News digest 15 April 2011
The digest starts with good news at BA,
while there cabinet clashes, top guns are grounded, Lloyds cuts
even more jobs, cheques may be saved, Gordon probably won’t go to
Washington, but Bart goes with a £2 billion bang...
“We’re talking” – A joint
Unite/BA statement agrees a 28 day extension over announcing
possible strike action giving both sides time to talk, the
statement concludes: “A variety of meetings will now
take place in the belief that the optimism of recent weeks can be
turned into a reality that will allow British Airways to focus on
delivering the high-quality service its customers expect and to
take all its staff confidently into the future.”
(Mirror p2, Sun p2, Express p17, Telegraph p2, Unite
release).
Cable vs. Cameron – Is the
cabinet at war? Cameron’s speech on immigration is attacked by his
own business secretary Vince Cable, whose odds of being sacked are
shortening. The FT (p1/2) headline
sums it up as ‘Cameron reconnects with right
wing’ and most of the papers note that no new policy
ideas were announced, could it be a cynical ploy to raise the issue
ahead of a difficult election, perhaps Cameron and Cable need a
relationship councillor? Unite general secretary, Len McCluskey,
said: "David Cameron is stoking up fears over
immigration to divert attention away from people's real fears about
the economy and public services to give his government some cover
ahead of the council elections ... working people are worried
because they are struggling to make ends meet, they are seeing the
cost of food and fuel going up, while their public services are
being cut.” (Mirror p6, Sun p8/9, Express p4-5, Mail p4, Times p6-7, Indie p6, Guardian p4-5, Telegraph p1/4, Morning Star p3, Unite
release).
Top Guns grounded – Shortage
of spare parts means just eight of 48 pilots can take part in the
ongoing attacks on Libya (Mirror p15, Sun p15, Times p5, Guardian p12, Telegraph p6).
More out? – And Cameron’s
troubles mount as nurses looks set to join teachers and prison
wardens and civil servants in balloting for strike action over
government policy, privatisation, changes to pay and pensions, cuts
to jobs, the list goes on… (Mirror p8-9, Sun p2, Express p19, Indie p2, Morning Star p1)
North-south divide grows –
And the FT (p4) reports that the
north-south divide splitting England’s high streets is deepening as
a survey by the Local Data Company showed that of 17 English
counties with above average vacancy rates, all bar two are in the
north or the Midlands. The report says shoppers are starting to cut
back and it seems the cuts are biting deepest outside the
south...
City banks forecast jobs
boost – Down south the FT
(p3) reports on a study commissioned by BNP Paribas Real estate
which says that London’s banks and financial services companies are
expected to hire 11,000 extra staff over the next three years, the
main areas hiring are expected to be private equity and hedge
funds, the big banks are not expected to add more staff.
Lloyds cuts– But no one seems
to be telling Lloyds. The 41 per cent owned state back announced it
will cut more jobs, said Unite national officer David Fleming:
“Unite is appalled to learn of a further 330 job cuts
at Lloyds Banking Group, which brings the number of staff cut since
its formation to a staggering 22,000. Staff morale is at an all
time low with the constant flow of job cuts and the workforce feel
they have no job security.” (Sun p2, Times p49, Indie p37, Guardian p27, Telegraph b2,
Scotsman,
Yorkshire Post, Unite
release)
Cheques saved? – Still with
the banking sector and the Commons treasury committee is reopening
an inquiry which is designed to challenge the bank’s assertion that
cheques should be phased out (Express p7, Mail p25, Telegraph p7, Morning Star p4).
Brown blocked? – Osborne says
he will block any move to make Gordon Brown chief of the IMF, Brown
also said to be looking at a role with the World Economic Forum
(Mail p18, Indie p2/33).
Out with a bang – The shock
announcement that Bart Becht, popular chief executive of Reckitt
Benckiser, is to stand down wiped £2 billion of the company’s share
price, he will be succeeded by Rakesh Kapoor (Mirror p58, Sun p52, Mail p80, Indie p32, Telegraph b1, FT p1).
Stagecoach speculation –
Shares in bus and rail operator gain 11p on rumours of interest
from Deutsche Bahn as well as a possible Singaporean suitor
(Express p68, Indie p38).
Kept out – And green
activists were kept out of BP’s stormy AGM yesterday where the
company’s board was taken to task over pay and compensation claims
as a result of the Deepwater spill (Mirror p32, Sun p52, Express p65, Mail p18, Times p45, Indie p19, Guardian p23, Telegraph b1/3, FT p1/15, Morning Star p2).
Glencore to float – More
details emerge about the metals and minerals giant ahead of its
expected $60 billion float which is scheduled to go ahead next
month. The float will be used to help fund acquisitions, and will
also make instant multimillionaires and billionaires for the
company’s senior staff or partners, the 485 are expected to gain
$100 million each on average, now if only we could develop a fair
taxation system to share that wealth (Express p68, Mail p80, Times p, Indie p31, Guardian p24, Telegraph b1, FT p1/19).
AssetCo aggro – And problems
continue for the fire engine company as it faces a second
shareholder revolt, again over a boardroom reshuffle, rebel
shareholders are looking to get the former owner of the company,
Pelham Olive, reappointed to the board (Telegraph b4).
Tube trouble – And finally
the Guardian (p13) reports
that London’s creaking tube system is expected to see one million
more passengers during the Olympics, apparently the organising
committee want to make a third of people work from home, then again
with the Con-Dem cuts who knows if they’ll be any jobs left by
then...
Edited by Mik
Sabiers
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