RWE eyes bigger cost reductions November 11, 2013 Germany’s RWE is expected to cut more jobs than planned, squeeze more costs and sell more assets when it reports earnings this week due to weaker prospects in electricity generation as the country shifts toward renewable energy. RWE is set to slash a further 3,400 jobs and increase the scope of its savings programme, dubbed [...]
Alitalia board weigh up job cuts November 11, 2013 Italian airline Alitalia has called a board meeting for tomorrow to discuss a revised industrial plan for the loss-making carrier that could include heavy job losses, sources familiar with the situation said yesterday. One source said a few thousand jobs could be cut as a result of the revised plan, although there was no definite [...]
City Moves for 12 November 2013 | Who’s switching jobs November 11, 2013 Butterfield The bank has announced the appointment of Kim Hillier as European head of private banking. Hillier has over 30 years’ experience as a wealth management adviser. She joined the bank in 2012 from Stonehage Investment Partners. BlackRock The investment management firm has recruited Rachel Lord as head of iShares for Europe, the Middle East [...]
Italian industry sees output fall for 10th quarter November 11, 2013 ITALIAN industrial production was up marginally in September, but down significantly for the third quarter, according to figures released yesterday, adding to fears that Italy could prove a drag on the Eurozone. Italy’s national statistics institute (Istat) reported that production – excluding construction – increased by 0.2 per cent in September compared to the month [...]
Factories shuttered as protest turns violent in Bangladesh November 11, 2013 PROTESTERS demanding a higher minimum wage in Bangladesh were broken up by police yesterday, with the disorder forcing more than 100 factories to close their doors. Tear gas, rubber bullets and water cannon were used on the protesters, who were rallying in support of a higher minimum wage for textiles workers. Bangladesh’s wage board announced [...]
Monte dei Paschi sends bailout plan to European Commission November 11, 2013 THE EUROPEAN Commission yesterday received a restructuring plan from troubled Italian bank Monte dei Paschi di Siena, which needs the EU’s green light for a €4.1bn bailout, a press officer for EU Competition Commissioner Joaquin Almunia said. It was not immediately clear how long it would take for the EU Commission to approve the plan, [...]
EBRD cites oil price as it cuts Russia outlook November 11, 2013 THE EUROPEAN Bank for Reconstruction and Development (EBRD) cut its 2013 and 2014 growth forecasts for central and eastern Europe and North Africa yesterday, citing weak external demand and unfinished structural reforms. The EBRD’s forecasts for its regions of operation included a drop of half a percentage point for the biggest economy, Russia. “Potential growth [...]
US colleges attract China students November 11, 2013 More than 800,000 international students took classes at US colleges and universities last year, a record high fuelled largely by an influx of young scholars from China, US data released yesterday showed. That is a seven per cent increase – or 55,000 students – from the 2011 academic year, according to annual findings from the [...]
German party drops fund call November 11, 2013 Germany’s Social Democrats (SPD) have dropped their demand for a Eurozone debt redemption fund in coalition talks with Angela Merkel’s conservatives, but the camps still have work to do to finalise a deal on banking union, both sides said yesterday. The centre-left SPD supported the idea of common Eurozone bond issuance during the height of [...]
Moody’s raises view of Portugal November 11, 2013 Moody’s no longer sees major risks for the Portuguese economy, a senior official said yesterday, after the credit rating agency raised its outlook for the country to “stable”, helping send its bond yields sharply lower. Moody’s is the first of the three big rating agencies to give some positive news to Portugal after its political [...]