Banks in Cyprus are to remain closed until Thursday following this weekend’s last-minute bailout deal with the Troika that involved the restructuring of its two largest lenders. President Nicos Anastasiades has confirmed that capital controls would be imposed but as a “very temporary measure that will be gradually relaxed”. The FT
Sir Mervyn King, the Governor of the Bank of England has said that the global crisis is “far from over” and there will be “many unexpected twists and turns” before we see a full recovery, reports The Telegraph.
The East Coast main line has been under state control since 2009 but ministers are now expected to announce plans to look for bidders to control several rail franchises, says The Telegraph. The paper says that Sir Richard Branson’s Virgin Group, which also runs West Coast, may bid for the new franchise when it is privatised again.
Cynthia Carroll, the outgoing Chief Executive Officer of FTSE 100 resources giant Anglo American has warned shareholders in the industry to understand better “what it really takes to deliver projects” or get out of the sector, writes the Financial Times. She called for “more time and patience” from investors, saying “it’s not an industry where you can react overnight to something that happened yesterday”.
The Times writes that consumers groups have warned that household energy bills could rise further with the freezing weather in the UK forecast to last until Easter as the wholesale cost of gas and electricity soars.
Steven Kalmin, the head of finance for Glencore, saw his total pay package jump by 48% to £2.13m for last year, despite the miner and commodities trader seeing profits tumble. The Independent
The Guardian cites economists as saying that the UK could be headed towards a “unprecedented triple-dip recession” due to the unseasonal cold weather experienced since the start of 2013.
An app created by a British teenager has been snapped up by internet giant Yahoo in a deal thought to be worth “dozens of millions” of pounds. Yahoo purchased the Summly app, which summarises news stories from popular media companies, from its 17-year-old creator Nick D’Aloisio. The price of purchasing the app has not been disclosed, but industry experts have suggested it could be between £20 million and £40 million. The Independent