Fiat-Chrysler motors into New York market October 13, 2014 NEWLY formed carmaker Fiat-Chrysler made its New York stock debut yesterday, a major milestone in chief executive’s Sergio Marchionne long-running overhaul of the group. Shares ended lower at $8.92 having listed at $9, with Marchionne ringing the closing bell after trading in New York. Italian car maker Fiat bought US automotive icon Chrysler out of [...]
Synergy Health share price soars as US rival Steris reignites tax inversion debate with $1.9bn deal October 13, 2014 US medical technology giant Steris yesterday announced it had bought British health services provider Synergy Health in a $1.9bn (£1.2bn) deal that re-opened the US tax inversion debate. Steris said it would buy Synergy, whose shares rocketed by more than 30 per cent yesterday, in a cash-plus-shares deal that would shift its domicile to [...]
Enthusiastic UK shoppers boost growth hopes as spending on cards increases October 13, 2014 Shoppers are splashing out more in almost every area of spending, Barclaycard numbers showed yesterday, indicating there is more life yet in the economic recovery. Overall, spending on cards last month was 4.8 per cent higher than it was in September last year – the fastest annual increase since May 2013. Spending in restaurants jumped [...]
Thorntons sales melt by 12.8pc October 13, 2014 SHARES in Thorntons slumped nearly eight per cent yesterday after subdued consumer spending and lumpy orders from commercial customers hurt the chocolatier’s first quarter sales. Thorntons has been reducing its exposure to the high street and repositioning itself as a fast-moving consumer goods (FMCG) business, its chocolates to supermarkets and other third-party retailers. The company [...]
Carney flies to Washington for bank war-game October 13, 2014 THE BANK of England yesterday sent almost its entire top tier of executives to Washington to test out a fictional scenario of a banking collapse with their American counterparts. The war-game was designed to test communications and planning between the two nations, so that they would be better prepared for any real crash. Britain and the [...]
Stress tests will not solve euro banks’ bad loan crisis, says Fitch October 13, 2014 EUROPEAN banks will still struggle with huge piles of bad debts despite hiking capital levels, dragging on the recovery, analysts at Fitch warned yesterday. Banks raised €65bn (£51bn) of capital in the first half of the year to bolster their buffers ahead of the European Central Bank’s (ECB) stress tests to show they could withstand [...]
Ring-fencing helps bail-in October 13, 2014 DEBT investors face more risk as the new rules restructuring lenders will make it easier for regulators to make investors pay for a bank failure, Moody’s said yesterday. When banks are ring-fenced into retail and investment arms, they will “be less complex and easier to resolve, thereby lowering the barrier to regulatory resolution that could entail [...]
EU loses 150 banks in a year October 13, 2014 THE EU lost 152 banks and other lenders last year, as weak institutions continue to close or be taken over by stronger firms, the European Central Bank (ECB) said yesterday. The total number of credit institutions fell to 5,948 last year, down from 6,100 in 2012 and 6,690 in 2008. “The rationalisation process suggests that overall efficiency [...]
Budget deficit reduction efforts hit by low wage growth this year October 13, 2014 Income tax revenue is falling below expectations this year due to sluggish wage growth, the Office for Budget Responsibility (OBR) said yesterday, warning it will hit efforts to close the budget deficit. The economy is expanding strongly and creating jobs at a record pace, which should be good for the government’s finances. Unemployment stands at [...]
Slowdown fear eased as China data improves October 13, 2014 CHINA’S trade data released yesterday showed a healthy gain in domestic and foreign demand with exports and imports surpassing expectations. Exports grew 15.3 per cent year-on-year in September compared with 9.4 per cent in August. Imports soared ahead at seven per cent year-on-year growth, up from minus two per cent in August. Technology exports grew [...]