EU attacks big trade and budget deficits February 14, 2012 COUNTRIES like the UK, France and Italy are being investigated by the EU for allowing potentially dangerous economic imbalances to develop, commissioner Olli Rehn said yesterday. Twelve EU countries have failed to address problems building up in their economies, Rehn said, and after further analysis the European Commission (EC) may send them advice and action [...]
Greek recession is near to entering its fifth straight year February 14, 2012 THE GREEK economy declined sharply in the final quarter of 2011, official figures confirmed yesterday as the country enters its fifth year of recession. GDP shrank by 6.8 per cent in 2011, taking output 16 per cent below its pre-recession peak and close to the record for the deepest slump of modern times – Latvia’s [...]
Eurozone industrial output tumbles raising fear of economic contraction February 14, 2012 OUTPUT at factories in the Eurozone tumbled in December, reflecting a sick European economy that probably shrank at the end of 2011, though market watchers hope it will recover this year. Industrial production in the 17 countries sharing the euro fell 1.1 per cent in December from November, official data showed. On an annual basis, [...]
Investor morale in Germany hits highest level since last April February 14, 2012 GERMAN analyst and investor sentiment leapt to its highest level since April 2011 in February, smashing expectations and sending the euro to a session high, in a sign that Europe’s bulwark economy is picking up pace again. The widely-regarded monthly ZEW poll of economic sentiment jumped for the third month in a row, rising to [...]
Zurich clinches top spot as the world’s most expensive city February 14, 2012 ZURICH has leapfrogged ahead of Tokyo in the league table of the world’s most expensive cities after the Swiss franc’s sharp rise and its allure as a safe-haven currency for investors sent the cost of living soaring. The Swiss city, which is now almost 50 per cent more expensive than London, has jumped from fifth [...]
Towry loses a landmark client poaching case February 14, 2012 INDEPENDENT wealth adviser Towry has lost a landmark case against rival Raymond James and seven former Edward Jones employees, who it had claimed had solicited clients away from the firm. The advisers joined Towry when it took over the US arm of Edward Jones in 2009, but chose to move to Raymond James rather than [...]
BLOOMSBURY PLANS PUSH INTO INDIA February 14, 2012 HARRY Potter publisher Bloomsbury announced yesterday it is planning to open a dedicated India business to take advantage of the 50m people in the emerging economy buying English books every year. Bloomsbury has already been operating in India for 25 years through a marketing and distribution partnership with Penguin. “We are hugely enthusiastic about this [...]
FX TRADERS WIN UNFAIR DISMISSAL LAWSUIT February 14, 2012 SOCIETE GENERALE traders Didier Meyer and Eric Leandri can finally attempt to resurrect their careers, after being cleared of allegations of unauthorised trading in connection with a multi-billion euro trade with ArcelorMittal in 2009. Meyer, former global head of FX options trading, and his colleague Leandri, global head of FX structuring, were suspended in October [...]
New digital strategy can’t stop Yell’s drop February 14, 2012 SHARES in Yell took a steep tumble as the directories group revealed its revenues dropped 15 per cent to £382.8m in the third quarter. The company, which has suffered in the rise of the digital era, said revenues from print and directory enquiry services were down 22 per cent to £269.8m, sending Yell’s stock to [...]
Apple iPad rumour mill whirls despite problems in China February 14, 2012 THE HUNGRILY-AWAITED iPad 3 could run on fourth generation networks when released in the US later this year, with top American wireless providers AT&T and Verizon vying for the carrier deal. Apple is expected to announce details of its latest tablet offering in the first week of next month, with some sources pointing specifically to [...]