Double-dip for Eurozone as it slumps again September 5, 2012 THE EUROZONE economy suffered an even more severe downturn in August than at first thought, survey data from Markit revealed yesterday. The initial “flash” purchasing managers’ index (PMI) for euro area economic output in August was 46.6, marginally up on July’s 46.5 – but yesterday’s figure was 46.3. Any figure below 50 indicates contraction. Activity [...]
Ireland sees shop sales surge as crisis-hit Spain suffers fall September 5, 2012 RETAIL trade slipped in the Eurozone in July, down from a slight increase in June, official Eurostat data revealed yesterday. The total volume of retail trade fell 0.2 per cent across the 17 euro area countries, having increased by 0.1 per cent in June. Though this overall picture was fairly flat, it hid a 0.9 [...]
Pocket money squeezed in slump September 5, 2012 The amount children receive each week in pocket money has fallen back this year, after recovering from 2010’s seven-year low in 2011, a survey showed today. On average, children are given £5.98 a week by their parents, down from last year’s £6.25, Halifax said in it is annual pocket money survey. But children in London [...]
Narrow money continues to grow September 5, 2012 Narrow money continued its steady growth into August, Bank of England data revealed yesterday. There were 0.4 per cent more notes and coins sloshing about in the economy this month, compared to July, putting the total supply 5.1 per cent up on August last year. Simon Ward, economist at Henderson, told City A.M. that healthy [...]
Indian banks hit by bad loans September 5, 2012 Indian banks are being hammered by large numbers of non-performing loans (NPLs), Fitch revealed yesterday. Cumulative gross NPLs at the biggest five Indian banks, who together control around a third of the banking system’s total assets, rose 62 per cent in loans maturing in quarter one 2013, compared to quarter one 2012.
Life in the City all mapped out for you September 5, 2012 YOU work there everyday, and probably spend more time surrounded by its office buildings than your own four walls, but how much do you really know about the Square Mile? A lunchtime trip to the Walbrook Building on Cannon Street this week might help you find out, as until Saturday it’s home to an exhibition [...]
London’s most useful Wenlock up for grabs September 5, 2012 FOR those of you who missed out on the chance to snap up City Gent Wenlock when the auction closed last week, worry not. Though lots in the auction are going fast there are still around 10 mascots left – including surely London’s most useful legacy mascot, covered in print from the capital’s famous A-Z [...]
Theo Fennell in takeover talks with EMI Capital September 5, 2012 THEO Fennell, the Aim-listed jeweller, saw its shares jump nearly 30 per cent yesterday after it confirmed it is in takeover talks with EME Capital. The company said discussions were at a “very preliminary” stage, and may or may not lead to an offer being made. A spokesperson for the jeweller declined to comment further. [...]
Sweden’s Espresso House sold by UK owners to Norway fund September 5, 2012 COFFEE chain Espresso House, known as the “Starbucks of Sweden”, has been sold by its UK private equity owners Palamon Capital Partners to a Norwegian private equity fund, it was announced yesterday. The popular coffee haunt, which has 120 coffee bars dotted around Sweden, was snapped up by Norwegian fund Herkules Private Equity III after [...]
3i cuts further stake in Norma after placing September 5, 2012 UK private equity firm 3i sold €77m (£61m) of shares in German engineering firm Norma Group to institutional investors yesterday – taking its stake from 73 per cent to 16.7 per cent in just 18 months. 3i announced it had placed four million shares for a price of €19.25 per share with investors. The news [...]