Mixed pool fortunes for Brits July 25, 2011 SWIMMING: Britain’s Gemma Spofforth has failed to defend her 100m backstroke title at the Fina World Championships. Spofforth, hampered by illness, did not even make the semi-finals, but Lizzie Simmonds qualified for the final in Shanghai.
Fear returns to markets July 25, 2011 CONFIDENCE in politicians’ ability to solve the debt crises of the developed world collapsed yesterday, sending bank shares into a tailspin and ramping up the cost of sovereign borrowing. As US politicians bickered over the debt ceiling and investors fled EU financial stocks, Italy was forced to cancel a bond auction set for August on [...]
Cable: end universal banking July 25, 2011 VINCE Cable, the business secretary, will today call on the Independent Commission on Banking (ICB) to sound the death-knell for universal banking by backing a form of ring-fencing that is just as tough as a full-scale break up of Britain’s banks. His intervention will put pressure on the ICB to explain why it has decided [...]
Cameron: No new stimulus July 25, 2011 PRIME Minister David Cameron warned yesterday that Britain’s path back to growth “will be a difficult one” ahead of growth figures today that will reveal Britain’s economy flatlined for most of the year. Gross domestic product (GDP) figures from the Office for National Statistics are expected to show this morning how the economy grew just [...]
It’s as if the coalition wanted to fail July 25, 2011 IMAGINE you were trying to cripple private sector growth and throttle the recovery. Yes, I know only a fool would want to do that. But seriously – what would you do? Here are a few ideas. For a start, you would try and tie up businesses with as much red tape as possible. You would [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 25, 2011 FINANCIAL TIMES HACKING FEARS SPARK TRINITY REVIEW Trinity Mirror, the publisher of the Daily Mirror, has launched a review of its editorial controls and procedures amid investor anxiety that phone-hacking claims could spread beyond the defunct News of the World. Trinity saw its shares fall 9.8 per cent yesterday over concern among investors that the [...]
Betfair boss doubles pay July 25, 2011 BETFAIR awarded its two senior executives huge pay rises last year despite overseeing a disastrous entry to the London stock exchange last year. David Yu, the group’s chief executive who announced last month he would be stepping down, received a pay package worth £824,676 in the year to April, up 125 per cent on the [...]
Auditors told to stand up to banks July 25, 2011 Britain’s company auditors should question management more closely about how their revenue forecasts stand up against a backdrop of poor economic conditions and weak markets, the industry’s watchdog said today. Auditors are facing pressure to be more assertive with banks in particular after many gave lenders a clean bill of health in the run up [...]
UK forex turnover has jumped July 25, 2011 Global foreign exchange turnover rose in April 2011 from October 2010, driven by increasing volume across spot, forwards, swaps and options activities, according to a survey released by major central banks. Average daily turnover in UK foreign exchange markets rose to a record $2.191 trillion (£1.34 trillion) in April, keeping intact London’s status as the [...]
RIM plunges after it axes 2,000 staff July 25, 2011 SMARTPHONE maker Research In Motion (RIM) plunged more that 4.4 per cent yesterday after it announced it would axe a tenth of its global workforce. The firm, best known for its BlackBerry range, has struggled in the face of soaring demand for Apple’s iPhone and handsets running Google’s Android, especially those made by Samsung. Its [...]
