We should take advantage of weak Eurocracy June 22, 2011 SO that’s all decided then. Greece should definitely leave the Euro. But there is one hole in the debate. Greece leaving the euro might save both Greece and the euro; it might not just be desirable, but also inevitable. Unfortunately, it is also impossible. Many people, including myself, predicted even before it was launched that [...]
Almacantar founder steps down June 22, 2011 The property investment and development company Almacantar has had a boardroom reshuffle after co-founder Neil Jones left the firm. Jones the former head of Grosvenor’s European business, said he was leaving the company that he helped create two years ago with Mike Hussey to pursue other opportunities. He will continue to hold a shareholding and [...]
RWE rails against nuclear tax June 22, 2011 Germany’s largest power producer RWE filed a lawsuit against the German government over its nuclear fuel tax, it said yesterday. RWE said it had filed a complaint at the tax court in Munich, regarding a tax imposed on its nuclear reactor in south Germany. The complaint related to a change in fuel rods at one [...]
Cable plans to shake up exec pay disclosure June 22, 2011 VINCE Cable, the business secretary, could force firms to change the way they disclose how much their top executives earn as part of plans to overhaul the rules governing annual reports. In a statement, Cable’s Business Innovation and Skills (BIS) department said he wanted to “see progress in bringing excessive, unjustified pay under control”. Next [...]
Britain could struggle to cut benefits bill, says NAO June 22, 2011 IAIN Duncan Smith, the welfare secretary, has been warned he could miss ambitious targets for slashing Britain’s benefits bill. The National Audit Office (NAO) said the Department of Work and Pensions (DWP) would need to make “rapid progress” if it is to cut its overall spending by almost £20bn over the next four years. If [...]
Two banks hit by FSA money laundering probe June 22, 2011 TWO banks are being investigated for lax money-laundering controls and others are likely to be handling the proceeds of corruption and other financial crime, Britain’s financial watchdog said yesterday. The FSA said the two institutions, both believed to be private banks, had shown “serious weaknesses” in how they managed “high-risk” customers, including those whose public [...]
Big six energy utilities hit by Ofgem threat June 22, 2011 BRITAIN’S six largest utilities face tough retail power market reforms next year that could force them to auction off more than one fifth of electricity they produce, energy regulator Ofgem announced yesterday. The regulator proposed in March that it could impose power production auctions of up to twenty percent of generation on the Big Six [...]
BP and Transocean play blame game over oil spill June 22, 2011 A FRESH row broke out between the firms involved in last year’s Gulf of Mexico oil spill yesterday after oil driller Transocean published its internal review of the blast, which killed 11 workers, and pinned the blame on BP. Transocean said yesterday that BP failed to properly judge the risks on board the rig, having [...]
News Corp’s bid for Sky to get clearance June 22, 2011 CULTURE secretary Jeremy Hunt is likely to rubber stamp News Corp’s bid for BSkyB within a fortnight. He is expected to trigger a final seven day period of consultation after receiving documents from Ofcom outlining a series of guarantees over the future financial and editorial independence of Sky News. Hunt will be unable to issue [...]
Kesa weighs Comet sell-off as sales fall June 22, 2011 ELECTRICALS retailer Kesa yesterday admitted that it was weighing up a sale of its Comet business and revealed that it had already received a number of approaches. The company said there would be a “strategic review” which would take at least three months and look at a range of options for Comet, including disposal. Stressing [...]
