Eurozone jobless rate hits 10pc March 31, 2010 THE Eurozone’s unemployment rate hit double digits in February and is expected to continue rising beyond its 11-and-a-half year high of 10 per cent in the coming months. The number of jobless in the 16-country area rose by 61,000 in February, taking the total number of unemployed across the region to 15.749m. The pace of [...]
Markets disheartened by mixed US figures March 31, 2010 MIXED US data dominated the markets yesterday after two other key macroeconomic indicators also disappointed investors. Business activity in the Midwest, as measured by the Institute of Supply Management’s Chicago business index, dropped to 58.8 in March from 62.6 in February, indicating a slowdown in the pace of expansion. This reading was well below the [...]
Banks must pocket profits March 31, 2010 BANKS should take advantage of recent profits they have made to bolster their balance sheets, the Bank of England executive director for financial stability Andrew Haldane said yesterday. “There is a strong case for banks, in the UK and internationally, pocketing this windfall rather than distributing it to either staff or shareholders,” he said in [...]
ISA savers hit as lose out on £3bn interest March 31, 2010 BRITONS with individual savings accounts (ISAs) could have saved up to £3bn if they had switched their savings to another account, according to Consumer Focus. The public watchdog said yesterday that customers who haven’t switched their ISA accounts could be losing out on one to two per cent interest, or between £1.5bn to £3bn a [...]
Enterprise Inns slates pub aid from ministers March 31, 2010 ENTERPRISE Inns, the UK’s second-biggest pubs company, yesterday lashed out at the government for its failure to provide adequate aid to struggling publicans. Enterprise, which has over 7,000 tenanted pubs, said it noted the proposals by newly-appointed pubs minister John Healey to commit £4.3m of funding to the industry over the next three years. But [...]
CITY VIEWS: IS THE LOCAL PUB IN DANGER? March 31, 2010 ANDREW HARPER | AON CONSULTING “Fancy wine bars have put local pubs in danger, but the economic downturn is having a greater effect. High levels of taxation aren’t helping either.” JOHN YOUNG | MISHCON DE REYA “In my neck of the woods, I’ve definitely seen a lot of pubs closing. I think it’s partly because [...]
FirstGroup is hampered by US weakness March 31, 2010 FIRSTGROUP, the transport operator, reassured the City yesterday that it will hit its full-year results targets, despite being dealt a £16m blow by the heavy snow earlier this year. The group also said it expects to deliver only moderate earnings growth in the financial year ahead, largely due to a sluggish performance from its US [...]
Network Rail to seek strike injunction March 31, 2010 A LEGAL standoff between Network Rail and trade union RMT has been pushed back to today, after the rail operator threatened to seek an injunction against a proposed strike by signalling staff. The two will meet this morning in front of a High Court judge to push for an injunction to prevent a three-day walkout [...]
AT A GLANCE March 31, 2010 Virgin Trains Only two trains per hour between London Euston and Birmingham New Street will run, and another two trains between London Euston and Manchester Picadilly. www.virgintrains.co.uk South West Trains Two trains per hour between London Waterloo and Basingstoke. Between London Waterloo and Guildford, only one train an hour will run. www.southwesttrains.co.uk Southeastern Two trains [...]
Relief as Bank of Ireland taps private cash March 31, 2010 BANK of Ireland will raise from private sources much of the €2.7bn (£2.4bn) it needs, potentially becoming the only member of Ireland’s “bad bank” scheme to escape a fresh bailout. The bank said it was in fundraising talks with investment banks, a welcome relief for the Irish government, which faces years of scrimping to plug [...]