Betfair boss doubles pay July 25, 2011 BETFAIR awarded its two senior executives huge pay rises last year despite overseeing a disastrous entry to the London stock exchange last year. David Yu, the group’s chief executive who announced last month he would be stepping down, received a pay package worth £824,676 in the year to April, up 125 per cent on the [...]
Auditors told to stand up to banks July 25, 2011 Britain’s company auditors should question management more closely about how their revenue forecasts stand up against a backdrop of poor economic conditions and weak markets, the industry’s watchdog said today. Auditors are facing pressure to be more assertive with banks in particular after many gave lenders a clean bill of health in the run up [...]
UK forex turnover has jumped July 25, 2011 Global foreign exchange turnover rose in April 2011 from October 2010, driven by increasing volume across spot, forwards, swaps and options activities, according to a survey released by major central banks. Average daily turnover in UK foreign exchange markets rose to a record $2.191 trillion (£1.34 trillion) in April, keeping intact London’s status as the [...]
RIM plunges after it axes 2,000 staff July 25, 2011 SMARTPHONE maker Research In Motion (RIM) plunged more that 4.4 per cent yesterday after it announced it would axe a tenth of its global workforce. The firm, best known for its BlackBerry range, has struggled in the face of soaring demand for Apple’s iPhone and handsets running Google’s Android, especially those made by Samsung. Its [...]
Clark proposes streamlining of UK’s planning regulations July 25, 2011 A SIMPLIFICATION of the UK’s planning regulations was proposed by the coalition government yesterday, earning widespread applause from business groups. Greg Clark MP, minister of state for decentralisation, published a 52-page consultation document designed to clarify Britain’s thousands of pages of planning red tape. “The National Planning Policy Framework is the first step towards a [...]
Anadarko posts $544m profits July 25, 2011 ANADARKO Petroleum Corporation swung to a second-quarter profit yesterday, as the US exploration company produced and sold more oil than expected following higher crude prices. Anadarko’s profit was $544m ($334m), or $1.08 per share. The company owns a 25 per cent stake in Macondo well, which exploded in the Gulf of Mexico in April 2010, [...]
Dow inks $20bn Saudi venture July 25, 2011 US Dow Chemical has agreed a $20bn (£12.3bn) joint venture with Aramco to build one of the world’s largest chemical facilities in Saudi Arabia. Aramco chief Khalid Al-Falih said the agreement will “play a key role in the Kingdom’s industrial and economic diversification” The Sadara project is expected to generate sales of around $10bn within [...]
Economists lose faith in Greek rescue July 25, 2011 INVESTORS turned against Greece’s latest bailout package yesterday, with Moody’s one of many observers to conclude that despite a new €109bn (£96bn) public bailout and €50bn write-off in private debts, Athens is still insolvent. Greece’s debt is forecast to rise next year, despite the latest rescue, which brings the sovereign’s total official rescue funds to an [...]
Chancellor regrets taking on Andy Coulson as spin doctor July 25, 2011 CHANCELLOR George Osborne yesterday said he regrets the appointment of Andy Coulson as the Number 10 communications chief. Former News of the World editor Coulson’s role in the government has come under intense scrutiny since his arrest as part of the phone hacking scandal. Osborne was singled out by former News International boss Rebekah Brooks [...]
Crisis in the Eurozone could add 45 per cent to pension deficits July 25, 2011 SOVEREIGN default in the Eurozone could hammer pension deficits, research from the Pension Insurance Corporation warned yesterday. “Should gilt yield fall back 30 basis points and equity markets drop 20 per cent following a sovereign default, deficits could grow by 45 per cent, costing an estimated £190bn,” the calculations showed. Yet despite the possibility of [...]
