Monthly Archives: June 2014

Ed Miliband to hand business rates revenues to local authorities

Under the plans, the rates revenues will be used to invest in local business support units, such as the Local Enterprise Partnerships. Lord Adonis, the former Transport Secretary, has identified £30bn of Whitehall funding that could be funnelled to local […]

BNP Paribas pleads guilty to violating US sanctions

The authority said it did this partly through a complicated system of “satellite banks”, and continued to breach sanctions even when compliance officers raised alarms. “BNP Paribas went to elaborate lengths to conceal prohibited transactions, cover its tracks and deceive […]

Ministers must stop misleading consumers over true policy costs

It usually neglects to mention that its own assessments show a real-terms increase from today’s levels. This is an approach that even ministers elsewhere in Government regard as misleading. It is imperative that consumers are told about the extra bills […]

General Motors recalls extra 8m vehicles

General Motors is to recall more than 8m cars whose production date back as far as 1997 as the scandal over faulty ignition switches intensifies. The latest recall – which applies to cars in the US, Canada and Mexico – […]

‘Super Isas’ unleash £1bn pent up savings

Savers are expected to deposit more than £1 billion into “Super Isas” over the next 72 hours, with experts warning the flood of money may prompt cuts to interest rates, reducing savers’ incomes and undermining a key Conservative election strategy. Vast […]

Bulgaria given emergency credit by European Commission

First Investment Bank, Bulgaria’s third biggest bank, had to close early on Friday after clients withdrew £327m, although the bank insisted it had capital and would open for business as normal on Monday. Question marks over liquidity also prompted the […]

Big business can learn a lot from Britain’s SMEs

In the build-up to the Tesco AGM last week, Sir Terry, right, has fielded some flak from shareholders for the legacy he left present chief executive, Phil Clarke, who presided over its first profit warning in 20 years. Tesco’s share […]

BNP Paribas agrees record $8.8bn fine

BNP Paribas has pleaded guilty to hiding tens of billions of dollars’ worth of transactions from Iran, Sudan and Cuba. In addition to the fine – which dwarfs the previous $1.9bn record paid by HSBC in 2012 – the bank […]

Consumer energy bills to rise to keep power plants open

Ed Davey, the energy secretary, said that the policy would add £2 to consumer bills. However, the Department of Energy and Climate Change later clarified that the £2 impact was compared with a future scenario in which there was no […]

A bankruptcy of ideas fuels the debt riddled ruin of the Western world

And now its warning lights are flashing red once again – about the disconnect between buoyant financial markets and underlying economic realities, about a recovery which is too dependent on debt and unconventional monetary stimulus, about the depressing lack of […]