Looming public spending cuts enough to worry households about their finances May 23, 2010 THE honeymoon period for the new chancellor may be over already as households report a marked loss of confidence in their finances, according to the household finance index (HFI) to be published today. Uncertainty over job cuts and other austerity measures have led to more than four in ten households surveyed predicting a drop in [...]
Race for M&S chair takes on new urgency May 23, 2010 ROGER CARR has ruled himself out of the running for the role of chairman at Marks & Spencer (M&S), while it is believed current chairman Sir Stuart Rose may quit earlier than expected. Carr, who announced his departure from Cadbury in February, is said to be looking abroad for his next corporate post. His withdrawal [...]
Marks and Spencer May 23, 2010 SHAREHOLDERS were understandably miffed when Sir Stuart Rose announced his intention to stay on as executive chairman of Marks & Spencer. They were told that the power grab would ensure an smooth transition when Rose stood down; the succession at Britain’s favourite retailer has been anything but. New chief executive Marc Bolland has arrived, but [...]
KBC offloads KBL bank to India’s Hinduja for $1.4bn May 23, 2010 BELGIAN banking and insurance group KBC has sold its private banking arm KBL European Private Bankers to Indian family-owned investment firm Hinduja Group for €1.35bn (£1.17bn). The divestment is the largest to date by KBC in a restructuring plan required by the European Commission in return for €7bn of state aid. Hinduja will push further [...]
United Utilities boss may quit this year May 23, 2010 UNITED Utilities chief executive Philip Green could step down before the end of the year. The head of the UK’s largest listed water company is understood to be putting the wheels in motion for his departure after a widely acclaimed spell at the firm. Green, who has been at United Utilities for four years, would [...]
Stelios offers £3m peace deal May 23, 2010 EASYJET founder Sir Stelios Haji-Ioannou has offered to drop his branding case against the budget airline if it agrees to pay him £3m a year in royalties, it has emerged. It is understood that Haji-Ioannou made the proposal, which would equate to 0.1 per cent of easyJet’s annual revenue, to the airline’s board last month. [...]
Boris Johnson to launch £10m business scheme May 23, 2010 MAYOR of London Boris Johnson will today launch a new £10m funding boost for small and medium-sized businesses in the capital. The financial advisory service, called “Investment and Finance Readiness” is aimed at helping around 4,500 businesses raise nearly £65m. The funding is to be split between two finance and investment services and is set [...]
Spain tries to bolster faith in its economy May 23, 2010 SPAIN will not bow to union pressure and revise a €15bn (£13bn) austerity plan, Prime Minister Jose Luis Rodriquez Zapatero said yesterday. “I know there are protests by those who do not share them (government views), like the unions, but we will not change,” Zapatero told his Socialist party in Elche, southeast Spain. His comments [...]
Bank of Spain takes control of CajaSur after merger talks fail May 23, 2010 THE Bank of Spain took over the running of Spanish savings bank CajaSur this weekend after its planned merger with another of the country’s small lenders failed. CajaSur will now have access to the Fund for Orderly Bank Restructuring (FROB), the Bank of Spain said in a statement. “This action, which we have taken as [...]
Wall Street poised for turbulent week as Eurozone woes take hold May 23, 2010 VOLATILITY will be the name of the game on Wall Street this week as uncertainty over the Eurozone debt crisis remains and investors will need nerves of steel to make bets on risky assets like stocks. The Standard & Poor 500 index’s drop last week of 10 per cent from recent highs meant the benchmark [...]
