Jessops latest firm to call in administrators January 9, 2013 JESSOPS the specialist camera chain yesterday became the first major retailer of 2013 to collapse into administration, as analysts warned 140 retailers were at risk of following in its footsteps. PwC, which was appointed administrator, said it was now in eleventh hour talks to save the 192-store business but warned closures were inevitable, putting more [...]
Market shrugs off high street gloom as FTSE 100 hits four-year high January 9, 2013 LONDON’S FTSE 100 index soared to its highest level since May 2008 during yesterday’s trading, as bullish investors continued to drive the New Year rally. The blue chip index peaked at 6,112.27, led by strong banking and mining stocks and an optimistic outlook to the beginning of the US earnings season. The FTSE finally closed [...]
Obama’s chief of staff to take top US Treasury job January 9, 2013 BARACK Obama is today set to nominate White House chief of staff Jacob Lew as his new Treasury secretary, ensuring a close ally holds one of the most important positions in the economic world. If the appointment gains Senate approval, Lew will be placed at the heart of the brutal debate over the future of the [...]
Forget rebalancing: the City is becoming even more important January 9, 2013 PEOPLE, companies and countries should play to their strengths. They should do what they are good at. This is the principle of comparative advantage – the formal version of which states that we should specialise in what we can produce at a lower opportunity cost than our competitors. That doesn’t mean that we should not [...]
Coalition issues full policy audit after blunder January 9, 2013 THE COALITION yesterday issued a “full, frank and unvarnished” judgement of its performance, highlighting its successes and failures over the last two-and-a-half years – but its release was mired in controversy. The government hoped it would gain credit for being honest and revealing it has failed to implement dozens of promised policies. But Labour called the 122-page [...]
What the other papers say this morning January 9, 2013 FINANCIAL TIMES Hovis forced to turn to EU grain Hovis, one of the UK’s top-selling breads, is to abandon its pledge to use only British wheat following rain-blighted harvests. Hovis will start using EU grain from this weekend. The move is a blow for UK farmers, who are already reeling from relentless rain in 2012 [...]
AIG will not sue US government January 9, 2013 Insurance giant AIG yesterday said it would not sue the US government over terms of the company’s multi-billion dollar bailout following a public outcry. The company had considered joining a lawsuit led by its former chief executive Hank Greenberg, whose company Starr International owned 12 per cent of AIG before the $182bn (£114bn) rescue in 2008. [...]
JPMorgan to book $700m charge January 9, 2013 JPMorgan Chase will book a $700m (£436m) charge when it releases its fourth-quarter accounts on 16 January, the company said in a regulatory filing last night. It is due to an industry-wide settlement with US regulators over allegations banks wrongly approved millions of foreclosures on US mortgages in the aftermath of the 2008 financial crisis. Under [...]
Communities to get housing cash January 9, 2013 Neighbourhoods that accept new housing development will receive cash payments towards community schemes, according to plans unveiled today by planning minister Nick Boles. Parish and town councils will receive part of a levy charged on developers to spend how they see fit. Boles said “bungs” are needed to encourage acceptance of new housing and avoid [...]
Morgan Stanley to cut 300 bank jobs in London January 9, 2013 MORGAN Stanley is joining the industry-wide jobs bloodbath, it emerged yesterday, as the bank tries to cut costs to cope with weak market conditions. A total of 1,600 investment banking jobs will go at the bank with the staff affected to be informed in the coming weeks. That is roughly six per cent of the [...]
