Business and Finance
Observer - George Osborne calls for ban on significant cash bonuses for retail banks
George Osborne has launched the strongest Tory attack on Bank bonuses to date, suggesting a ban on British retail banks paying out significant cash bonuses. This money should instead be ploughed back into lending, Osborne has stated. Government Ministers responded stating the proposals are unworkable and the Liberal Democrats view Osborne’s plans as little more than “stopgap solutions” which do not tackle the heart of the problem.
Independent - Northern Rock takes step towards split and sale
Nationalised bank Northern Rock is to have the go-ahead from EU regulators this week to split into two, and will use the opportunity to start the search for new non-executive directors. It is thought that directors of the bank will be split between Northern Rock Asset Management (known as the ‘bad bank’) and its more reputable securitisation vehicle, Granite. It is not yet known where the bank’s chairman, Ron Sandler, and CEO Gary Hoffman will sit.
Times - Postal strikes cost to London
A new report has revealed the impact of recent strike action by postal workers. The research, carried out by the London Chamber of Commerce and Industry has shown that industrial action since the start of the summer has cost the London economy more than £500 million. The figures were released yesterday as Royal Mail and Communication Workers Union entered key talks.
Independent - Coroner criticises RAF base over crash
A coroner has found that a military base where a tragic accident took place in 2007 was characterised by “deteriorating administration, airmanship and discipline”. The training flight during which the accident took place saw the helicopter in question pass just five feet above a taxi in order to intimidate a driver and pilots shouting lines from the film ‘Top Gun’. Three men died in the incident.
Guardian - Green taxes ‘under threat from Treasury’, claims Greenpeace
Greenpeace and other development agencies have written to the prime minister requesting him to prevent the Treasury from blocking vital climate change initiatives. The non-governmental organisations suggest that Darling’s department is preventing a green tax being slapped on the aviation and shipping industries that would fund mitigation schemes in poorer countries, despite Gordon Brown’s support. In time of economic difficulty, they fear that taxes on businesses and households will be stopped.
Financial Times - Benefit squeeze fears for single parents
70,000 lone parents will be expected to look for work over the next year or risk a benefit cut. From yesterday, those whose youngest child is ten or eleven will be put on Jobseeker’s allowance opposed to income support with existing claimants switching next February. By taking jobseeker’s allowance, single parents will be expected to attend fortnightly job interviews, apply for vacancies or acquire skills. However, the government’s employment service is claimed to be ‘ill equipped’ to cope with such changes.
Times - Crime figures row over probation offences
It has emerged that last year, 48 criminals on probation committed murder, rape or another serious offence. According to figures published yesterday by the Ministry of Justice, another 1,500 dangerous criminals were sent back to prison for breaking release terms or orders relating to the activities of sex offenders. The report also revealed that the sex offenders register increased by 1,000 to 32,000.
Telegraph - NHS endorses Nintendo Wii Fit video game
The Nintendo Wii Fit Plus has won permission to use the NHS’s Change4Life logo in its advertising on television and in shops. This is the first computer game that has been endorsed by the NHS – a victory for the games console industry who is regularly attacked by the Government for encouraging a sedentary lifestyle and contributing to the obesity epidemic. The Department of Health responded that they were not endorsing a video game, but rather a form of exercise.
on Nov 3rd, 2009 at 10:24 pm
It’s about time the banks got their act together. What’s happening at RBS this week is a disgrace and indicative of the mess high street banks are in.