Zombie firm massacre as lenders scare January 28, 2013 TENS of thousands of firms could close unnecessarily, taking with them a million jobs, if banks cut back the support they offer to zombie companies, the Institute for Turnaround (IfT) warned yesterday. The group said that after years of helping struggling firms banks are running out of patience and looking to sell on their loans. [...]
MPs say coalition budgets have been omnishambles January 28, 2013 THE TREASURY Select Committee (TSC) this morning slammed coalition budget policy as unclear, confused and generating uncertainty. The MPs on the committee, led by Andrew Tyrie, used the report to criticise the government for turning the Autumn Statement into a second budget; for giving out unclear signals on plans for fuel duty; and for leaving [...]
Zombie firms, tax hikes and HS2 all dragging the UK down January 28, 2013 THERE is much that the coalition has done that is helping the economy. Its reforms to education and welfare will, over time, improve the workforce’s skills and reduce the number of people trapped in dependency. Cutting the top rate of tax, which kicks in in April, and the increases to the personal allowance, which have [...]
What the other papers say this morning January 28, 2013 FINANCIAL TIMES RBS tips UK back into bonus debate George Osborne is braced for a new political backlash over bank bonuses, as state-controlled Royal Bank of Scotland prepares to pay as much as £250m to staff at an investment banking division heavily implicated in the Libor-rigging scandal. The chancellor’s discomfort has been amplified by the [...]
Childcare reform to help parents back to work January 28, 2013 THE GOVERNMENT will today unveil plans to reform the childcare system in an attempt to reduce the financial burden on families and help parents return to the workplace. Education minister Liz Truss will announce that the number of children allowed to be managed by one member of nursery staff will rise from four to six. [...]
Moody’s downgrades six banks January 28, 2013 Moody’s yesterday slashed the ratings of six Canadian banks on worries over rising consumer debt and a housing boom. The Bank of Nova Scotia, Caisse Centrale Desjardins and National Bank of Canada all saw their credit score move down one notch, as did Toronto-Dominion Bank, Bank of Montreal and Canadian Imperial Bank of Commerce. The [...]
Egyptian protestors defy curfew January 28, 2013 Egyptian protesters defied a night-time curfew in restive towns along the Suez Canal, attacking police stations and ignoring emergency rule imposed by Islamist President Mohamed Mursi to end days of clashes that have killed at least 52 people. At least two men died in overnight fighting in the canal city of Port Said in the [...]
US appeals court protects SEC January 28, 2013 Investors who said they lost money in Bernard Madoff’s fraud may not pursue a lawsuit against the US Securities and Exchange Commission (SEC) for missing the swindler’s Ponzi scheme, a federal appeals court said yesterday. The 9th US Circuit Court of Appeals in Pasadena, California said a federal district judge correctly dismissed their lawsuit seeking [...]
Cameron faces HS2 anger from backbenchers January 28, 2013 DAVID Cameron yesterday raised the ire of his own party following the publication of the second half of the HS2 railway route from London to northern England. Most of the Y-shaped railway – which will link London to Leeds and Manchester – will run through Conservative-held constituencies, raising the prospect of a backbench rebellion when [...]
Yahoo stocks lifted by fourth quarter figures January 28, 2013 YAHOO’S shares shot up 4.5 per cent in after hours trading yesterday after the technology giant reported fourth quarter net revenue of $1.22bn (£777m). The figure was up four per cent year-on-year, as an increase in search advertising revenue offset weakness in the web portal’s display ad business. Stocks rose to $21.22 after the bell, [...]
