Greek debt protection costs soar January 13, 2010 The cost of insuring Greece’s debt hit a record high yesterday, after Moody’s Investors Service warned that its economy risks a “slow death” if it does not implement challenging fiscal reform measures. Greek Prime Minister George Papandreou however said he would not quit the eurozone or seek help from the International Monetary fund, further lowering [...]
EU targets derivative speculation January 13, 2010 Speculation in commodity derivatives has been “scandalous” and needs to be regulated carefully, the European Union’s nominee for chief financial watchdog said yesterday. The European Commission is expected to put forward a draft law by mid-year to regulate the vast off-exchange traded derivatives market.
Factory data weak but UK set to grow January 13, 2010 BRITAIN’S manufacturing output failed to grow in November, raising yet further concerns about the strength of the recession-hit producers and the sustainability of the UK’s still fragile recovery. More positively, the wider industrial production measure managed to post a gain of 0.4 per cent, official data showed. But this was entirely a reflection of increased [...]
Interest rates may need to rise to curb inflation risks January 13, 2010 THE Bank of England’s ultra-loose monetary policy has been a success but Threadneedle Street will have to consider raising interest rates this year if the Monetary Policy Committee (MPC) is to keep inflation risks under control, MPC member Andrew Sentance said in an interview published yesterday. He said that he was optimistic about the economy [...]
Germany suffers worst contraction since 1930s January 13, 2010 HOPES of a sustainable recovery in Germany were dealt a sharp blow yesterday by data showing that the world’s largest exporter contracted for the first time in six years. Although Germany exited recession in the second quarter, the annual contraction was five per cent, making the recent crisis the deepest since the Great Depression. The [...]
Matalan price gets a boost January 13, 2010 FASHION and homewares retailer Matalan has boosted its £1.5bn auction by revealing further strong growth over the Christmas period. The group revealed that like-for-like sales rose 13.7 per cent in the five weeks to 2 January. The upbeat trading statement came despite tough comparatives with positive trading figures seen a year earlier. Five private equity [...]
Mince pie bonanza over the festive season helps Greggs to increase sales January 13, 2010 PHENOMENAL demand for festive savoury bakes stoked a Christmas sales rise at baker Greggs although snow and sub-zero temperatures dented trade at the start of 2010. The firm, which sold more than a million mince pies each week over the festive period, yesterday said sales at stores open for more than a year increased 1.1 [...]
Supermarket ombudsman to vet grocers January 13, 2010 THE government is setting up an ombudsman to enforce a new code of practice covering grocers’ relations with their suppliers after a majority of retailers failed to agree a voluntary arrangement. The code of practice was drawn up by the Competition Commission after an investigation of the grocery industry from 2006 to 2008 concluded that [...]
Pay schemes win marks for Lloyds names January 13, 2010 LLOYDS of London insurers Amlin and Hiscox get top marks for running pay schemes that attract and retain good staff, while transparently linking incentives to performance. A report by Collins Stewart found that Hiscox and above all Amlin lead the industry on pay and performance. Beazley was described as “work in progress,” Hardy and Novae [...]
Delay for Gran Turismo game January 13, 2010 THE launch of Sony’s long-awaited “Gran Turismo 5”, the latest incarnation of the racing game series, will be postponed, the Japanese technology firm said yesterday, citing “production related matters” as the reason. The game, designed for Sony’s PlayStation 3 (PS3) games console, was due to be launched in March and a new launch date has [...]