BAML earnings soar on tough job cutting plan July 17, 2013 BANK of America Merrill Lynch (BAML) reported a 70 per cent jump in profits for the second quarter yesterday as the recovery pushed volumes up. And the figure was further bolstered by the lender keeping a tight rein on costs, most notably by cutting 18,300 staff over the last year, a 6.6 per cent fall [...]
Fitch cuts French banks’ ratings after downgrading the country July 17, 2013 FRENCH banks including Societe Generale, BNP Paribas and Credit Agricole were hit by credit rating downgrades yesterday in the wake of the country’s rating cut. Fitch said it had lowered the status of the banks from A+ to A, following its decision to lower France’s credit score from AAA to A+ last week. “The downgrade [...]
Heathrow sets out its stall for a third runway July 17, 2013 HEATHROW yesterday insisted that building a third runway at the airport is the best way to add extra flights in the south east of England. Europe’s busiest airport by passenger numbers set out three options for a new runway, which would require the demolition of up to 2,700 homes. The airport, which is currently operating [...]
BT Sport nets rights to share FA Cup to 2018 July 17, 2013 BT KICKED off its debut season as a sports broadcaster with an early coup yesterday, netting joint rights to televise the FA Cup until 2018. The world’s most famous domestic knock-out competition will be shown on both BT Sport and the BBC, starting from the 2014-15 season. BT had already secured rights for the coming [...]
Treasury clamps down on bank to bank lending July 17, 2013 RINGFENCED banks will not be allowed to lend to other banks in future, the Treasury announced yesterday, as part of a drive to stop institutions becoming entangled. The consultation on bank reforms sets out which activities will be allowed within the ringfenced bank – the part of the lender including basic retail services, which regulators [...]
Minimum price for alcohol and plain cigarette packs dropped July 17, 2013 HARD-LIVING Britons will be able to keep buying cheap booze and smoking branded cigarettes after the government dropped plans to rein in such indulgences. Proposals to introduce a 45p minimum price for each unit of alcohol – which would introduce a £4 base price for a bottle of wine – were pushed forward at the end [...]
Pepsi urged to become snack food behemoth July 17, 2013 ACTIVIST shareholder Nelson Peltz said yesterday he wants PepsiCo to buy Mondelez International for around $35 a share in a deal that would be worth $62.46bn and create a snack food powerhouse selling everything from chocolate to chips. Peltz said in a 59-page presentation that PepsiCo was at a “strategic crossroads” and the status quo [...]
Lobbying crackdown will hit trade unions hardest July 17, 2013 NEW LAWS designed to clamp down on the lobbying industry will impose tough restrictions on the political activities of Labour-supporting trade unions, according to a draft published yesterday. The coalition bill promises a “lobbying register” of contact between lobbyists and politicians and was drawn up after newspapers last month exposed politicians who were willing to accept [...]
Government releases draft electricity market reforms July 17, 2013 THE DEPARTMENT of Energy and Climate Change yesterday published its draft electricity market reform (EMR) delivery plan, which is looking to raise £110bn to invest in new electricity infrastructure by 2020. The draft document – which is under consultation until 25 September – gives further details on the Contracts for Difference support mechanism and strike [...]
Gay marriage becomes law July 17, 2013 SAME-SEX couples will be allowed to marry in England and Wales, after government legislation became law yesterday afternoon. The bill received Royal Assent from the Queen following months of vicious debate and survived last-ditch attempts by backbench MPs and peers to derail its progress. David Cameron said “we can be proud of as a country” after [...]
