Rio Tinto warns on volatile short-term outlook for copper October 9, 2012 Australian copper giant Rio Tinto this morning warned that the short-term outlook for copper remained volatile, but that it expected production of the base metal to increase. The miner said in a statement that copper production will increase from 2013 thanks to improving grades at existing mines, and the start of production at the Oyu [...]
Barclays to acquire ING Direct October 9, 2012 Barclays this morning announced it is buying the deposits, mortgages and business assets from Dutch bank ING Direct as it looks to expand its retail banking operations. ING Direct, which wants to exit the UK retail banking market, said the move was part of a review of its strategic options for its UK business. Barclays [...]
Swap rights for company shares October 8, 2012 BUSINESS leaders last night raised doubts about the government’s plan to let employers opt out of large chunks of employment law in return for handing workers shares in their firm. Chancellor George Osborne yesterday told the Conservative party conference in Birmingham that the government is targeting an April 2013 launch date for the “employee-ownership” scheme, [...]
Shareholder unrest grows over BAE deal October 8, 2012 BAE SYSTEMS’ largest shareholder yesterday spoke out to oppose the defence group’s £30bn merger with EADS, with sources suggesting that it would seek an overhaul of the group’s board if the deal failed. “The relationship between the two has completely and utterly broken down,” said one source, “so you would expect there to be consequences.” [...]
Boris uses fringe speech to pledge loyalty to PM October 8, 2012 BORIS Johnson last night staged a rapturous election rally at the Conservative party conference, pledging his loyalty to David Cameron while leaving no doubts as to his own popularity among Tory activists. Johnson entered the busy hall to a standing ovation as the slogan “Mission Imborisible” was displayed over footage of the Mayor of London’s [...]
Osborne’s employment incentives idea is no game changer October 8, 2012 FOR once, the government managed to unveil a policy yesterday that had not been pre-leaked. George Osborne’s latest plan combines two ideas: it seeks to better align staff and employer incentives; and to make the labour market more flexible. Employers will be able to make new job offers conditional on – and offer to existing [...]
What the other papers say this morning October 8, 2012 FINANCIAL TIMES TNK-BP partner look to sell stake BP’s billionaire partners in TNK-BP say they want to sell or list their 50 per cent stake in the business, creating more uncertainty over the future of Russia’s third-largest oil producer. Total arm warns over inaccuracies Total Oil Trading, one of the largest groups of its kind, [...]
Plan for housing benefit cuts to slash welfare bill October 8, 2012 GEORGE Osborne yesterday confirmed his desire to restrict housing benefit for people aged under 25 as part of an attempt to slash the welfare budget by a further £10bn. Osborne told the Conservative party conference that reform is necessary: “How can we justify giving flats to young people who have never worked, when working people [...]
Romney catches Obama in poll October 8, 2012 US presidential hopeful Mitt Romney has clinched a four point poll lead on Barack Obama after his barnstorming performance in last Wednesday’s debate, according to the Pew Research Center. The latest national poll, carried out from 4-7 October , gave Romney and Obama both 46 per cent support among surveyed registered voters, while among likely [...]
Court hears of UBS slush fund chat October 8, 2012 A UBS trader raised the issue of a “slush account” in an electronic chat with Kweku Adoboli months before he was arrested over allegations he lost the Swiss bank $2.3bn (£1.4bn), a London court heard yesterday. Appearing as a witness at Adoboli’s trial, Darren Bailey rejected as “ridiculous” an accusation by the accused former trader’s [...]
