of an eight-day break. That compared to 17.5 [...]
Wal-Mart and Amex news alert October 7, 2012 Wal-Mart Stores and American Express will hold a conference call today to make a financial services announcement, the two companies said in a statement yesterday. Details of the announcement, which will take place at 8.30 am (1.30pm GMT), were not disclosed. Walmart has long tried to serve low-income shoppers with little access to credit. It [...]
Lloyds dividend hopes face FSA scrutiny talks October 7, 2012 TAXPAYER-owned Lloyds Banking Group will go head to head with banking regulators next month to thrash out a deal on reinstating its dividend for the first time in five years. The bank, which is 43 per cent owned by the taxpayer, is currently negotiating with the Financial Services Authority about plans to give cash back [...]
Mark Rothko painting defaced at the Tate Modern art gallery October 7, 2012 A MULTI-MILLION painting by Modernist artist Mark Rothko was defaced by a visitor to the Tate Modern museum yesterday. The gallery said a man had inscribed a message using black paint in the corner of the 1958 canvass Black on Maroon shortly before 3.30pm before quickly leaving the room. An investigation is currently underway. The [...]
Bumi directors set to receive first update on missing funds October 7, 2012 DIRECTORS of mining group Bumi, founded by Nat Rothschild, will this week receive their first update on the scandal engulfing the company. Thursday’s meeting in Singapore will be the first time the 17-member board has met since Bumi revealed it had found “financial and other irregularities at Bumi Resources,the Indonesian arm of the business that [...]
O’Donnell out of race to be Bank governor October 7, 2012 FORMER cabinet secretary Gus O’Donnell last night pulled out of the race to become the next Bank of England governor, hours ahead of the application process closing at 8.30am this morning. Sir Mervyn King, the current governor of the Bank of England, will step down in June next year, and the Treasury has mounted an [...]
US blackballs Huawei over security risks October 7, 2012 US companies should avoid doing business with China’s Huawei, the world’s second-biggest maker of telecommunications gear, for fear its equipment could open doors for spying, the head of the US House of Representatives’ Intelligence Committee said. “If I were an American company today … and you are looking at Huawei, I would find another vendor [...]
Romney scores boost in polls from TV debate October 7, 2012 US presidential candidate Mitt Romney appears to have narrowed the gap in the election race with President Barack Obama after a solid performance in last week’s televised debate. The first polls since Wednesday’s debate – in which Obama was seen to have given a lacklustre appearance – show Republican nominee Romney has had a bounce [...]
