LOCKERBIE ROW RUMBLES?ON September 1, 2009 LETTERS between the UK and Scottish governments suggest that Britain did not press for the release of dying Lockerbie bomber Abdel Basset al-Megrahi to win oil-related business deals. The documents show that improved ties with Libya – including a prisoner transfer agreement – were key for Britain, but that it made it clear that decisions [...]
Fall in factory output puts upturn at risk September 1, 2009 BRITAIN’S manufacturing recovery yesterday demonstrated its fragility as a key survey showed that UK factory activity unexpectedly shrank in August, with growth in new orders slowing and employers cutting jobs and inventories. The CIPS/Markit manufacturing purchasing managers’ index (PMI) slipped back to 49.7 and below the critical 50 mark that separates expansion from contraction. Analysts [...]
Lending falls at record pace but mortgage approvals rise September 1, 2009 NET lending to individuals and companies fell over July at its sharpest pace since records began in 1993, threatening the strength of the UK’s economic recovery. The weak data came despite a rise in mortgage approvals and positive signs from quantitative easing. Data from the Bank of England yesterday showed that lending to non-financial companies [...]
Eurozone unemployment rate at its highest level in over a decade September 1, 2009 EUROZONE unemployment rose in July to its highest in more than 10 years, official data showed yesterday, but the number of jobless Germans dropped by 1,000 on seasonally-adjusted terms. For the Eurozone as whole, the unemployment rate hit 9.5 per cent, the highest monthly rate since May 1999. In July 2008, the jobless rate was [...]
Bank of America inches towards independence September 1, 2009 BANK of America (BoA) is understood to be edging closer to freeing itself of government restrictions on pay by returning some of the $45bn (£28bn) in bailout money it received from the state last year. The bank, which was forced to take state aid despite insisting that it did not need to do so, is [...]
Why I’m fighting against Europe’s hedgie directive September 1, 2009 THERE ARE many good reasons for catching an early Eurostar to the continent, and particularly to Brussels. A stroll through the magnificent Grand Place followed by a plate of delicious moules et frites remain two of my fondest memories of my time spent as the Daily Telegraph’s Brussels correspondent some years ago. But my aim [...]
Climate camp protesters gather to give RBSstick September 1, 2009 ROYAL Bank of Scotland’s Bishopsgate headquarters was yesterday invaded by climate change activists who stuck themselves to the trading floor with superglue in protest at the bank’s funding of fossil fuel projects. Hundreds more protested outside the bank’s headquarters, while 15 demonstrators staged a naked roof-top demonstration at public relations firm Edelman, which represents E.on, [...]
SkyePharma drops on drug delay September 1, 2009 Drug delivery company SkyePharma said yesterday it will need to do more tests on its asthma drug Flutiform, pushing the expected US approval out to late 2011 and sending its shares down 8.6 per cent to 103.68p. The company has been told by the US Food and Drug Administration that further tests will be required [...]
CDBcreates investment arm September 1, 2009 China Development Bank (CDB) yesterday said it had set up a $5.1bn (£3.1bn) investment arm to focus on private equity deals. CDB, which has a three per cent holding in Barclays, said the unit would provide funding for infrastructure firms, energy and resources ventures and urban projects. It is hoped that the unit will help [...]
Skype’s new owners must ring up profit September 1, 2009 OBSERVERS are questioning the $2.75bn (£1.7bn) valuation placed on Skype, the free computer-to-computer video and voice call operator, which has so far failed to wow investors despite taking a generation by storm. The service first emerged from its garage roots in 2003, and has been under the arguably careless ownership of eBay since 2005. But [...]