Tesco to reduce net debt by as much as £3.35bn after Homeplus sale
Moody’s says sale of Korean business is step in right direction but is not enough for credit rating agency to upgrade retailer from junk status Tesco is to pay off some of its multibillion-pound debts and could buy back the leases on some stores after securing £4bn from the sale of its Korean business, Homeplus. […]
Government delays revealing identities of RBS share buyers
UKFI has asked for 20 working days to decide if public interest in disclosure outweighs public interest in withholding the information The government is continuing to refuse to reveal the identities of the hedge funds and institutional investors to which it sold shares in Royal Bank of Scotland last month. Continue reading… Source: The Guardian […]
British bankers top bonus list, according to EU financial watchdog
European Banking Authority says more finance workers in London took €1m or more in bonuses than any other in the continent More than 2,000 City financiers took home more than £730,000 (€1m) in 2013, according to the EU banking regulator. One was handed more than £13m. The European Banking Authority said more bankers in the […]
Russia's war on western food is leading to a national cheese revival
Feta from Vologda and camembert from Krasnodar are on the shelves, but sustainability is not key for big producers. Could the emergence of local, organic producers teach the sector some lessons? A year after Russia banned the import of dairy, meat and fish products from European and other western nations in response to sanctions against […]
Officials admit discussing idea that cruise operator could hire foreign crew
Civil servants appear to contract deputy prime minister Warren Truss by admitting they spoke about ‘reflagging option’ with shipping boss Bill Milby Australian government bureaucrats have admitted to a senate committee they discussed options with cruise operator Bill Milby which could have involved him hiring foreign crew under a foreign flag. Milby, owners’ representative for […]
Primark's UK growth accelerates ahead of US launch
Despite strong trading at Primark, Associated British Foods said that profits for the year would be hit by falling European sugar prices and currency issues Gypsy tops, skinny jeans and playsuits helped Primark shrug off concerns about a tricky summer for fashion chains to step up sales growth in the UK as it prepares to […]
Federal Reserve needs to worry about inequality, not inflation
If Fed raises interest rates every time there is a sign of wage growth, workers’ share will be ratcheted down – never recovering what was lost in the downturn At the end of every August, central bankers and financiers from around the world meet in Jackson Hole, Wyoming, for the US Federal Reserve’s economic symposium. […]
Gender pay gap and lack of access to education driving UK inequality
World Economic Forum report on fostering equality has Britain underperforming compared to other advanced economies The UK must tackle its gender pay gap and improve access to education if it is to reduce inequality, according to a new report from the World Economic Forum (WEF) on how governments can foster inclusive growth. The Forum, the […]
Australian shares fall as Asian markets make nervous opening
The Aussie dollar hits another six-year low amid ongoing concerns about China and speculation over a possible US interest rate rise The Australian share market fell at the start of trading on Monday amid continued uncertainty about the Chinese economy and US interest rates. The S&P/ASX200 dipped more than 1% points to 4,985 points after […]
UK manufacturing hit by turmoil in China
Manufacturers’ organisation halves forecast for sector as economic slowdown in far east compounds export woes The economic downturn in China has compounded pressures on UK manufacturers and hit their output and exports, a leading business group will warn on Monday as it slashes its outlook for the sector. Sales to the domestic consumer market and […]