News
FeedUK plc edges further into red
Helen Fowler
Mar 18th 2010
Filed under: Debt, Economy, Financial Crisis, Budget 2010, News , Election 2010
We are in the red. We owe close to two thirds of what the entire country produces in a year. And the figure is rising. Collective government debt has risen a fifth since last year, according to official sources. It now stands at £857bn, or 60% of gross outputNo, UK plc is not about to go bust. In Greece, the same ratio is almost double ours (113%). In Italy, one of the eurozone's most indebted countries, it is even higher (119%). Even good old Uncle Sam is more indebted than us. The US ratio stands at 69%.
ITV boss to reap millions
Omotola Akerele
Mar 18th 2010
Stories of big salaries for TV bosses have consistently angered the public. Today, ITV announced that the company's incoming boss Adam Crozier will receive a staggering base salary of £775,000 with a total package over the next few years worth £11.1m.Crozier, who is pitched to earn slightly less than his predecessor Michael Grade, will join ITV from Royal Mail on 26th April 2010. His package includes a pension contribution of £69,750, as well as a 'golden hello' of £200,000 in cash and £420,000 in shares.
Mortgage lending back on the up
Christina Jordan
Mar 18th 2010
Filed under: Economy, Personal Finance, Mortgages, News
Mortgage lending increased by 6% in February to £9.3bn, according to the Council of Mortgage Lenders.The announcement will quell the fears of those who worried that January's drop in lending marked the start of a 'double dip' for the housing market.
It now looks like the winter weather and Stamp Duty distortion did indeed cause a New Year blip that has now corrected itself.
Who profits as news models change?
Martin Cloake
Mar 18th 2010
Filed under: Markets, News , Media
Do you read the adverts on this site? And would you pay for what you're currently reading? If you're like the readers surveyed in a major new US study of media consumer behaviour the answer to both questions is likely to be 'no'. And this gets to the heart of the current debate about the media's future.The annual State of the Media study was carried out by the Project for Excellence in Journalism. It found 77% of regular consumers of online news rarely, if ever, click on an online ad. With 53% of adults in America getting their news online, a sustainable online business model looks some way off.
Will free data kill UK mapping?
Michael Cross
Mar 17th 2010
Filed under: News
Plans to make government data freely available will imperil the future of Ordnance Survey and create little benefit for business, the heads of four private sector mapping firms warn today. The warning comes on the last day of a consultation into the future of Britain's venerable mapping agency. For the past decade, it has operated as a government-owned "trading fund" paying its own way by selling products.
Shell strategy means 2000 job cuts
Omotola Akerele
Mar 16th 2010
Oil giant Royal Dutch Shell Plc has today announced that a further 1,000 jobs will be cut by the end of 2011 as part of its new cost-cutting strategy. This is on top of the 1,000 job losses that have already been forecast for this year. The cuts are part of the group's drive towards a net capital investment of $25-$27 bn a year for 2011 to 2014, with up to $3 bn a year of asset sales.
EU slams Brown and Darling on deficit
Adrian Holliday
Mar 16th 2010
Filed under: Debt, Economy, News
EU bureaucrats claim Gordon Brown and Alistair Darling are not trying hard enough to bring down the UK's deficit. The EU Commission warns that the UK won't slash its deficit in line with EU rules by 2015 - these rules state that deficits must be under 3% of GDP.
Football's money-go-round spins on
Martin Cloake
Mar 15th 2010
Filed under: Company, Debt, News
When Farsley Celtic went out of business just before the weekend they became the third club in the top three tiers of non-League football to go bust this season. Kings Lynn and Chester City had already suffered the same fate. Meanwhile, talk of multi-billion takeovers swirls around the Premiership clubs.
The stark reality of Watford's finances
Martin Cloake
Mar 15th 2010
Filed under: Company, News , Sport
Detailed examination of Watford FC's half-yearly report makes interesting reading. Watford were relegated from the Premiership in 2007, and their current financial position gives some insight into the challenges faced by clubs which exist on the fringes of English football's top division.When a club is relegated from the Premiership, the loss of prize money and TV income combined with the reduction in sponsorship, corporate and match day ticket sales can mean leave a £30m hole in the coffers. But relegated clubs currently get "parachute payments" to ease the pressure.
Money, it's a hit for Pink Floyd
Martin Cloake
Mar 15th 2010
Pink Floyd have won a court battle with their record company EMI over digital downloads. The news could have a significant impact on the music business, but according to one leading commentator "it's not the art vs commerce squabble it's being painted as".
Lehman report may lead to charges
Helen Fowler
Mar 13th 2010
Filed under: Economy, Markets, Financial Crisis, News , Banking
The report into the collapse of Lehman Brothers may lead to criminal cases against the investment bank's former executives, say legal experts.Court-appointed lawyers last week published a devastating report into the 2008 Lehman bankruptcy. One result could be charges under securities fraud laws, say legal experts quoted today by Reuters.
Ernst & Young in Lehman firing line?
Adrian Holliday
Mar 13th 2010
Filed under: Markets, News , Banking
Ernst & Young is battling to save its reputation as the investigation into the collapse of Lehman Brothers gathers pace – at last.City accountancy operator Ernst & Young is heavily criticised in a new report on the collapse of the investment bank giant, which could now pave the way for some pretty lethal - and protracted - lawsuits.
Investors at liberty to bid
Omotola Akerele
Mar 12th 2010
Filed under: Company, News , Retail
Department store Liberty confirmed today that talks have begun regarding a takeover from "suitors."The announcement comes following much speculation and eight months on from the start of a strategic review of the company when it was put on sale by its majority (68%) shareholder, property firm MWB Group Holdings.
Short-termism is killing local papers
Martin Cloake
Mar 12th 2010
If businesses in a given sector make an average profit of 10% in a year, does this mean they are in crisis? If that sector is UK regional newspapers, the answer would appear to be 'yes'.Website Paidcontent:UK says £509.7m was knocked off the value of five leading local newspaper groups in 2009.
Stop parental hard sell, demands charity
Helen Fowler
Mar 12th 2010
Filed under: Economy, Job Focus, News , Election 2010
Commercial pressure on parents has reached crisis point, argues a leading parenting charity. The National Childbirth Trust wants legislation to prevent retailers taking advantage of vulnerable new parents. Three quarters of parents feel under pressure to buy unnecessary baby products, according to a survey from the charity. Nearly two thirds are worried that it is commercial companies that provide parenting infomation.
Time is running out for ISA investors
NY and the City clash: London falling
Economy doing worse than suspected?
