Osborne set to delay planned fuel price hike November 12, 2012 GEORGE Osborne is ready to scrap a planned increase to fuel duty, a leading backbencher suggested yesterday. Robert Halfon, Conservative MP for Harlow, told City A.M. that he will not back today’s Commons motion calling for January’s 3p per litre rise to be delayed – because the government is already considering such action. This is [...]
Greece votes to approve new austerity plans and unlock aid November 12, 2012 GREECE’S ruling coalition secured enough parliamentary votes last night to approve a 2013 budget of fresh cuts required to secure more aid from international lenders and stave off bankruptcy. The budget was backed by 167 votes to 128 – a more comfortable margin than a separate package of deficit-cutting measures voted through on Wednesday on [...]
Claims that EC has started probe into storage at LME warehouses November 12, 2012 THE EUROPEAN Commission is starting a preliminary investigation into steep surcharges and lengthy wait times to get metal from warehouses monitored by the London Metal Exchange, two sources with knowledge of the matter said yesterday. The regulations of the LME, which is being acquired by Hong Kong Exchanges and Clearing, allow companies operating warehouses in [...]
Austria counters UK with its own plan to veto EU budget November 12, 2012 EU BUDGET talks are due to resume tomorrow after collapsing without agreement on Friday. Britain is pushing for a real terms budget cut after MPs rejected government proposals to accept an inflationary rise. However Austria became the latest country to threaten to veto the deal yesterday. It wants to make sure agriculture subsidies are not [...]
Firms fret over next steps for energy supply November 12, 2012 BUSINESSES are increasingly worried about the UK’s attempts to bridge a looming energy gap, according to a survey out today. As the coalition races to secure replacements for ageing nuclear and coal power stations and fuel bills soar, research showed that almost six in 10 large businesses think energy security is becoming a “major concern” [...]
Government backs down on its proposal for a tax on eurobonds November 12, 2012 THE GOVERNMENT has dropped plans to change the law that enables companies to pay profits to overseas investors without being taxed. Leading City firms successfully lobbied against the change, telling the government that reforming the law would make it more difficult to raise funds and therefore make the UK less competitive and add to compliance [...]
Requests for flexible shifts will be harder to turn down November 12, 2012 NICK Clegg will this week announce plans to give all workers the right to apply for flexible working hours, with the aim of boosting female employment. Clegg’s proposals, which could be included in new legislation by 2014, will force firms to consider all requests “in a reasonable way”. At the moment only parents and some [...]
Firms could be rewarded for hiring Territorial Army soldiers November 12, 2012 PHILIP Hammond said yesterday that he has not ruled out “financial inducements” for firms who employ members of the Territorial Army. The defence secretary is seeking to expand the role of the part-time force in the face of budget cuts but will have to deal with opposition from businesses that object to losing their employees [...]
Reshuffle hits deal on flood cover for 200,000 homes November 12, 2012 EFFORTS to guarantee household insurance for 200,000 homes at high risk of flooding have been hindered by the recent government reshuffle, City A.M. has learned. A leading insurer said the recent reshuffle – which saw environment secretary Caroline Spelman replaced by Owen Paterson – has affected the much-delayed discussions. Members of the Association of British [...]
RBS hires bank to run float of 316 branches November 11, 2012 SWISS bank UBS will organise the formation of 316 RBS branches into a new high street bank, after the sale of the branches to Santander fell through last month. The European Commission is forcing RBS to sell off the branches – which come with 1.8m customers and close to 250,000 business accounts – by the [...]
