Diberdayakan oleh Blogger.

Popular Posts Today

US Jobless Rate Tumbles To 5.5% In February

Written By Unknown on Sabtu, 07 Maret 2015 | 14.47

The US jobless rate plunged last month as hiring accelerated, raising expectations of a possible interest rate rise by the Federal Reserve.

The world's biggest economy created 295,000 net new jobs in February, despite some severe weather disruption and mounting layoffs in the oil industry because of recent price weaknesses, the Labour Department reported.

The unemployment rate was down to 5.5% from 5.7% in January - its lowest since May 2008.

The data meant that 3.3 million more Americans have taken jobs over the past 12 months.

Separate Commerce Department data also contained good news with the US trade deficit falling to $41.8bn in January as imports declined more than exports.

Financial markets expect the Fed to raise rates this summer and the payroll report will have done little to dampen that forecast.

The dollar, which is at 12-year highs against the euro, gained further ground though stocks barely moved amid the frenzy over rate rise speculation.

However, wage growth - a key metric eyed by the Fed - among the workers of private firms was just 0.1% last month.

It may be that Fed chair Janet Yellen would want to see a stronger rally in salaries before imposing increases in borrowing costs.

The report showed average hourly wages rose just three cents from January - 2% up on a year ago.

Hiring was strong in restaurants, health care and administrative services.

The oil and gas industry, just beginning to cut back in the face of the crash of crude prices, shed about 8,500 jobs.


14.47 | 0 komentar | Read More

Purplebricks Eyes Latest UK Tech Flotation

By Mark Kleinman, City Editor

One of the UK's fastest-growing online estate agents is drawing up plans for a stock market listing that would provide capital for an aggressive assault on established high street rivals.

Sky News has learnt that Purplebricks, which counts the City's best-known fund manager among its shareholders, has been talking to investment banks in recent weeks about working on a flotation.

The company is understood to be planning to hire advisers imminently, sources said on Friday.

The business is among a new breed of digitally-led estate agents which are attempting to bring a similar level of customer experience to industries such as holiday bookings and grocery shopping, which have been revolutionised by online competitors.

Purplebricks was set up less than a year ago, and now has backing from Neil Woodford, the former Invesco Perpetual fund manager, who set up his own asset management venture last year.

Mr Woodford invested £7m in Purplebricks, which enables home-owners to sell their properties for a flat fee of £599, compared to an average sum paid to estate agents of more than £5000 based on the typical commission of 1.8% of a property's value.

Purplebricks also offers a service to landlords, offering a tenant-finding service for a one-off fee of £199.

Its other backers are reported to include Errol Damelin, the former boss of payday lender Wonga, and Paul Pindar, former boss of Capita, the outsourcer.

Last autumn, Mr Woodford was quoted as saying that that the company had "the vision, the technology and an experienced management team. With the funding at its disposal, I see a significant opportunity for the business to lead the market in changing the way we buy and sell houses.

"Given that the vast majority of property searches take place on the Internet, a business that provides a 'virtual' offering without expensive high street offices can significantly undercut the current market." 

Founded by brothers Michael and Kenny Bruce, who ran the estate agent Burchell Edwards before its sale in 2011, Purplebricks is far from the only new entrant to the market.

Sir Charles Dunstone, the co-founder of Carphone Warehouse, recently ploughed millions of pounds into HouseSimple, while the easyJet founder Sir Stelios Haji-Ioannou, has launched a site called easyProperty.

The emerging online players have tried to add value to the property-selling process by allowing customers to personalise the services they use while charging lower fees than high street peers.

A number of estate agents have listed on the stock market in recent years, including Foxtons, the hard-charging firm known for its distinctive fleet of cars, and Zoopla Property Group.

A Purplebricks spokesman declined to comment.


14.47 | 0 komentar | Read More

Big Firms Forced To Reveal Gender Pay Gap

Thousands of large companies will be forced to share details of the difference between what they pay their male and female workers.

The Government has agreed to implement the Liberal Democrat measure despite years of Tory opposition to it.

The move will mean companies employing more than 250 people will be required to publish the gap between average pay for their male and female workers.

More than 10 million people across the UK are currently working at firms covered by the legislation.

The current approach, which is voluntary, has seen only five out of around 7,000 large companies publish their gender pay gap.

The new measure, which will come into force within 12 months, could result in fines of up to £5,000 for firms that do not reveal the details.

Equalities Minister Jo Swinson said she was "delighted" her party won the "argument in Government".

She said the move "will force companies to ask themselves difficult questions about how they are valuing the contribution of women in their workforce and act to address problems".

Deputy Prime Minister Nick Clegg said: "These measures will shine a light on a company's policy so that women can rightly challenge their employer where they are not being properly valued and rewarded."

The legislation will be debated in the Lords on Wednesday, with the Government tabling an amendment to the Small Business Bill.

A Government spokesman said: "Under this Government the gender pay gap is the lowest ever and has virtually been eliminated for those working full time under 40.

"However the pay gap persists, so we think it's time to move forward, so we can create the conditions to ensure that there is equality in workplaces across the country."

Shadow equalities minister Gloria De Piero said: "This is fantastic news for women but why have they waited so long?

"The reality is that it's only when the Government realised they would be defeated on this issue by Labour in the House of Lords that they saw the need to act."

The move comes as the head of the UN agency promoting equality for women said not a single country has reached gender parity.

UN Women executive director Phumzile Mlambo-Ngcuka made the comments 20 years after a groundbreaking conference in Beijing where 189 nations adopted a blueprint to achieve equality for women.

Ms Mlambo-Ngcuka said that although progress had been made since Beijing, there are still fewer than 20 female heads of state and government.

She said the number of female politicians increased from 11% to just 22% in the past 20 years.

Ms Mlambo-Ngcuka also said "the sheer scale of the use of rape that we've seen post-Beijing", especially in conflict situations, "tells us that the women's bodies are viewed not as something to respect, but as something that men have the right to control and to abuse."


14.47 | 0 komentar | Read More

Osborne 'Regrets' Lack Of Radical RBS Reform

Written By Unknown on Jumat, 06 Maret 2015 | 14.47

The Chancellor has admitted he regrets not beginning a radical restructuring of Royal Bank of Scotland (RBS) following the last General Election.

George Osborne also told the Financial Times he would look to "get rid of" the taxpayer's "massive" 80% stake following the coming election, should he remain in the post, but warned the process may take many years.

He said: "First, it's not an exact science but on some measures it's bigger than all the privastisations of the 1980s put together.

"Second, I think people want to get their money back. The British taxpayer wants to feel they haven't suffered some enormous loss.

"So there are constraints around it but it's certainly something I would want to get moving on in the summer after the election."

One option Mr Osborne ultimately ignored was a recommendation to break-up RBS - favoured by the business secretary, Vince Cable in 2012.

In 2013, RBS created its own so-called 'bad bank' to hold billions of pounds of its most risky assets.

Mr Osborne was instrumental in determining the bank's new focus on UK retail and corporate banking, having overseen the departure of chief executive Stephen Hester in favour of Ross McEwan.

Mr McEwan told Sky News earlier this week he would not put a number on an FT report that the bank was planning to shed 14,000 of its 18,000 investment banking jobs as it moves to shrink operations in the US and Asia.

The Chancellor's efforts to sell-off the Government's stake in RBS may be hampered by its share price.

It is currently trading at 373p per share, well short of the 455p average needed to recover the £45bn spent propping up the bank in 2008.

Any Government would be under pressure to secure a profit for the taxpayer - something which has been achieved so far with the slow disposal of Lloyds shares.

The bank revealed last week it remained loss-making in 2014 and Sky News has learned its remuneration report, due to be released later on Friday, will show it continues to pay dozens of staff more than £1m annually.


14.47 | 0 komentar | Read More

Dozens Remain In Millionaires' Ranks At RBS

By Mark Kleinman, City Editor

The state-backed Royal Bank of Scotland (RBS) will disclose on Friday that it paid dozens of employees at least £1m last year, just days after reporting a £3.5bn annual loss.

Sky News understands that the lender will publish figures showing that the number of staff earning more than the £1m sum fell only marginally from 75 individuals a year earlier.

The disclosure will be awkward for RBS despite the fact that its overall bonus pool fell by more than 20% in 2014, and a decision by its chief executive to waive a £1m share allowance.

The bank will include the number of millionaires in its remuneration report, which is also expected to confirm a six-figure payout to Stephen Hester, its former boss, under a long-term incentive plan.

For the first time, RBS will denominate the number of millionaire staff in Euros, in order to comply with guidelines set by the European banking watchdog.

A source familiar with the figures said that when calculated in sterling, the decline in the number of millionaires would be "modest".

Last week, RBS said it had made a loss for the seventh consecutive year since being bailed out with more than £45bn of taxpayers' money.

The performance prompted Ross McEwan, its chief executive, to forego a £1m payment, which he said would have distracted from  to avoid distracting from "the task of building a great bank for customers and shareholders".

This week, the European Banking Authority cast renewed doubt on the ability of banks to continue awarding those payments.

RBS has been plagued by remuneration rows since its rescue in 2008, and was last year prevented by the Treasury from making variable pay awards on the same basis as commercial rivals.

Sky News revealed last month that RBS and Lloyds Banking Group would restrict cash bonuses to £2000 for a further year.

RBS has also decided that it will no longer pay annual bonuses to any members of its executive committee in a permanent decision cast by some City investors as endangering RBS's ability to compete for talent.

Mr McEwan and other top executives remain eligible for share awards under RBS's long-term incentive plan, which in the chief executive's case can have a maximum value at award of £2m.

Last week's results dashed hopes of a return to profit after a £4bn writedown of goodwill relating to Citizens, RBS's US bank.

Mr McEwan also announced further measures to improve the performance of its corporate and investment bank, including "substantial" job cuts which reports this week suggested could account for as many as 80% of the 16,000 positions within the division.

The decision marked another nail in the coffin of RBS's attempts to build a global investment bank, drawn up under Fred Goodwin, its former boss.

RBS also confirmed the appointment of Sir Howard Davies as its new chairman, replacing Sir Philip Hampton.

The bank declined to comment on Thursday on its remuneration report.


14.47 | 0 komentar | Read More

Club Med Owner Takes 5% Thomas Cook Stake

The new Chinese owner of Club Med has taken a 5% stake in Thomas Cook to begin a "stretegic partnership".

The investment by Fosun, which bought French resort firm Club Med only weeks ago, is aimed at giving both Fosun and Thomas Cook access to new markets - with Thomas Cook hoping for access to China's growing tourism sector in the "medium term".

Fosun told the Hong Kong stock exchange it paid £91.9m for the shares and said it would seek to double its holding in Thomas Cook, the world's oldest travel group, to 10% with purchases on the open market. 

The deal could help Fosun promote holiday packages at Club Mediterranee SA, which is widely known as Club Med, as it looks to turn around the firm's struggling business in Europe.

"The investment in Thomas Cook complements other recent investments of the group in the sector, providing opportunities for further value creation," Fosun chairman Guo Guangchang said.

Thomas Cook, which lost its chief executive Harriet Green late last year, remains in the middle of a cost-saving plan but aims to grow this year despite also facing tough trading conditions in mainland Europe.

New chief executive Peter Fankhauser said: "Our partnership with Fosun is aimed at accelerating our profitable growth strategy by allowing us to further develop our differentiated product in our core destination markets, to collaborate with Fosun's other portfolio businesses particularly in France, and to access the world's largest and fastest-growing tourism markets with an experienced local partner.

"We are looking forward to working closely with Fosun's team to execute the commercial opportunities we are developing."

Thomas Cook's statement said it expected the tie-up to be earnings accretive in the financial year ended 30 September 2016, assuming plans under the partnership were implemented in 2015.

More follows...


14.47 | 0 komentar | Read More

Eurostar Stake Sale Raises £757m For Treasury

Written By Unknown on Kamis, 05 Maret 2015 | 14.47

The Government has confirmed its stake in Eurostar is to be sold to a consortium of British and Canadian pension and infrastructure funds, raising almost £760m.

The Chancellor George Osborne said the sale, reported by Sky News on Tuesday night, represented a "fantastic deal" for the taxpayer and the money would be used to draw down debts and on core infrastructure.

However, rail unions accused him of putting short term financial gain ahead of the travelling public.

Under the agreement Caisse de depot et placement du Quebec (CDPQ) and Hermes Infrastructure have agreed to acquire the Government's 40% holding for £585.1m.

In addition, Eurostar will redeem the Government's preference share, raising a further £172m.

The stake in the cross-channel rail link operator was put up for sale last autumn as part of a plan to raise £20bn from asset sales by the end of the decade.

Eurostar, which launched its inaugural service in 1994, has seen a surge in demand, with more than 10 million passengers travelling on its trains in 2013 alone.

Among the other bidders for the Eurostar stake were 3i, the private equity firm, a division of the French bank Credit Agricole and an arm of the Singaporean government.

The remainder of Eurostar is owned by SNCF, the French state-owned rail operator, which controls 55%, and the Belgian government.

Mr Osborne said it was "a fantastic deal" for UK taxpayers that exceeds expectations.

"Investing in the best quality infrastructure for Britain, getting the best value for money for the taxpayer and tackling our country's debts are key parts of our long term economic plan, and in today's agreement, we are delivering on all three".

1/10

  1. Gallery: Eurostar: Fires, Frost And Facelifts

    Feb 1986: The Treaty of Canterbury is signed and the construction of the Channel Tunnel commences

May 1994: The Queen opens Waterloo International before travelling to Calais for the Channel Tunnel inauguration with the French President

]]>
14.47 | 0 komentar | Read More

Heathrow Row Over Exchange Of Currency Firms

By Mark Kleinman, City Editor

Heathrow Airport has become embroiled in a bizarre commercial row over the withdrawal of one of the UK's biggest providers of foreign exchange services.

Sky News understands that Moneycorp, which is backed by the private equity firm Bridgepoint, is to leave Heathrow, the UK's busiest travel hub, in June, just 14 months into a five-year deal.

Its 28 outlets and staff will be transferred to Moneycorp's larger rival, Travelex, which will become the exclusive provider of currency exchange services at the airport.

The termination of Moneycorp's deal to operate at Heathrow prompted recriminations between the two parties.

In a statement issued to Sky News on Wednesday afternoon, a Heathrow spokeswoman said: "Moneycorp signed a contract in April 2014 to provide currency exchange services to passengers at Heathrow. 

"After eight months they informed us that they could not honour the financial terms of the contract and served notice that they will cease trading at the airport in June of this year.

"Travelex will now be the currency exchange provider at Heathrow. 

"Travelex comes with a wealth of experience in the foreign exchange market and we will work with them to offer our passengers good value for money, competitive rates and an excellent online pre-order service."

Just hours later, however, Heathrow said it was "rescinding" that statement, and issued a replacement which omitted any mention of Moneycorp being unable to honour the financial terms of its contract.

In a separate statement, Mark Horgan, Moneycorp's chief executive said the company had "resigned its contract with Heathrow Airport and will fully exit operations at each terminal by the summer".

He said: "The commercial opportunities at Heathrow did not materialise as expected and therefore the decision was made to refocus the growth of our retail business elsewhere."

Moneycorp has exclusive deals to offer foreign exchange services at five other UK airports, including Gatwick and Stansted.


14.47 | 0 komentar | Read More

ScottishPower Sales Ban For Complaint Failure

ScottishPower has been handed a 12-day sales ban for failing to meet targets on handling customer complaints.

The industry regulator said the company, a member of the so-called 'big six' energy suppliers, had agreed to temporarily stop proactive selling from today as punishment for a series of failures.

Ofgem found the supplier had failed to remove a backlog of outstanding Energy Ombudsman decisions by a November deadline.

It said: "Customers were experiencing long call waiting times, receiving late bills and the firm was not implementing Ombudsman decisions.

"ScottishPower ... signed up to three Ofgem targets to improve customer service within three months or suspend proactive sales activities until the targets were met.

"It has failed to reach the target to remove the backlog for acting on Ombudsman decisions for individual complaints by the end of November."

Ofgem said ScottishPower's IT systems only allowed "a partial implementation" of the Ombudsman's proposed remedies and the firm had been providing thousands of affected customers with free energy and writing off past debt as a result.

The statement continued: "ScottishPower has assured us that these Ombudsman requirements will remain in force for any case where the company can only partially implement the Ombudsman's decisions.

"More than 2,000 customers are currently receiving free energy."

Sarah Harrison, who heads enforcement at the regulator, said: "A sales ban illustrates the difficulties ScottishPower is having in delivering the levels of service customers deserve.

"While Ofgem's targets have driven significant improvements in ScottishPower's performance, we remain very concerned about how customers are being treated.

"As well as our ongoing investigation, we require ScottishPower to undertake an independent audit of its progress on improving customer service.

"We will keep the need for any further action under review."

ScottishPower insisted it was committed to improving customer service and said it had voluntarily agreed to the improvement targets.

The chief executive of its retail and generation business, Neil Clitheroe, said: "The process of moving to our new (IT) system has been challenging and has resulted in service problems for some of our customers.

"We are determined to put this right. We continue to correct problems, pay appropriate compensation and ensure no customer is left financially disadvantaged."

It said the failure to clear complaints via the Ombudsman was down to the fact 30 cases had been closed incorrectly.

The statement continued: "We are all fully committed to delivering continued service improvements, return to the high service standards long associated with ScottishPower and ensure that our customers realise the very real benefits of our IT system investment."


14.47 | 0 komentar | Read More

Eurostar Stake Sale Raises £757m For Treasury

Written By Unknown on Rabu, 04 Maret 2015 | 14.47

The Government has confirmed its stake in Eurostar is to be sold to a consortium of British and Canadian pension and infrastructure funds, raising almost £760m.

The Chancellor George Osborne said the sale, reported by Sky News on Tuesday night, represented a "fantastic deal" for the taxpayer and the money would be used to draw down debts and on core infrastructure.

However, a rail union accused him of putting short term financial gain ahead of the travelling public.

Under the agreement Caisse de depot et placement du Quebec (CDPQ) and Hermes Infrastructure have agreed to acquire the Government's 40% holding for £585.1m.

In addition, Eurostar will redeem the Government's preference share, raising a further £172m.

The stake in the cross-channel rail link operator was put up for sale last autumn as part of a plan to raise £20bn from asset sales by the end of the decade.

Eurostar, which launched its inaugural service in 1994, has seen a surge in demand, with more than 10 million passengers travelling on its trains in 2013 alone.

Among the other bidders for the Eurostar stake were 3i, the private equity firm, a division of the French bank Credit Agricole and an arm of the Singaporean government.

The remainder of Eurostar is owned by SNCF, the French state-owned rail operator, which controls 55%, and the Belgian government.

Mr Osborne said it was "a fantastic deal" for UK taxpayers that exceeds expectations.

"Investing in the best quality infrastructure for Britain, getting the best value for money for the taxpayer and tackling our country's debts are key parts of our long term economic plan, and in today's agreement, we are delivering on all three".

CDPQ is a Canadian institutional fund manager with investments worldwide in major financial markets, private equity and real estate.

Hermes Infrastructure - part of Hermes Investment Management - is a UK-based fund managing approximately £3bn on behalf of clients.

Manuel Cortes, leader of the TSSA rail union, said: "George Osborne, because of his outdated belief in unvarnished Thatcherism, is once again selling off the family silver for short-term financial gain.

"The reason that France and Belgium already own the majority stake in Eurostar is that they believe in running a publicly owned railway for the benefit of everybody.

"One-eyed Osborne, on the other hand, prefers the private English model where fat cat bosses are at the front of the queue, way ahead of the passengers".


14.47 | 0 komentar | Read More

Taxpayers To Meet £30m Bill For UK Coal Staff

By Mark Kleinman, City Editor

Taxpayers are poised to fund a multimillion pound bill to help workers at two of the UK's remaining deep coal mines as part of preparations for their closure, ministers are expected to disclose this week.

Sky News understands that the Government will propose amendments to the Small Business Bill to facilitate so-called concessionary coal payments to hundreds of UK Coal workers.

The commitment to the payments, which could be made on Wednesday, would come just weeks after ministers reiterated earlier rejections of a trade union plea for £300m of state aid to keep the sites open.

A source with knowledge of the latest plan said that if it proceeded, concessionary coal payments to workers at UK Coal collieries would be made in July and December.

They said the aggregate sum involved was unclear but added that between £28m and £30m was "a sensible estimate".

The development, which was the subject of talks in Whitehall on Tuesday, followed a pledge by George Osborne in 2013 to guarantee free coal deliveries or a substitute cash sum under a scheme dating back to the 1980s.

The UK coal mining industry has been in long-term decline, accelerated by falling prices on international markets.

Under a deal struck with UK Coal last September, the Government agreed a £4m loan on commercial terms to ensure the managed closure of deep mines at Kellingly in North Yorkshire and Thoresby in Nottinghamshire.

More than £15m was received from suppliers, customers and other stakeholders to prolong the sites' operations alongside the Government loan.

The mines' closures, which are due to take place later this year, are expected to cost up to 1,300 jobs.

A separate £8m loan to prevent the insolvency of Hatfield colliery in South Yorkshire was agreed in January.

A putative attempt by employees and the National Union of Mineworkers to buy UK Coal was aborted last year.

On Tuesday, the Pension Protection Fund said it had agreed to sell its stake in Harworth Estates, UK Coal's former property arm, in a deal worth £150m.

Vince Cable, the Business Secretary, said in August that the mines had "no long-term future unless very large amounts of taxpayers' money are involved".

"The state aid case remains unaffordable, particularly given the fall in the price of coal," a source said.

A Government spokesman said: "The Government is working closely with UK Coal to keep these two coal mines open.

"We will make sure UK Coal miners receive the security they are entitled to through concessionary payments."


14.47 | 0 komentar | Read More

Women Face Poorer Retirement, Research Shows

By Poppy Trowbridge, Consumer Affairs Correspondent

A new report has revealed the scope of the gender disparity in pension savings and income.

Funding retirement remains a significant challenge for many women.

According to the annual State of Retirement report by LV=, women who have occupational or private pensions reach retirement with pots worth on average £107,000.

This is almost half that of men who, on average, retire with a fund worth £201,000.

Nearly a quarter of women approaching retirement are set to rely solely on the state pension, which is currently a maximum of £113.10 per week.

Vanessa Owen, head of product at LV=, told Sky News: "It's actually less about how much people are saving, but the percentage of their income actually means pounds, shillings and pence are less."

She says the current gap is largely down to the fact many more women stayed at home to raise children without returning to work 30 or 40 years ago.

This means that as they reach retirement age now, they have less put away.

Ms Owen said more women now chose to return to work, and do so sooner, meaning when this generation retire, there may be less of a disparity.

The report also shows 4.3 million retirees have some form of debt, either in the form of a mortgage or on credit cards.

However, research from Prudential also shows the pension gender gap is shrinking and is now at its narrowest since 2009.

This year's female retirees have the highest average expected annual retirement income ever recorded by the insurer and are nearly 17% better off than those who planned to retire last year.

Prudential suggests women planning to retire this year have, on average, an expected retirement income of £14,300 compared with £19,100 for men.

Vince Smith-Hughes, a retirement income expert at Prudential, said: "There are a number of steps that both men and women can take to further improve their retirement income prospects, including maintaining pension contributions during career breaks and if possible, making voluntary National Insurance contributions upon returning to work."

This April, the Government's pension reforms come in to effect, giving retirees greater freedom as to how they take an income from their savings and how much can be drawn in a lump sum.


14.47 | 0 komentar | Read More

StanChart Risks Reigniting Bank Bonus Row

Written By Unknown on Selasa, 03 Maret 2015 | 14.47

By Mark Kleinman, City Editor

The emerging markets bank Standard Chartered will risk reigniting a row over City bonuses this week when it reveals that it is cutting bonuses by a smaller percentage than its decline in profits.

Sky News understands that the lender, which announced a boardroom clearout last week, will say on Wednesday that it is shrinking its bonus pool by approximately 9% from last year's $1.208bn (£786m), according to insiders.

That would mean Standard Chartered's bonus pool for 2014 will be in the region of £715m, they said.

However, the consensus among City analysts is for annual pre-tax profits to have slumped by as much as 20%, which one source acknowledged would leave Standard Chartered exposed to criticism that it is rewarding "payment for failure".

A person close to the company pointed out that Peter Sands, the bank's chief executive, had last year cut bonuses by 15% while profits had fallen by 11%.

The source also said that Standard Chartered paid out more in shareholder dividends than it did in staff bonuses, highlighting a contrast with banks including Barclays, which reports its full-year results on Tuesday.

Nevertheless, the remuneration figures may stoke criticism of Mr Sands even as he prepares to leave the bank, which is the shirt sponsor of Liverpool FC.

That will be reinforced when Barclays says that bonuses have fallen from close to £2.4bn to less than £2bn despite an increase in profits.

Last week, Sky News revealed that Standard Chartered had recruited Bill Winters, a former JP Morgan executive, to replace Mr Sands, which was later confirmed by the bank.

The company also said that Sir John Peace, its chairman, would also step down, alongside some other executive and non-executive directors.

Standard Chartered, which recently announced the sale of its consumer finance operations in Hong Kong, has endured a torrid couple of years.

US authorities recently said they were extending their scrutiny of the bank until 2017 as part of a deferred prosecution agreement.

In 2012, Standard Chartered struck a deal with regulators that saw it pay a $667m fine for violating sanctions requirements, and was forced to pay a further $300m in August after failing to make sufficient improvements to its systems and controls.

The management changes were welcomed by leading shareholders including Temasek, the Singaporean state fund, and Aberdeen Asset Management, the fund management group which is heavily exposed to emerging markets.

Standard Chartered, which has seen shares fall by more than 22% during the last year, has shaken confidence among investors after a string of profit warnings, regulatory bust-ups and management changes.

The bank declined to comment.


14.47 | 0 komentar | Read More

Two-Thirds Of 'Cheshunt Nine' Leave Tesco

By Makr Kleinman, City Editor

Two-thirds of the executives suspended over Tesco's £263m profits overstatement scandal have left the supermarket giant.

Sky News understands that William Linnane, the head of buying for impulse purchases, is to leave the company as part of a vast programme of redundancies just weeks after being reinstated to his role.

His exit will follow that of Sean McCurley, who also temporarily returned to Tesco after being asked to stand aside from his job.

Of the nine managers suspended following the emergence of its supplier revenues issues, two-thirds have either left Tesco or are in the process of departing.

Matt Simister, Dan Jago and Chris Robinson are the only members of the so-called 'Cheshunt Nine' who are remaining in Tesco's employment, sources said on Monday.

Last week, Sky News revealed that John Scouler, another one of those suspended, was joining TalkTalk in a senior commercial role.

The resolution of their fate comes amid a plan being implemented by Dave Lewis, the new chief executive, to make thousands of staff redundant

Tesco denied on Monday that it had received applications for voluntary redundancy which outnumbered the roles being axed.

Last month, the supermarket giant named John Allan, the former chairman of Dixons Retail, as its next chairman.

Mr Allan will have to contend with a criminal investigation into the supplier payments by the Serious Fraud Office, while the Groceries Code Adjudicator and the Financial Reporting Council are undertaking separate inquiries.

He will also be charged with helping Dave Lewis, the new chief executive, navigate what analysts say is the toughest environment for big food retailers for many years.

In January, Mr Lewis outlined proposals to relocate Tesco's head office, close dozens of stores and terminate its defined benefit pension scheme in an effort to save costs.

He also plans to sell a stake in Dunnhumby, its customer loyalty arm, and has announced a long-term price-cutting initiative across hundreds of core grocery items.

The debate over Tesco's decline was recently reignited when Sir Terry Leahy, the former chief executive, blamed his successor, Philip Clarke, for "a failure of leadership".

A series of profit warnings last year led to Mr Clarke being sacked, but analysts pointed out that some of Tesco's least successful initiatives in recent years, including its expansion into the US and China, had taken place during Sir Terry's tenure.

Last month, Tesco said it would pay more than £2m in "liquidated damages" to Mr Clarke and Laurie McIlwee, its former finance director, after concluding that there was no legal basis for withholding the payments.

Tesco declined to comment on Mr Linnane or the other members of the 'Cheshunt Nine'.


14.47 | 0 komentar | Read More

Barclays Grows Profits But Shrinks Bonus Pool

Barclays has announced a 12% rise in annual profits to £5.5bn and confirmed a cut to bonuses as it continues to count the cost of past conduct.

The profit figure, which beat City forecasts, was achieved as the bank continued to cut operating costs - by £1.8bn or 10% during 2014 alone.

However it took an additional £750m charge in the final quarter to cover alleged involvement in the foreign exchange rate-rigging scandal.

The latest provision took its total exposure to the affair so far to £1.25bn while it also added £200m to provide for the compensation programme for customers mis-sold payment protection insurance (PPI).

The bank's bonus pool fell 22% to £1.86bn.

Chief Executive Antony Jenkins said the results showed that the bank was continuing to make progress under its Transform programme.

"Barclays today is a stronger business, with better prospects, than at any time since the financial crisis.

"While our work in transforming the bank is not yet complete, our performance in 2014 gives us confidence that we are on the right track."

More follows...


14.47 | 0 komentar | Read More

First-Time Buyers 'Get 20% Discount On Homes'

Written By Unknown on Senin, 02 Maret 2015 | 14.47

First-time buyers aged under-40 will be given the chance to buy a starter home at a 20% discount under a new Government scheme.

Planning rules for under-used brownfield sites will be relaxed from Monday in return for developers using the land to build properties to sell at 80% of the market value.

The scheme could save potential buyers tens of thousands of pounds, as the average cost of a first home is currently £218,000.

The Prime Minister said the discount "could be a real game-changer for many aspiring home-owners".

About 45 developers have so far expressed an interest in taking advantage of the move, that would save them around £15,000 per home in obligations.

Suggested designs for the new homes have been compiled by a panel including leading architects Sir Terry Farrell and Sir Quinlan Terry based on the best from around the country.

They highlighted "attractive properties that can meet the demands of modern life".

Potential buyers can express interest online now and the discount will apply for five years to prevent anyone seeking to make a quick profit.

Mr Cameron said: "We want to help people who work hard and want to get on in life but have been priced out of the housing market.

"A 20% discount off the price could be a real game-changer for many aspiring home-owners. My message is clear: we are on your side and we will help you fulfil your dream of buying your first home."

Communities Secretary Eric Pickles said: "The number of first-time buyers is already at a seven-year high and these starter homes... will help even more people realise their dream of home ownership.

"This will also form part of our wider efforts to get the country building again, which have already led to 700,000 new homes being delivered since the end of 2009."

But shadow housing minister Emma Reynolds said it remained unclear how the policy would deliver.

She said: "Warm words from David Cameron about home ownership will ring hollow for those young people and families who have been priced out of home ownership over the past five years.

"This Government has presided over the lowest levels of house building in peacetime since the 1920s and home ownership is at its lowest level for 30 years.

"There is also a record number of young people living at home with their parents in to their twenties and thirties.

"Labour will get at least 200,000 homes built a year by 2020, including badly needed affordable homes, and we will give first-time buyers first call on homes built in local areas of housing growth."


14.47 | 0 komentar | Read More

Samsung Galaxy S6 Smartphones Debuted At Show

Samsung has unveiled two new flagship smartphones with a host of features aimed at taking on arch-rival Apple.

The Galaxy S6 and S6 Edge, revealed at the tech giant's Unpacked event in Barcelona, have ditched the plastic case of previous versions in favour of a premium-look metal body.

The latter device has a screen that curves around both edges that will be used to display notifications and other information, including a contacts shortcut. 

The company claims the smartphones are the most advanced and secure on the market.

This includes wireless charging which allows the devices to be powered up without being plugged in.

Battery charging speeds have also been improved which will see the S6 charge one-and-a-half times faster than the existing S5 model using regular plugged in charging.

The company says it can suck up 50% power in just half hour.

The new devices have a 5.1-inch screen which Samsung claims has the highest pixel density of any available smartphone, with 577 pixels per inch.

An upgraded camera is also part of the package, with a better f1.9 aperture boosting the quality of low-light photos and a start up time of  just 0.7 seconds.

The devices will also have an integrated payment system similar to the iPhone6's Apple Pay.

Samsung is under pressure for the latest models to be a commercial success after the disappointing reception to the Galaxy S5.

Tech experts' first reactions to the phone have been largely positive, particularly welcoming the change to a metal design.

The Verge praised Samsung, calling the handsets the "nicest phones it's ever designed".

Rob Kerr, a mobiles expert at comparison site uSwitch, added: "Samsung has finally decided that plastic isn't fantastic, with a welcomed move to a full-metal body flagship phone.

"These waters are already tried and tested routes by the likes of HTC and Apple, where a cheaper-looking handset just doesn't cut it anymore in the premium mobile phone world."

While Apple saw a record quarterly profit of £11.8bn, Samsung's full-year profits fell for the first time in three years when the firm posted its results in January.

Meanwhile, HTC also debuted its latest smartphone, the One M9, at the Barcelona show. The handset will go on sale at the end of March.

Sony and LG will also unveil new products at the Mobile World Congress (MWC) technology show, which takes place from 2-5 March.


14.47 | 0 komentar | Read More

Licence Fee Needs Updating, BBC Boss To Argue

BBC boss Tony Hall is expected to warn the corporation is at "a crossroads" and that the licence fee should be updated.

In a speech, the director general is to argue adapting the levy for the internet age is "vital".

Mr Hall is set to highlight a recent report by MPs which called for changes to the licence fee to include its catch-up iPlayer service and also suggested an alternative to the current system.

The preferred option of the Commons Culture, Media and Sport Select Committee was for a universal household levy, regardless of whether people watched television or not.

Mr Hall will tell his audience at New Broadcasting House in central London: "We've always said that the licence fee should be updated to reflect changing times.

"I welcome the committee's endorsement of our proposal to make people pay the licence fee even if they only watch catch-up television.

"The committee has suggested another route to modernising the licence fee - a universal household levy.

"Both proposals have the same goal in mind: adapting the licence fee for the internet age.

"This is vital. Because I believe we need and we will need what the licence fee - in whatever form - makes happen more than ever."

In their report, members of the select committee said the licence fee, which was not currently required to watch iPlayer, must be changed to cover "catch-up television as soon as possible".

It went on: "The German model of a broadcasting levy on all households is our preferred alternative to the TV licence.

"Such a levy on all households would obviate the need to identify evaders and would be a fairer way of ensuring those people who use only BBC radio and online services contribute to their costs.

"A broadcasting levy which applied to all households regardless of whether or not householders watched live television would help support the use of a small proportion of the revenue raised for funding public service content and services by others, enhancing plurality."


14.47 | 0 komentar | Read More

Unions Protest As East Coast Line Goes Private

Written By Unknown on Minggu, 01 Maret 2015 | 14.47

Rail unions are planning to stage protests along the East Coast Main Line later - marking the day before the route is re-privatised by the Government.

The Rail, Maritime and Transport union is organising gatherings in London, Doncaster and Edinburgh to protest against the franchise being handed over to Virgin and Stagecoach.

Its general secretary, Mick Cash, has described the re-privatisation as an act of "industrial vandalism" - and claims the new private operators are solely motivated by profit.

Citing research which suggests that 70% of Britons want the whole rail network to be re-nationalised, he said: "Six years ago, the East Coast Main Line collapsed into chaos when National Express threw the keys back because they couldn't extract enough profit. That followed an earlier spectacular private sector failure on the line when Sea Containers went bust.

"It was left to the public sector to not only rescue this vital north-south rail link from total meltdown, but to turn around its performance and to start handing hundreds of millions of pounds back to the taxpayer - in contrast to rip-off private companies."

Virgin and Stagecoach already operate services from London to Scotland on the West Coast Main Line.

In proposals for its eight years running the East Coast franchise, the consortium has pledged to launch 23 new daily services from the capital, and offer direct links to Huddersfield, Middlesbrough, Sunderland, Dewsbury and Thornaby.

It also hopes to offer 3,100 additional seats during the morning rush-hour by 2020, by introducing 65 state-of-the-art Intercity Express trains to the fleet.

The Department for Transport has rejected the RMT's claims, and said the private sector has "helped to transform our rail network into a real success story".

"We are confident that the new East Coast franchise gives the best deal for passengers. It will provide more seats, more services, new trains and over £140m of investment along the route. In addition, more than £3bn will be paid to taxpayers," a spokesman added.


14.47 | 0 komentar | Read More

First-Time Buyers 'Get 20% Discount On Homes'

First-time buyers aged under-40 will be given the chance to buy a starter home at a 20% discount under a new Government scheme.

Planning rules for under-used brownfield sites will be relaxed from Monday in return for developers using the land to build properties to sell at 80% of the market value.

The scheme could save potential buyers tens of thousands of pounds, as the average cost of a first home is currently £218,000.

The Prime Minister said the discount "could be a real game-changer for many aspiring home-owners".

About 45 developers have so far expressed an interest in taking advantage of the move, that would save them around £15,000 per home in obligations.

Suggested designs for the new homes have been compiled by a panel including leading architects Sir Terry Farrell and Sir Quinlan Terry based on the best from around the country.

They highlighted "attractive properties that can meet the demands of modern life".

Potential buyers can express interest online now and the discount will apply for five years to prevent anyone seeking to make a quick profit.

Mr Cameron said: "We want to help people who work hard and want to get on in life but have been priced out of the housing market.

"A 20% discount off the price could be a real game-changer for many aspiring home-owners. My message is clear: we are on your side and we will help you fulfil your dream of buying your first home."

Communities Secretary Eric Pickles said: "The number of first-time buyers is already at a seven-year high and these starter homes... will help even more people realise their dream of home ownership.

"This will also form part of our wider efforts to get the country building again, which have already led to 700,000 new homes being delivered since the end of 2009."

But shadow housing minister Emma Reynolds said it remained unclear how the policy would deliver.

She said: "Warm words from David Cameron about home ownership will ring hollow for those young people and families who have been priced out of home ownership over the past five years.

"This Government has presided over the lowest levels of house building in peacetime since the 1920s and home ownership is at its lowest level for 30 years.

"There is also a record number of young people living at home with their parents in to their twenties and thirties.

"Labour will get at least 200,000 homes built a year by 2020, including badly needed affordable homes, and we will give first-time buyers first call on homes built in local areas of housing growth."


14.47 | 0 komentar | Read More

Customers 'Duped' By Energy Switching Deals

Energy price comparison websites have been "duping" customers into switching to deals that are not the cheapest on the market and should pay them compensation, a group of MPs have said.

The Energy and Climate Change Committee said some sites had used misleading language to dupe consumers into options that only displayed commission-earning deals.

It has called on energy watchdog Ofgem to consider requiring price comparison sites to disclose the amount of commission received for each switch at the point of sale.

Representatives of the "big five" sites told MPs they earn up to £30 in commission every time a customer switches to a participating provider, or up to £60 when a customer switches both their gas and electricity accounts.

Committee chairman Tim Yeo said: "Consumers trust price comparison services to help them switch to the best energy deals available on the market.

"But some energy price comparison sites have been behaving more like backstreet market traders than the trustworthy consumer champions they make themselves out to be in adverts on TV.

"Some comparison sites have used misleading language to dupe consumers into opting for default options that only display commission-earning deals. And others have previously gone so far as to conceal deals that do not earn them commission behind multiple drop-down web options."

He added: "As an immediate and essential first step towards rebuilding confidence, the companies should compensate any consumers who have been encouraged to switch to tariffs that may not have been the cheapest or most appropriate for their needs.

"We have no objection to commission being paid by suppliers to price comparison websites as long as the arrangements are clearly disclosed."

Earlier this month, uSwitch told the committee it would compensate consumers who had been misled into signing up for an energy tariff that was more expensive than others available.

Its chief executive Steve Weller told the committee he was "sincerely disappointed" that a customer was told by his call centre that the cheapest deal available to him was with First Utility, when it was in fact with extraenergy for more than £60 less.


14.47 | 0 komentar | Read More
techieblogger.com Techie Blogger Techie Blogger