Swiss handover of UBS client data delayed by political row June 8, 2010 SWITZERLAND’S delivery of UBS client data to US tax officials has been delayed after the Swiss lower house rejected the Swiss-US deal to solve a tax row, triggering a new parliamentary debate. Yesterday’s last-minute rejection by the main arm of parliament contradicts a vote in favour of the deal by the upper house last week, [...]
Forget south africa; the world cup is coming to bishopsgate June 8, 2010 ROYAL Bank of Scotland has clearly been keeping an ear out for all the sage words of wisdom dropping from the sky over the World Cup. The four-yearly event is one of the most sought-after corporate hospitality gigs in the calendar, but RBS, mindful of that taxpayer bailout it received during the crisis, isn’t biting. [...]
EU goes ahead with plans for bank tax levy June 8, 2010 THE European Union says it will press ahead with its own banking levy after the world’s top economies failed to agree on taxing an industry seen as a main culprit behind the global economic meltdown. Finance ministers finished talks yesterday to tackle bloated public debts with a promise to find a way of taxing banks [...]
Spanish unions test appetite for unrest with one-day strike June 8, 2010 SPANISH public sector workers staged a one-day protest at planned wage cuts yesterday, in a move to test whether unions will be able to muster a full-blown general strike. Civil servants banged drums and chanted anti-government slogans in a stand against a five per cent salary reduction this year, to be followed by a pay [...]
Hungary to punish banks and ban home loans in foreign currencies June 8, 2010 HUNGARY’S Prime Minister vowed to introduce a flat income tax and a tariff on banks, cut public pay and ban foreign currency mortgages as he strove to reassure investors he could contain the budget deficit. After sweeping an April election with a two-thirds majority, Viktor Orban unveiled a programme departing from that of the previous [...]
Reds reject Benitez set for San Siro after agreeing Inter deal June 8, 2010 RAFAEL BENITEZ will be unveiled as the new manager of Inter Milan today after agreeing a deal to succeed Jose Mourinho at the San Siro. Benitez has been locked in discussions with the European champions after his six-year spell in charge of Liverpool was ended by mutual consent last week. The Spaniard is due to [...]
Shop price inflation falls June 8, 2010 THE growth in shop prices lost momentum in May as consumer uncertainty forced retailers to keep prices low, according to the latest survey from the British Retail Consortium (BRC). Overall annual shop price inflation fell to 1.8 per cent last month compared to two per cent in April despite big rises in some costs. Transport [...]
Job hires up but outlook is less rosy June 8, 2010 LABOUR market conditions continued to improve in May but growth in the number of permanent hires fell for the second consecutive month, the KPMG/REC?Report on Jobs will show today. The survey said that higher staff appointments were underpinned by a further improvement in demand for staff during May. Recruitment consultancies indicated that growth of vacancies [...]
Good news for German exporters June 8, 2010 GERMAN industrial production rose at a slower rate in April but managed to build on March’s bumper 4.3 per cent monthly increase, boosting optimism among analysts about the outlook for the German economy in spite of the ongoing sovereign debt crisis and the latest austerity cuts. The increase in industrial production was driven by intermediate [...]
Bernanke: Europe is committed to euro June 8, 2010 EUROPEAN leaders are committed to ensuring the survival of the euro and have enough money to meet obligations of heavily indebted member countries, Federal Reserve chairman Ben Bernanke said yesterday. In remarks to the Woodrow Wilson Centre in Washington, Bernanke said a euro stabilisation package of nearly $1 trillion was “a lot of money” and [...]