Latest Royal Mail news

  • UK's Quindell says Gotham City Research report defamatory Tue, Apr 22, 2014

    (Reuters) - Consulting and outsourcing services provider Quindell Plc rejected as "highly defamatory" and "deliberately misrepresentative" comments by short-seller Gotham City Research LLC that questioned its revenue model and profit quality. Quindell said it was consulting its legal advisers on what immediate action could be taken against Gotham City Research, which says on its website that it may have long or short positions in the companies it covers. Quindell, who lists Aviva Insurance Plc , British American Tobacco Plc and Royal Mail Plc among its customers, said it would issue a more detailed response before the end of the week. More »

  • A gay artist will get his images on stamps in Finland Wed, Apr 16, 2014

    Finland's postal service will honour "Tom of Finland" with stamps taken from his work - homoerotic drawings of muscular men wearing tight, black leather uniforms, when they wear anything at all. The stamps, which will be issued in September, are based on the drawings of Touko Laaksonen, better known by the pseudonym "Tom of Finland," who split his time between Finland and California. "Tom of Finland is considered one of the most well-known Finnish artists around the world," Finnish postal service Itella said in a statement issued this week regarding Laaksonen, who died in 1991. "His emphatically masculine homoerotic drawings have attained iconic status in their genre and had an influence on, for instance, pop culture and fashion." Graphic artist Timo Berry, who designed the sheet of three stamps, said they portray a sensual life force and being proud of oneself. More »

  • Donetsk Pro-Russians Order Jews to 'Register or be Deported' for Supporting …
    Donetsk Pro-Russians Order Jews to 'Register or be Deported' for Supporting … Wed, Apr 16, 2014

    A flyer bearing the stamps of the self-proclaimed People's Republic of Donetsk has allegedly ordered all Jews in the eastern Ukrainian city to register with the pro-Russian separatists - or face deportation. The leaflet, signed by self-styled "people's governor" Denis Pushilin, has been handed over to Jews near the Donetsk synagogue, according to Novosti Donbassa (Donbass News) news agency. It orders all Jews aged over 16 years old to register before the government building, which has been occupied by pro-Russian insurgents in defiance of Kiev rule. Jews would also have to pay a registration fee of $50 (£30) before 3 May and list all real estate and vehicles owned. More »

  • Finland is getting official gay erotica postage stamps
    Finland is getting official gay erotica postage stamps Tue, Apr 15, 2014

    The stamps will showcase the work of artist and illustrator Tom of Finland. More »

  • Two charged following armed post office robbery in Wicklow
    Two charged following armed post office robbery in Wicklow Sat, Apr 12, 2014

    They were arrested a short time after the robbery yesterday by gardaí. More »

  • Royal Mail spotlight reopens rift between bankers and advisers
    Royal Mail spotlight reopens rift between bankers and advisers Fri, Apr 11, 2014

    By Freya Berry LONDON (Reuters) - The fallout from the controversial stock market flotation of Britain's Royal Mail has reopened a rift between the bank and independent advisers who run such deals. But some sources said the pricing structure was significant in the eventual price of 330 pence a share. More »

  • Factbox - Role of independent advisers in stock market floats Fri, Apr 11, 2014

    (Reuters) - The fallout from the controversial stock market flotation of Britain's Royal Mail has reopened a rift between bankers and the independent advisers who run such deals. Following is a summary of the role advisers commonly play in stock market flotations: * Independent advisers are appointed to help a company or government get a good price in a share sale and drum up investor interest. More »

  • Royal Mail: Lazard Being Quizzed By MPs Over IPO Price
    Royal Mail: Lazard Being Quizzed By MPs Over IPO Price Fri, Apr 11, 2014

    The Public Accounts Committee confirmed that the independent financial adviser for the controversial sale of Royal Mail will be quizzed by politicians over the delivery service's IPO price. The PAC spokesperson said that Lazard will give evidence to the committee, which is led by Margaret Hodge, on 30 April. At the beginning of this month, the National Audit Office (NAO) slammed Britain's business secretary Vince Cable for undervaluing the Royal Mail's IPO price, which was set at a maximum price of 330p-a-share. The NAO's findings state that the government's overly cautious approach has shortchanged the nation, while providing an easy killing for "priority" investors such as banks and hedge funds. More »

  • Committee to quiz Lazard over Royal Mail sale
    Committee to quiz Lazard over Royal Mail sale Fri, Apr 11, 2014

    By Freya Berry LONDON (Reuters) - A parliamentary committee will question independent financial adviser Lazard this month regarding its role in the sale of Royal Mail, a committee spokeswoman said on Thursday. Lazard, which advised the government on the Royal Mail stock market listing, will be called before the Public Accounts Committee (PAC) on April 30, the spokeswoman said. This comes a week after a report by the National Audit Office (NAO) criticised the government for its reliance on independent advisers during the 2 billion pound listing of Royal Mail and said it had sold the company too cheaply. Lazard, which has also advised the government on selling part of its holding in Lloyds Banking Group, received 1.5 million pounds for its role in the Royal Mail deal. More »

  • Watchdog to quiz Lazard over Royal Mail sale
    Watchdog to quiz Lazard over Royal Mail sale Thu, Apr 10, 2014

    By Freya Berry LONDON (Reuters) - A British parliamentary committee will question independent financial adviser Lazard this month regarding its role in the sale of Royal Mail, a committee spokeswoman said on Thursday. Lazard, which advised the government on the Royal Mail stock market listing, will be called before the Public Accounts Committee (PAC) on April 30, the spokeswoman said. This comes a week after a report by the National Audit Office (NAO) criticised the government for its reliance on independent advisers during the 2 billion pound listing of Royal Mail and said it had sold the company too cheaply. Lazard, which has also advised the government on selling part of its holding in Lloyds Banking Group, received 1.5 million pounds for its role in the Royal Mail deal. More »

  • U.S. jobless claims at seven-year low, signal firming economy
    U.S. jobless claims at seven-year low, signal firming economy Thu, Apr 10, 2014

    By Lucia Mutikani WASHINGTON (Reuters) - The number of Americans filing new applications for unemployment benefits tumbled last week to the lowest level in nearly seven years, strengthening views of faster job growth. Initial claims for state unemployment benefits dropped 32,000 to a seasonally adjusted 300,000 for the week ended April 5, the Labor Department said. The report joined other indicators such as automobile sales and employment data in suggesting the economy ended the first-quarter on a stronger footing, positioning it for faster growth in the April-June quarter. Growth was also seen crimped by the expiration of long-term unemployment benefits, cuts to food stamps and weak exports. More »

  • House set for vote on Ryan budget with big cuts
    House set for vote on Ryan budget with big cuts Thu, Apr 10, 2014

    WASHINGTON (AP) — House Republicans marched ahead Thursday with an election-year budget promising to balance the government's books with wide-ranging cuts in programs like food stamps and government-paid health care for the poor and working class, taking a mostly symbolic swipe against the government's chronic deficits. More »

  • Royal Mail warns over watchdog's price hike probe
    Royal Mail warns over watchdog's price hike probe Thu, Apr 10, 2014

    By Neil Maidment LONDON (Reuters) - The newly-privatised Royal Mail warned an investigation into a rival's complaint over wholesale mail price rises would lead to a long period of uncertainty around the prices it charges other postal operators. Royal Mail's regulator Ofcom on Wednesday said it would investigate the complaint from Britain's No.2 postal operator, TNT Post under its Competition Act powers, a process that can take up to two years. TNT Post's complaint, made in February, is the latest in an increasingly fierce battle between the two groups, sparked by the former's plans to challenge Royal Mail's dominance by rolling out its own complete British delivery network. Royal Mail says such competition could threaten its ability to sustain a six-days-a-week universal service, as TNT Post targets only profitable areas. More »

  • Royal Mail Warns of 'Period of Uncertainty' in Ofcom Price Probe
    Royal Mail Warns of 'Period of Uncertainty' in Ofcom Price Probe Wed, Apr 9, 2014

    Royal Mail said Ofcom would create a period of uncertainty in the UK postal market because of its investigation into planned price rises. The regulator opened the inquiry into Royal Mail after a complaint was lodged by rival TNT Post UK. "We are concerned that Ofcom's decision to investigate under its Competition Act powers may create a period of uncertainty in the UK postal market," said Royal Mail. It centres around Royal Mail's "Access" contracts to deliver mail sorted by others, such as TNT, on the last leg of its journey. More »

  • Ministers summoned for fresh grilling on Royal Mail sell-off
    Ministers summoned for fresh grilling on Royal Mail sell-off Tue, Apr 8, 2014

    Business Secretary Vince Cable was on Monday summoned to face lawmakers for a third time over the government's privatisation of Royal Mail, after a watchdog report last week said the postal company had been sold off too cheaply. In October last year the government sold 60 percent of Royal Mail at 330 pence per share, ending 500-years of state control and raising 2 billion pounds for the public purse. More »

  • UK ministers summoned for fresh grilling on Royal Mail sell-off
    UK ministers summoned for fresh grilling on Royal Mail sell-off Mon, Apr 7, 2014

    British Business Secretary Vince Cable was on Monday summoned to face lawmakers for a third time over the government's privatisation of Royal Mail, after a watchdog report last week said the postal company had been sold off too cheaply. In October last year the government sold 60 percent of Royal Mail at 330 pence per share, ending 500-years of state control and raising 2 billion pounds for the public purse. More »

  • Royal Mail Shares: Vince Cable Faces Fresh Parliamentary Grilling
    Royal Mail Shares: Vince Cable Faces Fresh Parliamentary Grilling Mon, Apr 7, 2014

    Parliament's business, innovation and skills select committee has called the two ministers responsible for Royal Mail's privatisation back for another hearing on 29 April. It follows the National Audit Office (NAO) published a report accusing the government of undervaluing the firm and costing taxpayers hundreds of millions of pounds in lost potential revenue. Business Secretary Cable rubber stamped the sale of Royal Mail at an offer price of 330p per share when it was floated onto the London Stock Exchange. More »

  • Cable faces new mail sale grilling
    Cable faces new mail sale grilling Mon, Apr 7, 2014

    The Business Secretary is being recalled by a select committee of MPs to give further evidence over the Government's controversial privatisation of Royal Mail. More »

  • UK Rail Unions Launch Legal Battle Over Franchises
    UK Rail Unions Launch Legal Battle Over Franchises Mon, Apr 7, 2014

    UK rail unions have launched a legal challenge over the way the government plans to award three rail franchises. The Rail, Maritime and Transport (RMT) union, Aslef and the Transport Salaried Staffs Association (TSSA) are calling for a judicial review into the reprivatisation of the East Coast line, and the extensions to the Thameslink and Great Northern awards. "After the scandal of this government robbing the British taxpayer of a billion pounds in the scramble to privatise the Royal Mail it is shocking that they are engaging in the same tactics to try and hand the East Coast Mainline back to their friends in big business," said Mick Cash, the acting general secretary of the RMT. More »

  • Ukraine asks world to stop sending it mail for Crimea
    Ukraine asks world to stop sending it mail for Crimea Fri, Apr 4, 2014

    Ukraine's post office has asked its foreign counterparts to stop sending it mail destined for breakaway Crimea because it can no longer deliver it, the Universal Postal Union said Friday. More »

  • RBS Faces Backlash Over New Branch Closures
    RBS Faces Backlash Over New Branch Closures Thu, Apr 3, 2014

    A union and campaigners have slammed a decision by taxpayer-backed Royal Bank of Scotland (RBS) to close 44 branches, including twelve classed as 'last banks in town'. The Group, which is 81% owned by the Government, cited a 30% fall in branch transactions since 2010 for its decision and said its new tie-up with the Post Office would fill voids left by the closures. The affected branches - mainly NatWest operations - would be shut down by June, RBS said, though it remained unclear if the closures would result in any job losses. "We have to adapt to what our customers want, which is why we're investing in a range of other ways our customers can bank with us, including online and telephone banking, our mobile app, and in any one of the Post Office's 11,500 branches across the UK." More »

  • Nick Clegg: Vince Cable Got Royal Mail Share Price Right Despite NAO Critic …
    Nick Clegg: Vince Cable Got Royal Mail Share Price Right Despite NAO Critic … Thu, Apr 3, 2014

    Nick Clegg has backed Vince Cable's pricing of Royal Mail in the communications firm's privatisation, despite the National Audit Office saying it was sold off too cheaply. After taking advice from the investment banks Goldman Sachs and UBS, UK Business Secretary Cable priced Royal Mail at 330p a share. Royal Mail's share price is now trading at around 70% above this. The NAO said Cable's "deep caution" over Royal Mail's offer price meant the taxpayer lost out because it was undervalued. More »

  • RBS Urges Customers to Use Post Office After Axing 44 Bank Branches
    RBS Urges Customers to Use Post Office After Axing 44 Bank Branches Thu, Apr 3, 2014

    The Royal Bank of Scotland has shut 44 bank branches, which equates to a 30% drop, but the group says that customers can still go to the Post Office. Having announced in February that it would shut a raft of branches, as "the way people bank has changed significantly", RBS said the move is attuned to how customers do their day-to-day depositing or cash withdrawals. "Many branches classed as 'Last Bank in Town' are only open for a few hours a week and only see one or two customers per hour," said RBS. "We have to adapt to what our customers want, which is why we are investing in a range of other ways our customers can bank with us, including online and telephone banking, our mobile app, and in any one of the Post Office's 11,500 branches across the UK." More »

  • GOP budget slashes spending, aid to poor
    GOP budget slashes spending, aid to poor Thu, Apr 3, 2014

    WASHINGTON (AP) — A budget plan stuffed with familiar proposals to cut across a wide swath of the federal budget breezed through the House Budget Committee on Wednesday, but its sharp cuts to health care coverage for the middle class and the poor, food stamps and popular domestic programs are a nonstarter with President Barack Obama. More »

  • Royal Bank of Scotland to shut 44 branches
    Royal Bank of Scotland to shut 44 branches Wed, Apr 2, 2014

    Part-nationalised Royal Bank of Scotland said on Wednesday it will close 44 branches, of which 14 are classed as "Last Banks in Town", in the UK and Scotland. An RBS spokesperson said there has been a 30 percent drop in branch transactions since 2010 as banking has changed significantly over the last few years as more and more customers are banking where and when it is convenient for them. "Many branches classed as 'Last Bank in Town' are only open for a few hours a week and only see one or two customers per hour," the spokesperson said. "We have to adapt to what our customers want, which is why we are investing in a range of other ways our customers can bank with us, including online and telephone banking, our mobile app, and in any one of the Post Office's 11,500 branches across the UK," the spokesperson said. More »

  • Cameron comes under pressure over Royal Mail sell-off
    Cameron comes under pressure over Royal Mail sell-off Wed, Apr 2, 2014

    Prime Minister David Cameron came under pressure in parliament on Wednesday over his government's sale of Royal Mail with the Labour party accusing him of selling the firm off too cheaply to a handful of rich London investors. The government's handling of the sale of a 60 percent stake in the 500-year-old state postal operator last October at 330 pence a share has come under renewed scrutiny after the country's spending watchdog concluded the government had set the price too low. Labour has seized upon the flotation, and the quick profits made by big banks and City investors, to reinforce one of its central arguments ahead of next year's general election - that Cameron's government is out of touch with ordinary voters. "He sold at 330p and this morning the price was 563 pence," Ed Miliband, Labour's leader, told parliament. More »

  • House GOP plan seeks health cuts to balance budget
    House GOP plan seeks health cuts to balance budget Wed, Apr 2, 2014

    WASHINGTON (AP) — Republicans who control the House Budget Committee pressed ahead Wednesday on a budget-balancing plan that sharply cuts spending on transportation, health care programs for the middle class and the poor, food stamps and other domestic initiatives. More »

  • PM And Miliband Trade 'Dunce' And 'Muppet' Slurs
    PM And Miliband Trade 'Dunce' And 'Muppet' Slurs Wed, Apr 2, 2014

    Ed Miliband labelled David Cameron the "dunce of Downing Street" over the Government's sell-off of the Royal Mail during Prime Minister's Questions. In turn the Prime Minister responded by calling Mr Miliband and his shadow chancellor Ed Balls "muppets". During a fierce exchange, the Labour leader accused Mr Cameron of selling off the Royal Mail at "mates rates" to his friends in the City. It came after the National Audit Office found that the taxpayer was short-changed by over £1bn because the Government undervalued the Royal Mail when put shares on the market. More »

  • 'Dunce' PM accused over Mail sale
    'Dunce' PM accused over Mail sale Wed, Apr 2, 2014

    Ed Miliband has accused Prime Minister David Cameron of selling off the Royal Mail at "mates' rates" to friends in the City. More »

  • Ed Miliband: David Cameron Sold Royal Mail at Mates' Rates to City Chum …
    Ed Miliband: David Cameron Sold Royal Mail at Mates' Rates to City Chum … Wed, Apr 2, 2014

    Labour leader Ed Miliband accused David Cameron of selling Royal Mail off to City of London investors at "mates' rates".  Miliband attacked Cameron at Prime Minister's Questions in parliament a day after a National Audit Office (NAO) report said taxpayers had lost out in the Royal Mail flotation because shares were sold off too cheaply. The Labour leader pressed Cameron on what price Royal Mail shares were trading at while they were in the House of Commons, to which the prime minister said the taxpayer had benefitted from the firm's sale. Cameron hit back by saying Labour was unable to sell Royal Mail because it was loss-making under the party's control. More »

  • Third man arrested over gun and sledgehammer raid in Dublin post office
    Third man arrested over gun and sledgehammer raid in Dublin post office Wed, Apr 2, 2014

    The raid happened at the Mill Shopping Centre in Clondalkin yesterday. More »

  • Ryan unveils House GOP budget claiming balance
    Ryan unveils House GOP budget claiming balance Tue, Apr 1, 2014

    WASHINGTON (AP) — House Budget Committee Chairman Paul Ryan unveiled an updated Republican budget plan Tuesday that would slash $5.1 trillion in federal spending over coming decade and promises to balance the government's books with wide-ranging cuts in programs like food stamps and government-paid health care for the poor and working class. More »

  • Royal Mail sale short-changed taxpayers - watchdog
    Royal Mail sale short-changed taxpayers - watchdog Tue, Apr 1, 2014

    By Neil Maidment LONDON (Reuters) - Britain sold off Royal Mail too cheaply, the spending watchdog said on Tuesday, prompting the main opposition Labour party to accuse Prime Minister David Cameron's government of failing to look after the interests of taxpayers. Britain's decision to sell a 60 percent stake in the 500-year-old state postal operator last October for 330 pence a share has been heavily criticised by Labour and trade unions after the stock soared by as much as 87 percent. Labour has seized upon the flotation, and the quick profits made by big banks and City investors, to reinforce one of its central arguments ahead of next year's general election - that Cameron's government is out of touch with ordinary voters. The sell-off, which followed three failed attempts to privatise Royal Mail in 20 years, came in the face of possible strike action at Royal Mail that the government had said could deter investors and contributed to its cautious approach on price. More »

  • PM: 'Royal Mail Sell-Off Good For Taxpayers'
    PM: 'Royal Mail Sell-Off Good For Taxpayers' Tue, Apr 1, 2014

    The Prime Minister has defended the Royal Mail sell-off, claiming it has been good for the taxpayer, despite a report saying the public purse had lost out. David Cameron said the sale had benefited the taxpayer in three ways: it had generated money for the country, the Royal Mail was now a "profit-making company paying taxes into the Exchequer" and Britain had a successful business. The Government has robustly defended the sale against sharp criticism from the National Audit Office, which found that "deep caution" shown by ministers when pricing shares in the Royal Mail last year cost the taxpayer more than £1bn. Vince Cable responded in the House of Commons by saying the "last thing" he intended to do was apologise for the Government's undervaluation of the Royal Mail. More »

  • Cable under pressure on Mail sale
    Cable under pressure on Mail sale Tue, Apr 1, 2014

    The Government is under continued pressure over its controversial privatisation of the Royal Mail amid demands for "priority" investors who made money from the sale to be publicly named. More »