Day the music died January 14, 2013 HMV has collapsed into administration after last-ditch attempts to save the crisis-hit music retailer came to an abrupt end last night, putting 4,000 jobs at risk and signalling the end of more than 90 years on the British high street. Deloitte, which has been advising HMV’s consortium of lenders led by Lloyds Banking Group and [...]
Government tackles rising state pension bill with £144-a-week flat rate January 14, 2013 THE STATE pension will be standardised to £144 a week payment for almost all workers, the government confirmed yesterday, claiming the move would encourage individuals to take responsibility for saving towards their own retirement – as well as saving cash that would otherwise be poured into the state’s soaring pension bill. The self-employed and those who have [...]
More snow on the way as cold snap hits London’s transport system January 14, 2013 LONDON woke up to the first snow flurries of the year yesterday, and more is forecast for today and later this week. The icy conditions caused delays on several roads into the city and speed restrictions on some rail routes. The Met Office has forecast more snow heading east across England today, expected to skirt [...]
Pension changes cheered but high earners take a hit January 14, 2013 BUSINESS leaders hailed the government’s plans for a “simple, understandable, state pension” yesterday, but admitted that both employers and staff would have to take a financial hit as part of the proposed reforms. “The introduction of a flat-rate state pension, with an end to means-tested retirement income benefits, is essential if pension saving is to make [...]
HMV’s demise shows why even giant firms have feet of clay January 14, 2013 SO that’s it, then: HMV has finally gone into administration, the latest, most tragic victim of the revolution that is sweeping away erstwhile giants. This comes just days after Jessops, the camera firm, was liquidated, and after the demise of Comet, the electrical retailer. So who’s responsible? Quite simply, all of us. Consumers are all-powerful, [...]
Blow to Cameron ahead of crucial speech on EU January 14, 2013 DAVID Cameron was dealt a blow last night as peers voted to block a government plan for constituency boundary changes. By 300 to 231, the House of Lords voted to delay the boundary review until 2018, scuppering the move to cut the number of MPs from 650 to 600. The Prime Minister is also facing opposition [...]
What the other papers say this morning January 14, 2013 FINANCIAL TIMES Junk-bond prices point to bulls return The junk-bond market is sending a bullish signal for the global economy in 2013, with investors in US high-yield securities earning higher returns so far this year than those who have bought investment-grade debt. High-yield bonds are an acute barometer of risk appetite and rises in their [...]
Barclays and Deutsche to cut back bonuses January 14, 2013 BANK job losses are set to be matched by tough bonus cuts as the industry seeks to keep costs under control, with Barclays and Deutsche Bank yesterday joining the long list of institutions thought to be preparing to keep a tight hold on the purse strings. Deutsche Bank is expected to cut its bonus pool [...]
JP Morgan ordered to tighten risk controls after Whale losses January 14, 2013 JP MORGAN Chase was last night ordered by regulators to tighten up risk controls after a trader known as the London Whale lost the firm $6.2bn (£3.9bn). The investment giant was hit with two consent orders from the Federal Reserve and the Office of the Comptroller of the Currency, one for the trading losses, and another [...]
Bakries say Bumi deal off if board goes January 14, 2013 THE Bakrie family yesterday threatened to renege on its proposed divorce with Bumi if Nat Rothschild’s plans to re-install himself on the miner’s board are voted through. Co-founder Rothschild last week called for a general meeting to overhaul the board. The Bakrie family said they will use “all legal means” to honour the terms of [...]
