The Times
ENRC dismissed team after internal report
An internal review at ENRC recommended that the company dismiss 20 of its senior Kazakh staff for fraud and discipline more than 60, The Times has learnt.
The alleged wrongdoing at the FTSE 100 miner included employees using company money to buy a guesthouse, a farming business and a horse farm, according to a leaked document.
Dozens of employees were involved in a network of relationships with suppliers that led to ENRC paying massively inflated prices for old equipment.
Founder is recalled to save ailing Infosys
The man credited as one of the inventors of the global IT outsourcing industry has been lured out of retirement to turn around the Indian giant he founded 32 years ago following a devastating profit warning.
Narayana Murthy, 66, who created Infosys in 1981 and served as its chief executive and later chairman until 2011, was appointed executive chairman for a five-year term after a board meeting in Bangalore.
Daily Mail
Bank for International Settlements warns stocks markets face a bumpy future
Global markets could be in for a bumpy return to normality once central banks abandon their unconventional stance of record low interest rates and buying up government bonds – so-called quantitative easing.
In its quarterly report, the Bank for International Settlements warned expansionary monetary policy appears to have been the main driver of market rallies, which have seen the blue-chip FTSE100 index hit 13-year highs.
The Swiss-based club for central banks warned: ‘The ride to normality will almost surely be bumpy...as market participants digest sometimes conflicting news about the recovery.’
The Independent
EEF calls for infrastructure fast-tracking
The EEF, the manufacturers' organisation, has urged the Government to make a U-turn on its spending plans, and bring forward infrastructure projects to boost economic growth.
‘With the Government increasingly relying on business to drive growth, next month's Spending Review must prioritise the actions to help to deliver it,’ EEF chief executive Terry Scuoler said. ‘We also need to see a step change in investment in our transport system, particularly in our overstretched road network.’
City A.M.
UK profits in shock 30% decline
Britain’s biggest listed companies have suffered a drop in profits of almost 30% in the last year, figures out today show.
While the FTSE 100 has smashed pre-recession highs in recent weeks, many London-listed firms have failed to match booming share prices with record-breaking profits.
FTSE 350 firms generated revenues of £2.07 trillion last year, up 2.1%. This rise is the slowest in at least five years, and the only year in this period where turnover has fallen short of inflation, according to The Share Centre, a stockbroker that authored the report.
The Telegraph
Primark takes cheap clothes to chic France
Primark will take its “cheap chic” to France later this year by opening a flagship store close to the Cote d’Azur.
The UK chain famed for its cut-price clothing has signed a deal to begin its French expansion in the Grand Littoral mall in the city of Marseilles, in December. A second store will then follow in the provincial town of Dijon.
'BP wrecked our Gulf’ says Robert Kennedy Jr
BP is “getting off lightly” for the Gulf of Mexico disaster, a prominent member of America’s most famous political dynasty has claimed.
Robert F Kennedy Jr, nephew of assassinated US president John F Kennedy, is an environmental activist and lawyer representing plaintiffs suing BP over the 2010 oil spill. He dismissed claims BP was being unfairly targeted as a British company.