Booming Asia will support global recovery, says poll of economists October 14, 2010 THE world economy is set to rely even more heavily on booming emerging markets next year as recovery in rich nations from the worst financial crisis in generations plods on, according to a survey – but most nations will avoid a double dip recession. The consensus from more than 500 economists polled by?Reuters across the [...]
New takeovers by Venezuela’s leader Chavez October 14, 2010 A string of nationalisations in Venezuela in recent days show President Hugo Chavez is pushing ahead with takeovers that critics say are undermining an economy that is already the worst performing in South America. Almost all the businesses expropriated during the 12-year rule of the leftist firebrand have struggled to maintain production levels – a [...]
City’s small businesses are crying out for help October 14, 2010 IT IS a known fact that when recession strikes there is a lag between companies beginning to feel the pain and actually getting into real difficulties. This time around it is no different and, with just days to go until the Comprehensive Spending Review is unveiled, many UK businesses that are already struggling are hoping [...]
Barrick hit by criminal gang October 14, 2010 African Barrick Gold yesterday slashed its 2010 production target for the second time in three months after claiming it had discovered alleged fuel theft at its new Buzwagi mine, sending its shares down. The company said it discovered a criminal syndicate had infiltrated the open-cast pit and was allegedly stealing fuel there. It has suspended [...]
Capitalise on confusion October 14, 2010 IT IS every company’s worst nightmare. First, a fraud that appears to go to the heart of one of its key assets. Then, a costly and distracting investigation that could actually prove more damaging than the theft itself. With 60 employees suspended, around 40 per cent of the Buzwagi mine’s staff, production will now be [...]
Curbs on loan insurance hit bank sector October 14, 2010 UK lenders are to be banned from selling customers payment protection insurance (PPI) alongside credit products such as personal loans. The Competition Commission yesterday confirmed it will introduce a point-of-sale PPI prohibition as part of a package of reforms designed to make the PPI market more competitive. The decision confirms a provisional ban issued by [...]
Car industry brings motor show to a halt October 14, 2010 Motor industry bosses are axing the flagship British International Motor Show after more than a century, blaming the impact on the industry of the economic slump. The Society of Motor Manufacturers & Traders (SMMT) said the biennial show, which last took place in 2008 but was cancelled this year, would not be reinstated in 2012. [...]
Moelis gets full FSA licence October 14, 2010 INVESTMENT banking group Moelis has cemented its ambition of conquering the European market after receiving its full licence from the Financial Services Authority. Moelis, which has been actively poaching some of the stars of the UK market in recent months since setting up in the UK around 18 months ago, has until now been “incubated” [...]
HIG invests £62m in Engine October 14, 2010 Private equity group HIG Capital will invest £62.5m in marketing firm Engine Group to help fund its expansion into the US, China and Brazil. The investment will consist of an initial £32.5m, followed by £30m over the next two years. HIG, which recently moved into new City offices, will eventually hold a stake of around [...]
Commercial property values plateau amid continued economic uncertainty October 14, 2010 COMMERCIAL property values rose marginally last month, doing little to assuage fears that the market’s 13-month rally has lost steam and may return to negative growth, research suggested yesterday. Investment Property Databank (IPD) said in its monthly UK index that commercial property capital values have gained 14.2 per cent in the last 12 months. They [...]