UK News

Press Round-up – February 16

Women swelling the ranks of the jobless
Women are the hidden victims of Britain’s flat-lining economy, losing their jobs at a far faster rate than men, official figures revealed on Wednesday. (Independent)

Tesco looks to prioritise food in sales push
Tesco has told investors that it plans to bolster fresh produce and step up the pace of change in its food business in an effort to revive UK sales after January’s shock profit warning. (FT)

Former BP CEO Hayward in line for payout
Tony Hayward, BP’s chief executive during the 2010 Gulf of Mexico oil spill, is in line to receive a share bonus worth an estimated 600,000 pounds from his former employer, as a reward for the company’s performance between 2009 and 2011. (Telegraph)

Orange looks to offer Facebook to Africa
Orange, the French mobile operator, is to provide access to Facebook for all its 70 million mobile phone users in Africa using technology that will allow the normally web-based social media service to be accessible from even the most basic handsets, opening up a huge market for Facebook. (FT)

Press Round-up – February 15

Greece’s rescue package in doubt
Euro zone officials have called off an emergency meeting of finance ministers to approve a vital 130 billion euro bailout for Athens amid a growing fight among the country’s European creditors about the merits of allowing Greece to go bankrupt. (FT)
Thai floods  threaten to sink Lloyd’s profits
Lloyd’s said that it had provisionally calculated a claims bill of $2.2 billion for its member insurers after the Thai floods, meaning the world’s oldest insurance market is liable for up to 15 percent of a natural disaster set to cost the insurance industry up to $20 billion. (Times)
Murdoch puts top lawyer on Sun case
Rupert Murdoch has put his top lawyer on to News Corp’s internal affairs committee as the media group comes under fire from its reporters for passing information to the police that led to the arrests of nine journalists at The Sun. (FT)
Inflation drop to ease pain for UK households
Households are expected to receive a welcome boost on Wednesday when the Bank of England signals that inflation will fall below 2 percent in the coming months, offering consumers some respite after two years of shrinking incomes. (Telegraph)
HSBC looks to increase mainland Chinese presence
HSBC <HSBA.L> is aiming to increase its presence in mainland China through a big expansion of its branch network or by raising its stake in Bank of Communications. (FT)

Bumi investors issue conditions to Rothschild
The Indonesian investors in coal miner Bumi have said UK financier Nat Rothschild can stay on the company’s board, but only if he steps down as co-chairman and stops being a “disruptive influence” over his calls for a shake-up at PT Bumi Resources, a Bumi affiliate. (FT)

Press Round-up – February 14

France to push on with Tobin tax
France is determined to press ahead with a financial transaction tax inspired by the UK’s stamp duty and supported by at least eight other euro zone countries, the French finance minister has said. (FT)

Apple probes Chinese working conditions
On the day that Apple’s shares broke through $500 for the first time, it has allowed a group that campaigns against sweatshops to examine conditions faced by Chinese factory workers. (Times)

Press Round-up – February 13

Tax evasion probe hits more City staff
The tax evasion case that saw four Royal Bank of Scotland staff members arrested, has hit at least two more banks, a stock brokerage and a wealth management firm.  Documents seen by the Daily Telegraph suggest alleged offences relate to illegal use of film finance to evade paying income and other taxes. (Telegraph)

Private contractors to build and run a UK police station
G4S, the world’s largest security company, has won the first contract in Britain to build and staff a police station. (FT)

Press Round-up – February 10

RBS pensioners latest victims of cost cutting
Pensioners of Royal Bank of Scotland have become the latest victims of the state-backed lender’s push to cut costs after being informed the annual lunch programme for former staff had been cancelled. (Telegraph)

Barclays wins role in Glencore merger
Last-minute lobbying by Barclays has secured it a role advising on the mega-merger of trading giant Glencore and miner Xstrata after originally being left off the advisory roster for the £54 billion deal. (Telegraph)

Press Round-up – February 9

Trustees emptied pension funds to gamble on property
Pension experts were appalled on Wednesday when it was disclosed that a company pension fund had been effectively hijacked by its trustees, who sold its conventional assets, geared up the proceeds with bank debt and bet almost the whole lot on speculative property developments. (Times)

Japan lines up national chip champion
Three Japanese semiconductor manufacturers including Panasonic and Fujitsu are in talks to merge their operations to create a national champion chipmaker that would be backed by the government, according to people familiar with the matter. (FT)

Press Round-up – February 8

RBS boss says restructuring has cost 38 billion pounds
Stephen Hester has revealed that the dramatic restructuring of Royal Bank of Scotland has cost 38 billion pounds in a rallying memo to staff days after the embattled chief executive waived a 1 million pound bonus. (FT)

Misys and Temenos agree on merger terms
Misys and Temenos have reached agreement on the key terms of a proposed 2 billion pound merger that would create the world’s largest supplier of risk-management computer software to banks.   (FT)

Press Round-up – February 7

EU corporate defaults set to rise
European corporate defaults are widely expected to climb sharply this year despite the recent improvement in credit market sentiment as bank lending cuts and a deteriorating economic backdrop put many smaller or indebted companies under pressure. (FT)

Prices cut, shops shut: still no cheer on the high street
British shoppers reverted to a bunker mentality over the new year, according to gloomy sales figures that quash any hope of consumers pulling the economy clear of a double-dip recession. (Times)

Press Round-up – February 6

Tesco Bank delayed until next year
Tesco Bank has delayed the launch of its current account until next year. Its much vaunted arrival had been regarded as a symbolically important breakthrough in attempts backed by ministers to break up the dominance of the big five established UK banks. (Times)

RBS looks to defend SME lending record
Royal Bank of Scotland is preparing to mount a vigorous defence of its lending record to small and medium-sized businesses in an effort to stave off criticism over its failure to meet certain government-set targets last year. (FT)

Press Round-up – February 3

BT set to launch “ultra-fast” internet
“Ultra-fast” broadband using direct fibre-optic connections will become available to most British homes and businesses next year, after a significant technological breakthrough by BT, the UK telecoms group. (FT)

OECD says EU bailout is ‘not enough’
The euro zone’s bailout funds are not big enough, the Organisation for Economic Co-operation and Development (OECD) has warned, amid mounting concerns about a Greek default. (Telegraph)
SNB stands firm on Swiss Franc cap
The independence of the Swiss National Bank risks being compromised due to political pressure following the departure of Philipp Hildebrand as chairman, the central bank’s acting chairman has warned. (FT)