Trading problems are partly seasonal, but structural issues are at stake too, as one of Switzerland’s big banks is finding October 21, 2010 JUST weeks after a dire prediction by bank analyst Meredith Whitney that 80,000 jobs are set to go on Wall Street within two years, Credit Suisse has followed the US giants in demonstrating just how hard the investment banking climate really is. Third quarter earnings have so far been characterised by solid retail and private [...]
Green stealth tax bombshell stuns business October 21, 2010 BUSINESS leaders were left stunned by what they called a green “stealth tax” following news by the government on Wednesday that it would keep the revenue raised from the Carbon Reduction Commitment (CRC) rather than recycle cash raised back into scheme. Richard Lambert, director-general of the Confederation of British Industry (CBI), attacked the proposals saying: [...]
China’s GDP growth starts to slow down October 21, 2010 China’s growth ebbed in the third quarter while inflation edged higher, suggesting that the world’s second-largest economy was far from overheating and that an interest rate rise this week may be enough for now. Economic growth dipped to 9.6 per cent in the third quarter from a year earlier, down from 10.3 per cent in [...]
Glaxo is hit with a subpoena in the US October 21, 2010 GlaxoSmithKline yesterday admitted it has received a subpoena from the US government over its controversial Avandia diabetes drug. The drugmaker has already taken a charge of £147m on the treatment after it was linked to increased risk of heart attacks. European regulators suspended it and severe restrictions were placed on its sale in the US. [...]
US jobs data adds to likelihood of QE October 21, 2010 NEW claims for unemployment benefits fell more than expected last week, but not enough to suggest much improvement in the distressed labour market. Initial claims for state unemployment benefits fell 23,000 to a seasonally-adjusted 452,000, the Labour Department said yesterday. Analysts had expected a drop to 455,000. Despite the fall, which also saw the unwinding [...]
CITY INSURANCE BROKERS TAKE TO THE RING AT EAST END FIGHT NIGHT October 21, 2010 PERHAPS it’s a sign of the times, but white collar boxing – City boys (and sometimes girls) swapping their suits for silk shorts and beating the living daylights out of each other – is becoming ever more popular among financial sector workers. With that in mind, it’s perhaps not so surprising that a sweating, heaving [...]
Danone sours views despite sales jump October 21, 2010 FRENCH food group Danone warned yesterday the economic landscape would continue to hit sales in Europe, as it posted a 15 per cent growth in third-quarter revenue to €4.35bn (£3.86bn) after strong dairy sales in emerging markets. The world’s biggest yoghurt maker maintained its full-year targets after offsetting a 2.1 per cent like-for-like sales growth [...]
Xerox beats forecasts but will cut jobs October 21, 2010 OFFICE equipment giant Xerox posted higher-than expected quarterly profit yesterday, but warned it would cut 2,500 jobs over the next year as part of a restructuring linked to an acquisition in 2009. Sales at US-based Xerox climbed 48 per cent to $5.43bn (£3.46bn) thanks to its purchase of Affiliated Computer Services. Without last year’s acquisition, [...]
Toyota’s latest recall to affect 17,000 UK cars October 21, 2010 TOYOTA has recalled 1.66m cars, mostly in Japan and the US, in the latest large-scale recall to hit the world’s biggest car-maker. The firm said yesterday it will repair 1.66m cars from its Lexus, Avalon and Highlander ranges due to various brake cylinder and fuel pump wiring problems. The total includes 17,000 vehicles in the [...]
1,800 jobs go at Nokia amid phone delay October 21, 2010 NOKIA’s new chief executive Stephen Elop put his stamp on the company yesterday by cutting 1,800 jobs, equivalent to three per cent of the company’s workforce, and delaying the launch of a key product after the mobile phone manufacturer posted stronger -than-expected results. It is not known whether UK workers will be affected by the [...]