Europe is just throwing good money after bad February 21, 2012 EUROZONE finance ministers have obviously opted out of the working time directive. It took them thirteen hours to hammer out the terms of Greece’s latest bailout on Monday night. Like teenagers, they only seem able to achieve anything in the wee small hours, when most sensible adults are asleep. But even a teenager could tell [...]
CITY VIEWS: WILL THIS BE GREECE’S FINAL BAILOUT?* February 21, 2012 JAY RAO WHITEHORSE TRADING “No way. Greece’s economy is broken; the money the Eurozone has given is nowhere near enough. The best thing to do is get them to leave the euro so they can have a clean slate.” GREG DAVIS DETICA “I suspect this won’t be the last time that Greece asks for a [...]
Greece’s debt holders unveil exchange deal February 21, 2012 PRIVATE holders of Greece’s debt finally agreed a proposal for a bond swap with the stricken country yesterday, which will see the value of their bonds written down by over 70 per cent. The Institute of International Finance (IIF), which represents 32 Greek creditors, unveiled the outlines of a deal yesterday that they said could [...]
Foreign inspection of Athens provokes opposition to new rescue agreement February 21, 2012 ANGER in Greece has escalated over the country’s deal with its lenders – an agreement that will require changes to the Greek constitution, and see a foreign “task force” stationed in Athens to oversee conditional reforms and spending cuts. Support for the main coalition parties, which led negotiations over the deal, has sunk in recent [...]
Did Brussels get it right this time? February 21, 2012 So Greece has secured a second bailout in the latest effort by the Eurozone to deal with the escalating debt crisis. We are asking members of our Voice of the City panel, run with PoliticsHome.com, if they think the deal will work. Is this the beginning of a bright new start for Greece, or are [...]
Amec in £400m buyback plan February 21, 2012 AMEC yesterday announced a £400m share buyback and hiked its dividend on the strength of its 2011 profits. The engineer, which is a consultant to energy industry big hitters including Centrica and ConocoPhillips, said it had been buoyed by a string of acquisitions and was on the hunt for more. AMEC posted full-year earnings before [...]
Tarmac merger under fire from regulators February 21, 2012 THE Competition Commission (CC) said a proposed joint venture between Anglo American and Lafarge in Britain could damage competition for construction materials in some markets. Having struggled for more than three years to find a buyer for its Tarmac UK unit, which it bought as part of the larger Tarmac group in 2000, Anglo last [...]
Morgan Sindall profits slide 12 per cent but firm is hopeful about regeneration projects February 21, 2012 REGENERATION and construction firm Morgan Sindall said it was confident it could grow the business against a backdrop of tough market conditions, as the group unveiled a 12 per cent drop in profits. Profits before tax and exceptional items fell to £45.3m last year compared with £51.3m the previous year while revenues rose six per [...]
UK is ahead of deficit target February 21, 2012 THE GOVERNMENT’S deficit reduction plan is well ahead of schedule, with an unexpectedly large surplus in January bringing down the year’s projected borrowing figures, data from the Office for National Statistics (ONS) showed yesterday. The surplus hit £7.75bn in the month, up from £5.20bn last January, and taking borrowing in the financial year so far [...]
CBI: Cut red tape and boost infrastructure to help growth February 21, 2012 CUTTING the budget deficit is the biggest step the government can take to boost business confidence and promote economic recovery, the Confederation for British Industry (CBI) said today, arguing that while tweaks to taxes can help firms, the government should restrain from a budget spending splurge. New measures introduced at the Budget next month should [...]