Local authorities in UK hail chancellor George Osborne’s devolution proposals October 7, 2015 Local authority leaders are overwhelmingly optimistic about the government’s devolution proposals, according to a new report out today. The report, called Making Devolution Work, by tax and advisory firm Grant Thornton UK and the think tank Localis, found that nearly three out of four local authorities say talks with Whitehall about devolution have been [...]
Conservative party conference 2015: David Cameron to unveil affordable housing plan October 7, 2015 Prime Minister David Cameron will today claim the Conservatives are “the party of homeownership” as he unveils plans to accelerate the building of discounted properties for first-time home buyers. In his speech at the Conservative party conference in Manchester, Cameron will announce that the government’s proposed “starter homes” will be part of the wider [...]
Libor rate scandal: Trial of six brokers charged with rigging rates could go on for 14 weeks October 6, 2015 Brokers with nicknames like “Lord Libor” were “willing” and “enthusiastic” participants in the Libor manipulation scheme, prosecutors told the jury in the first day of a trial focusing on the brokers’ alleged role in the rate-rigging scandal. Former ICAP employees Darrell Read and Colin Goodman are among the brokers that stand accused of helping jailed [...]
Tesco share price closes up ahead of first half results on Wednesday October 6, 2015 Shares in troubled supermarket Tesco closed up three per cent to 192.10p per share this afternoon, ahead of its full-year results which are due out tomorrow morning. Tesco's shares inched up at the open, and added about one per cent over the course of the morning, and continued to make gains throughout the afternoon. Shares [...]
Millennials are raking it in from their grandparents’ cashed-in pensions October 6, 2015 The Taxpayers’ Alliance may be pushing for an end to winter fuel subsidies and senior bus passes, but researchers at Investec have hit back with a study claiming that pensioners are already hard done by because they have to spend so much on their damn grandkids. The study couldn’t have been better timed, it [...]
Round 2: Trial of six brokers accused of Libor rate-rigging begins in London today October 6, 2015 Six brokers accused of Libor rigging will see their trial begin in London today and could face decades in jail as the second instalment of the Serious Fraud Office’s (SFO) war on financial misconduct gets underway. The six brokers – who have worked at ICAP, RP Martin and Tullett Prebon – are charged with [...]
Quorn Foods sold by Exponent Private Equity to Monde Nissin in £550m deal October 6, 2015 Exponent Private Equity has agreed to sell Quorn Foods to Philippines group Monde Nissin in a deal worth £550m. Monde Nissin is a leading branded consumer goods company in the Philippines. They are building a global branded food business focused on health and sustainability. Simon Davidson, partner at Exponent, said: “Under Exponent’s ownership [...]
HSBC boss Stuart Gulliver wants bank to play major role in AB InBev’s planned takeover of SABMiller October 6, 2015 HSBC boss Stuart Gulliver is trying to persuade the lender to play a major role in financing a possible takeover of SABMiller by rival US-based brewing giant Anheuser-Busch InBev. Gulliver met executives from Budweiser maker AB InBev late last week to discuss a potential involvement for HSBC, according to a report on Sky News. [...]
BP ordered to pay more than $20bn to settle claims from Gulf of Mexico oil spill October 6, 2015 Oil giant BP has been ordered to shell out more than $20bn (£13.2bn) in fines to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago, US attorney general Loretta Lynch said yesterday. It is the largest corporate settlement of its kind in US history. The agreement, first [...]
London sushi chain Itsu drives sales up with growing customer numbers October 6, 2015 Food conscious Britons seeking out healthier lunch options helped to drive up sales at Itsu by more than a fifth last year. The sushi specialist, launched by Pret a Manger founder Julian Metcalfe, posted a 20.8 per cent rise in turnover to £67.9m in the year to January, with like-for-like sales up by 6.8 [...]