Banks blame FSA for choking off credit to small businesses March 6, 2012 BANKS are stepping up their efforts to convince ministers that the FSA’s approach to regulation could permanently damage the UK economy. In a policy paper sent to the Breedon Taskforce, a special government policy unit set up to examine how to expand credit supply to small businesses (SMEs), the banks slam the FSA for choking off [...]
Swiss parliament votes to weaken bank secrecy March 6, 2012 SWITZERLAND’S parliament has passed a proposal that aims to settle an ongoing dispute with the US over the tax evasion involving hidden offshore accounts. The lower house agreed to back the plan – which clarifies how Switzerland would hand over data on Americans suspected of dodging taxes at home – by 110 votes to 56. [...]
Long-term growth takes time to pay March 6, 2012 IT’S becoming a familiar story by now. Recruiters who built their businesses by focusing on the UK and its once lucrative financial services sector are having to turn their back on the past in search of growth pastures new. Michael Page’s results only cement the increasingly downbeat picture of City jobs – financial services is [...]
Nissan in jobs boost but GM fears mount March 6, 2012 BRITAIN will build at least an extra 100,000 Nissan cars each year after the Japanese firm agreed to invest $200m (£127m) in its Sunderland site. Production of the Invitation hatchback will begin in the middle of next year in a boost to the automotive industry, which is becoming more anxious over the future of General [...]
Peugeot offers big discount on shares March 6, 2012 FRENCH carmaker PSA Peugeot Citroen announced the terms of a €1bn (£832m) share sale to fund its alliance with General Motors, offering a big discount to draw in funds for overseas expansion and new models. GM and Peugeot announced an alliance last week to co-operate on developing new cars with the aim of saving $2bn [...]
New car sales fall in February March 6, 2012 BRITISH new car sales edged down 2.5 per cent on the year in February to 61,868 vehicles, the Society of Motor Manufacturers and Traders (SMMT) said yesterday. However, February typically accounts for just 3.3 per cent of annual new car registrations, ahead of the registration plate change in March. “The March market will provide a [...]
Porsche staff in fraud case March 6, 2012 GERMAN state prosecutors have charged three employees at Porsche with credit fraud, the latest fallout from a legal dispute alleging the sportscar maker illegally cornered the market in Volkswagen shares in 2008. The unnamed Porsche employees are accused of giving false information about the number of options Porsche held on Volkswagen ordinary shares during talks [...]
Recession looms as investors cut back March 6, 2012 HOUSEHOLD spending, investment and exports all fell in the final quarter of 2011, official statistics confirmed yesterday, prompting fears the Eurozone will suffer months of slow growth or even recession. The broad based decline in activity dragged GDP down 0.3 per cent in the last three months of the year, compared with expansion of 0.3 [...]
Italian debt yields rise as ECB cash injection wears off March 6, 2012 WEAK economic data cooled investors’ demand for Italian and Spanish debt yesterday, reversing some of the gains seen after last week’s huge cash injection from the European Central Bank. The European Financial Stability Facility (EFSF), Holland, Austria and the UK all successfully sold debt, showing investor sentiment remains stronger than at the end of 2011. [...]
Sarkozy promises to crack down on corporate tax as he trails in the polls March 6, 2012 FRENCH President Nicolas Sarkozy said yesterday that if re-elected he would propose a minimum tax on the profits of big listed companies, which could raise €2bn to €3bn (£1.67bn to £2.5bn) in a year to go towards cutting the public deficit. As the latest poll showed Sarkozy trailing further behind Socialist presidential candidate Francois Hollande, [...]