Friday newspaper round-up: Dwell, Mervyn King, Cadbury
Upmarket furniture chain Dwell ceased trading yesterday, putting 300 jobs at risk,The Times said. Dwell cancelled all deliveries and told customers who have placed orders with credit cards to contact their bank for a refund.
Cadbury, the British confectionery maker which was acquired by US food group Kraft in 2010, engaged in aggressive tax avoidance schemes before the takeover that was designed to slash its UK tax bill by more than a third, according to a Financial Times investigation. The company was involved in tax avoidance schemes former senior executives admit were “highly aggressive”.
Outgoing Bank of England Governor Mervyn King will be given a life peerage when he steps down at the end of the month, The Guardian reported. He will retire from Threadneedle Street on June 30th after a decade at the helm, and will become a member of the House of Lords after his nomination by the prime minister for his “significant public service”.
British government borrowing costs raced to a 15-month high last night as financial markets around the world tanked after the Federal Reserve outlined plans to taper off its monetary stimulus, the Daily Mail said. Bond prices, shares and commodities fell sharply on global exchanges.
Sellafield’s nuclear waste clean-up operations could be handed back the government after a series of failings by private companies managing the site, The Telegraph reported. Britain’s Amec, France’s Areva and America’s URS were selected in 2008 to run the Cumbrian site for up to 17 years but the National Audit Office and the Public Accounts Committee have both criticised delays and cost overruns at Sellafield.