UK SERVICES SECTOR OUT OF RECESSION June 3, 2009 A SURPRISE return to growth for the services sector recorded in May boosted hopes yesterday, suggesting that Britain could be the first major economy to recover from the financial crisis. The CIPS/Markit UK services sector purchasing managers’ index (PMI) released yesterday recorded a reading of 51.7, above the critical 50 mark that separates expansion from [...]
We owe it to democracy to vote today June 3, 2009 TODAY is Election Day – even though the astonishing circus of resignations, backstabbings and the near collapse of the Labour government have completely overshadowed the parties’ manifestoes for the European parliament. Many readers will doubtless be planning to abstain in disgust at the evident moral and financial corruption of our ruling classes, a belief that [...]
Q & A : TODAY’S ELECTIONS June 3, 2009 Q. WHAT IS THE EUROPEAN PARLIAMENT?A. It is the EU’s only directly elected body. There will be 736 members of the European Parliament (MEPs), of which 72 will come from the UK. Q. WHAT AM I VOTING FOR IN THE EUROPEAN ELECTIONS?A. You vote for a party rather than an individual candidate; individuals at the [...]
CITY VIEWS: IS IT RIGHT THAT POLITICIANS LOSE THEIR JOBS OVER EXPENSE CLAIMS? June 3, 2009 ROBERT SKRMETTA AON“These people should not be allowed into office ever again and in certain cases they should be facing criminal charges. They shouldn’t be given the option to resign, they should be fired instead. They have taken advantage of their situation to overuse taxpayers’ money.” MATTHEW MELVILLE GCUBE“I can understand it partly because they’re [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 3, 2009 FINANCIAL TIMES BANKRUPTCIES SET TO RISEThe number of corporate bankruptcies is set to surge by 35 per cent this year, turning the world economy into a “burial ground” for businesses, according to a study by Euler Hermes, the credit insurer. In a study published today the Paris-based unit of Allianz, says the rate of corporate [...]
Porsche asks for a state loan June 3, 2009 Porsche said it had asked the German government for a loan, raising fresh questions yesterday over its ability to manage a debt mountain that has already forced it to abandon a takeover of Volkswagen. Porsche racked up about ¤9bn of net debt trying to swallow its much bigger rival Volkswagen before the financial crisis turned [...]
Arcelor lays off Spanish workers June 3, 2009 ArcelorMittal, the world’s largest steelmaker, said it has sealed a deal with the Spanish government allowing temporary layoffs among its 12,000 Spanish workers in response to falling global demand for steel. The agreement is valid until the end of the year and may be extended until June 1, 2010, depending on market conditions, ArcelorMittal said.
Murdoch recruits top lieutenant June 3, 2009 News Corp named DirecTV chief executive Chase Carey as Rupert Murdoch’s top lieutenant, marking the return of one of the media mogul’s most trusted veterans. He will replace Peter Chernin as chief operating officer.
Barclays ends final salary pension plan June 3, 2009 BARCLAYS told staff yesterday that it is to close its final salary pension scheme, prompting a furious response from unions, who accused the bank of stabbing its employees in the back. The bank said it was closing the scheme as a result of the mounting cost of financing pensions for some 18,000 staff. Members of [...]
Premiership regains place as world’s most profitable league June 3, 2009 CHAMPIONS Manchester United yesterday set the trend for Premier League football clubs after announcing a lucrative shirt deal on the day when record-high revenue figures were announced. The Old Trafford club agreed to a four-year sponsorship deal with insurance giant Aon Corporation, replacing that of troubled AIG, which was bailed out by the US government. [...]