There’s a silver lining to Britain’s certain Juncker defeat June 26, 2014 THINGS aren’t looking too rosy for David Cameron in the EU – or at least for the short term. He is heading towards defeat at today’s European Council Summit, as it looks almost certain that EU leaders will elect the former Luxembourg Prime Minister Jean-Claude Juncker as the president of the European Commission. The series [...]
Martin Sorrell under fire as WPP clashes with investors June 25, 2014 Advertising titan WPP clashed with investors at its annual meeting yesterday after nearly 30 per cent of shareholders failed to support chief executive Sir Martin Sorrell’s £30m pay package. Sorrell’s total pay for 2013 shot up by 70 per cent, nearing to £29.8m, making him the highest paid executive in the FTSE 100. At the [...]
Reprieve for Cameron as EU’s leaders agree to vote on Jean-Claude Juncker June 25, 2014 David Cameron has been dealt a reprieve in his bid to block the appointment of Jean-Claude Juncker to the role of EU commissioner, after both German chancellor Angela Merkel and Prime Minister Rutte of the Netherlands said they would back a vote if agreement cannot be reached between European leaders at a key summit this week. [...]
McEwan’s turnaround plan wins backing of RBS shareholders June 25, 2014 INVESTORS overwhelmingly backed RBS chief Ross McEwan’s plans at his first annual general meeting at the top yesterday. More than 99 per cent backed the remuneration report, the remuneration policy and the re-election of McEwan to the board. Other banks had seen substantial rebellions this year, making RBS stand out for the high degree of [...]
MP Pat McFadden tells Mark Carney: You’re like an unreliable boyfriend June 24, 2014 The Bank of England was slammed by MPs yesterday, taking fire for erratic communication on when interest rates would likely begin to rise. Governor Mark Carney and other senior policymakers sent sterling down during their quizzing by politicians yesterday. Some analysts suggested that the policymakers were backing away from their new hawkish stance, with more [...]
George Osborne’s HS3 high speed rail link criticised as vanity project June 23, 2014 Chancellor George Osborne’s plan for a High Speed 3 rail link between Manchester and Leeds in the north of the country has been dubbed a “costly vanity project” by a leading economic think tank. The Institute of Economic Affairs (IEA) yesterday accused the chancellor of “concocting” a headline-grabbing plan ahead of the election in 2015, [...]
My debate with Piketty: Beware radical policies claiming to be above ideology June 23, 2014 A LACK of authenticity among politicians is a common lament. Conservative MP Sarah Wollaston expressed this conventional wisdom recently when she said: “I think the public dislike the cardboard cut-out, the lobby fodder, the sycophantic [planted] questions [in the Commons].” There’s some truth in this. Nobody likes a lackey. And the turgid “Does my Right [...]
As Obama warns of spillover from the Iraq crisis, could it destabilise the whole region? June 23, 2014 Dr Simon Mabon, a lecturer in international relations at Lancaster University, says Yes. When ISIS forces seized Mosul earlier this month, a spokesperson for the group declared that this signalled “the beginning of the end of the Sykes-Picot agreement”, the deal that shaped the modern Middle East. This claim suggests that ISIS is looking to [...]
Mark Carney to decide on property market limits June 23, 2014 The Bank of England’s latest report on the country’s financial stability is released this week, with the potential for fresh action to cool London’s frothy housing market. The Bank’s financial policy committee (FPC), which is chaired by governor Mark Carney, releases its twice-yearly outlook in systemic stability on Thursday. The governor and other policymakers have [...]
French economy lags Europe as Hollande fails to implement reforms June 20, 2014 France risks getting left behind in the Eurozone's economic recovery, as confidence in its markets has failed to pick in line with former crisis stricken southern countries. According to Berenberg's senior economist Christian Schulz, Paris needs a change of tack in order to keep up with the recovery in the EU's periphery, specifically Italy and [...]