Met chief quits July 17, 2011 THE Metropolitan Police chief sensationally quit last night as the phone hacking scandal spread to the top of the UK establishment to claim its most high-profile scalp yet. The shock resignation came just hours after former News International boss Rebekah Brooks was arrested over her role in the affair, taking the total number of arrests [...]
Stress tests criticised after they fail to examine sovereign default July 17, 2011 EUROPE’S stress tests were too lenient and are sending analysts down a series of “blind alleys” rather than providing the clarity needed to calm the region’s fraught markets, experts have warned. The results of the tests, released on Friday, saw just eight out of 90 banks fail to maintain sufficient capital in an “adverse” scenario [...]
Rescue plan for care home July 17, 2011 INVESTORS in Southern Cross are working on an audacious plan to rescue the stricken care homes group from closure. Last week, Southern Cross’ shares were suspended and it said it would wind itself up. Sources told City A.M. the plan to rescue parts of the business would involve raising £50m in new funds; securing a [...]
Our free press must not be censored July 17, 2011 ALL too predictably, some politicians and powerful individuals with an interest in a servile media are using the hacking crisis to cripple freedom of speech, to advance their own ideological agendas and to damage commercial journalism. First, let me reiterate that this newspaper, which is independent and not part of any media group, would never [...]
Harry Potter nets £300m July 17, 2011 THE final Harry Potter film has shattered worldwide box office records with $476m (£295m) in global ticket sales since it opened last week. And the $168.6m US and Canadian takings for “Harry Potter and the Deathly Hallows — Part 2” is the best three-day opening for a film ever, distributor Warner Bros said yesterday. It [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 17, 2011 FINANCIAL TIMES TESCO TO TRIAL LOYALTY CARD AT US OPERATION Tesco is poised to trial a version of its successful Clubcard loyalty scheme in the US, as it strives to stem losses at its Fresh & Easy chain. Tim Mason, chief executive of Fresh & Easy, said the business, which currently has 176 stores and [...]
Apple set for bumper quarter July 17, 2011 Apple is set to deliver yet another bumper quarter when it announces its results tomorrow. Analysts expect stronger second-quarter revenue and profit, boosted by the easing of component shortages for the iPad caused by the Japanese tsunami, which could boost gross margins to as high as 41 per cent. The market expects revenues to rise [...]
Exchanges may need to rethink July 17, 2011 Exchanges may have to make radical changes to their expansion plans in light of the tougher-than-expected stance taken by regulators over mergers and a lack of appetite for foreign takeovers. IntercontinentalExchange (ICE) chief executive Jeff Sprecher pointed to a string of planned tie-ups, such as that between the London Stock Exchange and TMX Group, that [...]
SFO asked to probe News International July 17, 2011 THE scandal threatening to topple Rupert Murdoch’s empire continued to gather pace yesterday, after the Serious Fraud Office (SFO) was asked to investigate News International. The SFO became involved after Labour MP Tom Watson wrote to the body asking it to investigate settlements made in the wake of the phone hacking scandal. Watson branded payments [...]
Tax issues prompt 26pc of large firms to consider leaving the UK July 17, 2011 OVER a quarter (26 per cent) of large businesses are considering a full or part relocation abroad, with Britain’s high and complex taxes remaining their main cause for complaint. More than half (58 per cent) of the businesses eyeing a move to foreign shores cited tax issues as a leading factor, according to research by [...]
