A parliamentary committee that scrutinizes government work said it wanted investment bank Lazard (LAZ.N), an adviser on the privatization, and Business Secretary Vince Cable to appear before the panel to discuss the deal. A spokesman for the Business, Innovation and Skills committee said the session was expected to take place in November. On its first day of full trading, the Royal Mail stock (RMG.L) hit a record high of 490p before closing up 2.9 percent on the day at 489p. The shares initially rose nearly 40 percent last Friday when they began trading conditionally. Before Tuesday, only institutional investors such as pension funds and individual investors who ordered stock through a broker offering conditional trading were able to sell, not those who bought through the government’s official website or by post. Last week, before the sale had been priced, the committee quizzed Cable on whether Royal Mail could be undervalued after some analysts said its London property portfolio may be worth much more than the official estimates. A poll by YouGov over the weekend showed while opposition to the privatization had fallen, with 56 percent believing it was wrong compared with 67 percent in July, 43 percent said they thought Royal Mail had been sold for less than it was worth. Four percent said the price was too high and 17 percent said it was about right. The government handed 10 percent of Royal Mail’s shares to staff in the largest share giveaway of any major British privatization, with just 368 of the 150,000 eligible UK-based workers declining to take up their free shares. Royal Mail said each eligible employee would receive 725 shares, with an initial market value of 3,545.25 pounds, although they are required to hold on to them for three years. As the value was based on Tuesday’s closing mid-price, the stock’s strong rise meant it was well above the 2,200 pounds per person estimated and exceeds the government limit on the maximum value of free shares that can be given to an employee in any tax year. Royal Mail said as a result it would split the allocation across two years. The Communication Workers Union (CWU), which represents postal workers, is due on Wednesday to announce the result of a strike ballot called in response to the privatization. The earliest it could take action is October 23.
UK unemployment steady but claimant count plummets
unemployment figures and says the U.K. economy is in a “sweet spot”. Britain’s unemployment rate has taken on new significance since the country’s central bank issued “forward guidance,” vowing to keep interest rates at their record low of 0.5 percent until the rate falls below 7 percent. Bank of England Governor Mark Carney has said he expects this to take around three years. Generally, however, investors have been unconvinced by the central bank’s predictions, believing that unemployment will fall faster, boosting the chance of a rate hike earlier than the Bank of England expects. “This is a pretty robust set of labor market data overall, which will probably fuel market suspicion that the Bank of England will likely end up hiking interest early in 2015 or even in late-2014, and certainly well before mid-2016,” said Howard Archer, chief U.K. and European economist at IHS Global Insight. Experts clash over UK housing ) The data also revealed that although the U.K.’s labor market was showing signs of improvement, living standards remained under pressure. Earnings growth (including bonuses) slowed to 0.7 percent over the three months to August. It came a day after U.K. inflation data surprised on the upside. Economists had expected the Consumer Prices Index (CPI) to fall year-on-year, but it came in unchanged at 2.7 percent in September. “This is the bizarre thing about the U.K.
A UK Labor Report 12 Years in the Making
42 finalists will put their skills to the test in a two-day event in March 2014. The winner will be declared the UKs new Cyber Security Champion. Experts from BT, the NCA and the GCQH will work together on designing the final for the competition. To have such a diverse and high profile combination of organisations working together to test the next generation of cyber security professionals suggests that the 2014 Masterclass is going to be our most exciting yet, noted Stephanie Daman, CEO of Cyber Security Challenge UK. With the involvement of government organisations entrusted with protecting the most sensitive information in the country, and BT, one of the largest telecommunications companies in the world, this years finalists will face a Masterclass final that will excite and challenge in equal measure, she added. There are still a few opportunities to book your place. If you would like the opportunity to pit your wits against the UKs best cyber security experts, why not register with us today! Finalists will have to demonstrate their skills in a simulated work environment by solving challenges that IT security professionals face each day. Since it was launched, in 2010, the Cyber Security Challenge has handed out over 200,000 ($320,000 / 237,000) in career-enabling prizes to over 100 cyber security enthusiasts. We are very pleased to support The Cyber Security Challenge through our National Cyber Security Programme – it provides an innovative approach to identifying talent for the cyber security sector, ensuring we have a new cadre of cyber security professionals ready to make the UK one of the safest places to do business online, said Francis Maude, minister for the Cabinet Office. For registration , check out the Cyber Security Challenge UK website. For additional information, send out an email to queries (at) cybersecuritychallenge (dot) org (dot) uk.
He was seen carrying a blond child, who might have been in pajamas and who was estimated to be 3 to 4 years old, around the time Madeleine disappeared, police had said. The sketches are based on descriptions from separate witnesses, investigators said. Since the program aired, British police said they have received more than 300 phoned tips and 170 e-mailed ones. “We will now take the time to follow up these lines of enquiry,” Redwood said. Police target 38 ‘people of interest’ in Madeleine McCann’s ’07 disappearance The latest revelation is critical in reconstructing what exactly happened more than six years ago on the night of May 3, 2007,when McCann disappeared from her family’s villa while her parents dined at a nearby restaurant. The girl was just days shy of her fourth birthday. Computer-generated sketch Computer-generated sketch Computer-generated sketch Neither her parents nor the detectives investigating her case have given up on one day finding the little girl from Leicestershire, England. “There may be an entirely innocent explanation of this man, but we need to establish who he is to assist with our inquiries,” Redwood said earlier. Additionally, investigators believe they have a better understanding of when Madeleine may have been abducted, Redwood added. “The timeline we have now established has given new significance to sightings and movements of people in and around Praia da Luz at the time of Madeleine’s disappearance.” John Walsh: Madeleine McCann could be alive Police announced in July that they have identified 38 “people of interest” in connection with the case. Twelve of them are UK nationals who police say they think were in Portugal at the time the girl went missing.
Madeleine McCann case: Two callers name man in new UK police sketches
A UK Labor Report 12 Years in the Making By Boris Schlossberg | DailyFX 36 minutes ago 98.5250 +0.3045 GBPUSD got a big boost from sharply improved UK jobless claims data, although it failed to translate into a lower overall unemployment rate for the time being. UK labor data showed the biggest improvement since 1997, pushing GBPUSD through the 1.6000 mark overnight, but the rally stalled ahead of the 1.6050 level after investors were slightly disappointed by the lack of improvement in the ILO unemployment rate. Cable was the primary focus of the early-morning European session, rising nearly 100 points off the session lows as currency markets responded to the sharp improvement in the UK claimant count, which declined by -41K versus -24K expected. This was the best reading in a dozen years and the 12th consecutive monthly reduction in UK jobless claims. The decline in joblessness did not immediately translate into a decrease in unemployment, however, as the ILO unemployment rate remained at 7.7%, matching last month’s reading. Nevertheless, the much smaller claimant count will likely lead to reduction in the unemployment rate over the next several months, and that should prove supportive for the British pound (GBP) given the fact that the Bank of England (BoE) has tied its forward guidance on interest rates to the UK unemployment figures. Another minor disappointment in today’s UK labor numbers was the smaller-than-expected rise in average hourly earnings, which increased by only 0.7% versus 1.0% expected. Given the persistently sticky inflation rates of 2.5% or higher, UK workers are actually seeing negative income growth for now, and that may temper spending going forward. Thursday’s UK retail sales data should provide an interesting glimpse into the strength of consumer demand. In the meantime, GBPUSD remained bid above the 1.6000 level by mid-morning London trade, and the pair could see further relative strength as the day unfolds, especially given the ongoing debt-ceiling debate in the US, which looks to be moving closer to a resolution. Big US News Likely to Get a Ho-Hum Reaction With essentially just a matter of hours left until the US Treasury’s October 17 deadline, US legislators continued their furious negotiations. As the last effort by GOP members of the House failed to take hold, the focus has moved back to the Senate, where majority leaders Harry Reid and Mitch McConnell appear to be close to an agreement. House Speaker John Boehner said that he would allow the Senate bill to be voted in on the House, and that could mean passage, as moderate Republicans would likely join Democrats to secure a majority vote. The markets appear unmoved for the time being, however, as “headline fatigue” has clearly crept in.