Egypt starts amending constitution July 21, 2013 A panel of legal experts started work yesterday to revise Egypt’s Islamist-tinged constitution, a vital first step on the road to fresh elections ordered by the army following its removal of Mohamed Mursi as president. Mursi’s Muslim Brotherhood, which has accused the army of orchestrating a military coup and denounced plans to revise the constitution, [...]
What the other papers say this morning – 22 July 2013 July 21, 2013 FINANCIAL TIMES Deutsche Bank set to shrink Deutsche Bank plans to shrink its vast balance sheet by as much as a fifth in order to comply with incoming stricter rules for financial soundness. In a big strategic step by Germany’s largest lender by assets, Deutsche is expected to tell investors that it aims to achieve [...]
TSB leaves misselling problems with Lloyds July 21, 2013 LLOYDS Banking Group will still be responsible for any PPI misselling claims from customers who are spun off into the new TSB Bank, the lender confirmed yesterday. That means the taxpayer is still on the hook for any claims from the 5m customers who are moving with the divested entity. The unit is being sold [...]
Prime Minister Abe storms to Japan victory July 21, 2013 JAPANESE Prime Minister Shinzo Abe’s ruling bloc won a decisive election victory yesterday, cementing his grip on power but raising the possibility he could lose interest in economic reform and shift focus to his nationalist agenda instead. The win in the election for parliament’s upper house gives the hawkish Abe a stronger mandate for his [...]
Internet firms warn of online sales tax risk July 21, 2013 A GROUP of leading online retailers has hit out against calls from some bricks and mortar retailers for a new online tax to level the playing field, condemning such a move as “nonsense” and a risk to jobs and growth of small businesses. In a letter sent to the chancellor George Osborne, the chief executives [...]
Detroit bankruptcy in legal jeopardy after ruling July 21, 2013 THE CITY of Detroit’s legal application to go bankrupt has been put under threat by a local judge who has ruled that the attempt is unconstitutional. Michigan’s attorney general, Bill Schuette, will appeal the order, made by a country circuit judge, Rosemary Aquilina. She claims that retirement benefits may be reduced by proceedings in a [...]
Bank fails to ease rate rise fear July 21, 2013 MORE than a third of Britons think interest rates will rise in the next 12 months, a survey showed yesterday, suggesting the Bank of England’s first attempt to ease concern over higher rates ahead has had little effect beyond financial markets. The survey by financial data company Markit found that 35 per cent of respondents [...]
GSK boss ready to face critics on Chinese claims July 21, 2013 THE BOSS of the British pharmaceuticals firm caught in a Chinese corruption scandal is set to face critics when the company issues a trading update on Wednesday. GlaxoSmithKline (GSK) stands accused of using travel agencies that ferry Chinese doctors to medical conferences as a front for bribing healthcare officials. Andrew Witty, the company’s chief executive, [...]
Marks & Spencer enjoys French renaissance as Paris sales leap July 21, 2013 MARKS & SPENCER saw sales across the Channel jump fourfold last year after rekindling its love affair with France, more than 12 years after its retreat from Europe. Sales jumped 330 per cent to €28m (£24m) in the year to 30 March from £6.5m the previous year, accounts filed last week on Companies House show. [...]
Gulf Keystone settles its spat with investors July 21, 2013 OIL explorer Gulf Keystone Petroleum has withdrawn its opposition to four directors proposed by shareholder M&G Recovery Fund, ending a row with its biggest investors over corporate governance. Gulf Keystone said in a statement over the weekend that it had reached a “constructive agreement” with shareholders regarding the shape of its board. Meanwhile, M&G Recovery [...]
