Forlan dedicates Golden Ball award to team-mates July 12, 2010 DIEGO FORLAN yesterday dedicated his Golden Ball award to his Uruguayan team-mates following their fine World Cup campaign. The Atletico Madrid striker was named the best player of the tournament after his five goals fired the South Americans to the semi-finals before they were beaten by Holland. “It’s as great as it is unexpected. I [...]
FSA SET TO RIP UP MORTGAGE RULES July 12, 2010 THE FINANCIAL Services Authority (FSA) unveiled plans to overhaul the mortgage market this morning, with some warning the changes will punish borrowers while doing little to tackle the number of repossessions. The FSA said in a report today it will impose “affordability tests” on all borrowers, effectively banning self-certified mortgages and further restricting credit for [...]
UK’s rating not secure, warns S&P July 12, 2010 GEORGE Osborne’s bid to get the UK’s spiralling Budget deficit under control was dealt a blow yesterday when Standard & Poor’s (S&P) warned Britain remains at risk of losing its prized triple-A rating. The credit rating agency said it was keeping its negative outlook on the UK’s debt despite Osborne’s austerity Budget and warned the [...]
Pay decisions left to banks July 12, 2010 A TREASURY minister last night urged banks to show restraint when awarding bonuses, but said the government will only regulate pay as part of an international agreement. Financial secretary Mark Hoban told the British Bankers’ Association dinner that the banking world has a real chance to reclaim its reputation. “We have the opportunity to send [...]
Lies, damn lies and the UK’s statistics July 12, 2010 BRITAIN’S economy shrank even more than previously thought during the recession – that, at least, is what the Office for National Statistics informed us yesterday and what we are therefore expected to believe. The economy is thought to have collapsed 6.4 per cent from peak to trough, a figure that will probably go on being [...]
Budd asks for freer OBR July 12, 2010 SIR Alan Budd, chairman of the Office for Budget Responsibility (OBR), sent a letter to chancellor George Osborne yesterday outlining how the agency should run permanently. As well as producing two forecasts for the economy and public finances every year, the OBR should do broader work on fiscal sustainability, Budd said. He suggested the unit’s [...]
Tube strike off after pay offer July 12, 2010 Tomorrow’s strike by Tube Lines has been suspended while staff vote on whether to accept a new offer of a 4.2 per cent pay rise and increased job security. Rail union RMT confirmed yesterday that its members would vote on the revised package. Management will recommend that members accept the offer. Tube Lines workers, who [...]
Glaxo drug under fresh scrutiny July 12, 2010 The US will today begin a review into GlaxoSmithKline’s diabetes drug Avandia. The Food and Drug Administration will debate over two days whether to restrict or withdraw the medicine, also known as rosiglitazone. Research in 2007 showed the drug could cause higher rates of heart attacks, while a government report earlier this year suggested the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 12, 2010 FINANCIAL TIMES RIO CLASHEs OVER THE RIGHTS TO MONGOLIAN COPPER MINE Tensions are rising between Rio Tinto and Canada’s Ivanhoe Mines over rights to a world-class copper deposit in Mongolia as the multinational mining group releases hundreds of millions of dollars to develop the mine over which it has limited control. Ivanhoe, which owns the [...]
BP boosted as closes in on key asset sale July 12, 2010 BP’S shares soared yesterday on the back of news that the company was close to securing a number of deals to sell off some assets and that it will begin capturing three times more oil through a new containment cap. BP shares closed up 9.5 per cent at 399.4p yesterday. That is more than 30 [...]
