Monte dei Paschi tries to win over opposition to rights issue November 27, 2013 ITALIAN bank Monte dei Paschi di Siena would be nationalised without a capital injection and disappear from its base in Siena, bank executives said in an attempt to overcome local opposition to its planned rights issue. Yesterday’s warning came as the European Commission gave a green light to the bank’s restructuring plan in Brussels, saying [...]
Latvia PM quits after roof tragedy November 27, 2013 Latvian Prime Minister Valdis Dombrovskis resigned yesterday, taking responsibility for the collapse of a supermarket roof that killed 54 people last week and plunging the Baltic state into turmoil weeks ahead of its entry into the Eurozone. The departure of the Latvia’s longest-serving premier has brought down its government, a measure of the political uproar [...]
ECB’s Asmussen warns Ireland November 27, 2013 European Central Bank (ECB) executive board member Jorg Asmussen yesterday insisted that Ireland is not eligible for Brussels’ bond-buying programme, following the country’s decision to exit its bailout without a precautionary credit line. Ireland would need to apply for a new support programme before being considered for the so-called Outright Monetary Transactions initiative, he said.
Spanish retail sales in decline November 27, 2013 Spanish retail sales fell 0.5 per cent last month compared to the same time a year earlier, the country’s official statistics office INE revealed yesterday. The figures were a blow to the Spanish recovery, following a revised 2.1 per cent rise in retail sales in September. An increase in VAT, introduced in September 2012, likely [...]
S&P says mortgage-related cases may cost US banks up to $105bn November 27, 2013 THE largest US banks may need to pay out up to an additional $105bn (£64.5bn) to settle legacy mortgage-related issues, but have a capital cushion that would help them absorb these losses, according to a report by ratings agency Standard & Poor’s. Eight of the top US banks, including JP Morgan Chase and Bank of [...]
UBS says French investigators have visited Paris headquarters November 27, 2013 FRENCH judicial authorities probing Swiss bank UBS over allegations it illegally sold products designed to avoid French taxes visited the bank’s headquarters in Paris yesterday, a UBS spokesman said. It is the second time in just over a year that investigators have probed UBS’s French offices in person. The Swiss bank was placed under formal [...]
United Utilities uses tax rebate to trim bill hike November 27, 2013 FTSE 100-listed water company United Utilities yesterday said it plans to use a tax settlement to keep price increases in line with inflation next year, as it unveiled increased half-year revenues and earnings. A revised agreement with HM Revenue and Customs has triggered a tax windfall for water companies. Severn Trent yesterday said it is [...]
RWE Npower to slash 1,400 UK jobs and shut down three sites November 27, 2013 ENERGY giant RWE Npower is set to cut 1,400 UK jobs and close three sites in the North East of England. A further 570 jobs will be transferred to another provider in 60 days. The lost jobs will be transferred to India as sites at Peterlee, Thornaby and Stoke are shut down. Trade union the [...]
Large company insolvency rate cut by over half November 27, 2013 INSOLVENCIES among Britain’s largest companies more than halved in October when compared to a year earlier, according to data released by Experian yesterday. In a boost to the UK’s economic prospects, Experian said that the year-on-year insolvency rate for companies with 500 or more employees was 0.08 per cent last month – down from 0.2 per [...]
Amec shares slide as investors fear costly takeover of US rival November 27, 2013 FTSE 100-listed engineering firm Amec’s shares plunged 3.5 per cent yesterday, after speculation of a takeover approach for US rival Foster Wheeler triggered fears of a rights issue that would dilute the stock’s value. Investors reacted badly to the idea that Amec would have to issue equity to fund a potential purchase of the £1.8bn [...]