EU presses Germany to agree Greek aid package March 22, 2010 THE head of the European Commission challenged German Chancellor Angela Merkel to rise above domestic politics and agree on a financial safety net for debt-stricken Greece to help preserve European monetary union. Greece’s deputy prime minister meanwhile accused Berlin of allowing its banks to take part in a “deplorable game” of speculating on Greek bonds [...]
Barclays hit by charge on restructuring March 22, 2010 BARCLAYS yesterday updated the market on the broad-ranging reorganisation of its group structure, admitting it will take a £100m charge in the first half of 2010 as a result of the restructuring of Barclays Corporate. The £100m charge reflects redundancy and other costs from Barclays’ exit from its Bank Akita retail arm in Indonesia, a [...]
Why the Tories should try talking to voters with a Canadian accent March 22, 2010 As the general election draws near, voters appear to be pondering the previously unthinkable: granting Gordon Brown another term in office. The Conservatives’ lacklustre standing in the polls reflects the cloud of doubt swirling around David Cameron, what he stands for – or does not stand for. Tax cuts? Entitlement cuts? Spending cuts? Voters want [...]
German cable firm slips on market debut March 22, 2010 Shares in cable television company Kabel Deutschland languished on their debut in Europe’s biggest flotation so far this year, as wary investors balk at high valuations pinned on new listings. Germany’s largest cable operator raised €759m (£681m) for US owner Providence Partners in its initial public offering on the Frankfurt stock exchange, towards the lower [...]
We must choose either fairness or freedom March 22, 2010 ALTHOUGH we are becoming more connected, more empowered by digital devices and more able to control our lives with technology, we are also becoming more nannied, more kept by the state. Shouldn’t there be an alignment towards more freedom rather than a contrast between our personal and civic lives? We spend our days listening to [...]
CITY MOVES | WHO’S SWITCHING JOBS March 22, 2010 Mirae Asset Global Investments Elliot Berman has been promoted to the role of head of sales for the EMEA region at Asian asset management firm Mirae Asset. Berman originally joined the group’s UK team in August 2008 as a senior manager for European distribution. He previously worked at Morley Fund Management, latterly as sales manager [...]
Fresh Irish bank bailout nears end game March 22, 2010 The Irish government is expected to present bank recapitalisation plans on 30 March, sending shares down on worries they would have to raise more capital than earlier thought. The finance ministry is thought to be preparing to present bank recapitalisation plans next week and give an update on the price the bad bank will pay [...]
BEST OF THE BROKERS March 22, 2010 NEXT BNP Paribas Wealth Management has maintained its “neutral” stance on clothing retailer Next, ahead of the company’s full year results expected out on Thursday. BNP said that Next reported an upbeat Christmas trading period in January but the harsh weather at the start of the year could take the shine off the numbers. RANDALL [...]
A third of BA flights cancelled on strike day three March 22, 2010 MORE than a third of British Airways flights at the UK’s major airports were cancelled on day three of strike action by cabin crew, according to BA’s website. The airline said 200 of the 563 of the flights due to take off or land at 11 airports had been scrapped. Unite, the union who called [...]
Wolseley warning over economy as profits dip March 22, 2010 HOUSE buildings supplier Wolseley warned that the economic environment remained volatile, as it posted a sharp drop in half-yearly trading profit. The FTSE 100 group’s trading profit slipped 33.5 per cent to £167m in the six months ended 31 January 2010, compared with £251m in the same period of the previous year. First-half revenue was [...]