Here a some of the highlights of this week’s business news.
The Times
The four former directors of MG Rover are being threatened with criminal prosecution after failing to file accounts for 2004. The men, known as the Phoenix Four, could face disqualification as directors and fines of up to £5,000 if prosecutions go ahead.
Hopes of another cut in interest rates this year faded further as the Bank of England held borrowing costs for a seventh month in succession and manufacturing notched up its longest period of expansion in nearly four years. The ‘no change’ decision by the Bank’s Monetary Policy Committee (MPC) was widely expected but there were still calls for action to stimulate growth in the face of rising unemployment.
Daily Telegraph
The government is facing opposition from its own MPs over its controversial ‘one way’ extradition treaty with the United States, which has been used by US officials to target British businessmen rather than dangerous terrorists. The Conservatives have announced plans to force the government to restrict any extradition procedures to alleged terrorist crimes by amending a different piece of legislation, the Police and Justice Bill.
People who lose or damage their voices as a result of their occupation will not be able to claim compensation from the state, a government body has ruled. The TUC made the request to have occupational voice loss listed as a prescribed disease for the purposes disease for the purposes of the Industrial Injuries Disablement benefit scheme, a statutory Government backed plan.
The Financial Times
The biggest supermarket chains in the UK could face curbs on their expansion after the Office of Fair Trading said it would refer to the Competition Commission for a full investigation. The OFT decision, taken after unearthing groups on evidence on supermarket groups land banks and on wider planning issues that acted as a ‘barrier to entry’ to competitors, comes barely six month after its last probe.
The head of the powerful new gambling industry regulator has said that he saw no difficulty in increasing the number of Las Vegas style super-casinos that will be developed following changes to gambling laws. The government had originally intended to license eight of the super-casino but were forced to cut to one. However, there is no pressure from MPs and councils to increase the number.
The Guardian
Running a company in Britain is a ‘young man’s job’, according to the chief executive of National Express, who is to leave the company because he feels too old to continue at the age of 56. Phil White, who joined National Express when it bought the Birmingham bus company West Midlands Travel in 1996, revealed that he intends to bow out at the end of the year.
Employees at the John Lewis Partnership are to receive a £120m bonus after the retailer outperformed most of its high street rivals last year. The pay-out is equivalent to eight-weeks pay will be shared between the 64,000 employees.
