Britain needs a Swedish-style fiscal rule to end its yearly Budget farce | City A.M. March 22, 2013 BEN GUMMER HERE we are again, two days before the budget, and the chancellor is inundated with advice about what he should do to “fix” the British economy. It has become a tiresome ritual that comes around twice a year before the Budget and the Autumn Statement: a litany of suggestions, papers and proposals pushed [...]
Fastjet’s Kenya fight deepens March 22, 2013 RELATIONS between Aim-listed airline Fastjet and the head of its Kenyan subsidiary have soured further in the past week, with both sides now turning to legal action in a dispute over the terms of their tie-up. Don Smith, who agreed to sell most of his holding in Fly540 Kenya to Fastjet last year, instructed law [...]
Europe’s political elites betray the middle class March 22, 2013 ABOVE all, don’t lie, especially when it comes to people’s savings. That was a rule European politicians used to understand, especially in a continent where dispossessed middle classes have repeatedly turned to fascists when their savings were wiped out. Today, however, the political class and its corporatist allies have forgotten this golden rule – just [...]
Former lawyers heading FTSE 100 companies on the increase March 22, 2013 PEOPLE with a legal background are rising through the ranks in blue chip company boardrooms and taking senior management roles, a report out yesterday said. The number of chief executives with a legal background at FTSE 100 companies has increased since 2002 when there were just three. Today there are seven but some commentators say [...]
Torotrak agrees licence deal as it invests £3m in F1 engineer March 22, 2013 ENGINEER Torotrak yesterday completed a licencing agreement with Allison Transmission for £6m, as it snapped up a stake in Flybrid, which makes technology for Formula One cars. Allison will pay £6m for the exclusive right to manufacture and sell Torotrak’s gearless traction drive systems in commercial vehicles, as well as buying 8.2m shares – a [...]
First €20,000 of Cypriot deposits to be protected March 22, 2013 The newest proposals for a bank levy on Cyprus deposits would see the first €20,000 of deposits protected, with a 6.7% from €20,000 to €100,000 then 9.9% over €100,000 (unchanged). Cyprus’ parliament will meet at 16:00 GMT to vote on the levy proposal. Financial Minister Michael Sarris remains scheduled to fly to Moscow this Wednesday. Kremlin spokesman [...]
Mama buys Hoxton Bar & Kitchen for £1.9m March 20, 2013 MAMA Group, the music venue owner which was sold by HMV to private equity firm LDC in December, has snapped up East London’s Hoxton Bar & Kitchen for £1.9m. Its parent company Barworks confirmed yesterday it has sold the restaurant, bar and live music venue to Mama, which owns the Jazz Cafe and Barfly in [...]
Cartels of politicians do not serve public interest March 20, 2013 WHENEVER I see politicians of all three parties patting each other on the back and congratulating themselves on their brilliance, I panic. Consensus in politics is a disaster. When government and opposition agree, and the checks and balances of robust democratic argument are suspended, something awful inevitably happens. Dissent is good; conformity stinks. It leads [...]
London rules | City A.M. March 18, 2013 EXCLUSIVE: Capital’s share of UK economic output reaches its highest ever level as the rest of the country flounders LONDON’S share of UK economic output is higher than at any point in history, according to figures uncovered by City A.M. London’s 21.9 per cent share of output was even bigger than the 21.5 per cent it produced [...]
London has never been this important to the UK economy | City A.M. March 17, 2013 IT is an astonishing story. London’s share of the UK’s economic output has just reached an all-time high of 21.9 per cent. Yes, that’s right, despite the crisis, and the City’s woes, London accounts for more of Britain’s economy that at any time in recorded history. The last time it came close was in 1911, [...]
