Lufthansa says 190 Frankfurt flights hit by strike September 4, 2012 Lufthansa said about 190 flights to and from Frankfurt airport would be cancelled today because of strikes in a fight over pay and working conditions. Lufthansa said only a handful of long-distance flights would be impacted, adding around half of short and medium-distance flights were cancelled. The German cabin crew union, UFO, said it was [...]
Eurozone manufacturing contracts in August September 3, 2012 The Eurozone manufacturing sector contracted faster than previously thought last month, despite factories cutting prices, as core countries failed to provide any support, a survey showed today. The downturn that began in the smaller periphery members of the 17-nation bloc is now sweeping through Germany and France and the situation remained dire in the region’s [...]
Coalition’s new growth plan another damp squib September 3, 2012 FOR those of us returning to work after a summer break, it feels as if not very much has changed. The City is still subdued, reeling from tough conditions and the regulatory onslaught; the Eurozone remains in crisis, endlessly debating the latest variant of its latest plan to delay its demise; and the British government [...]
Manufacturing downturn eases in August September 3, 2012 The downturn in Britain’s manufacturing sector eased significantly in August as domestic clients placed more orders, an unexpectedly strong purchasing managers’ survey showed today, raising the chances that the country is moving out of recession. The jump in the Purchasing Managers’ Index (PMI) will bolster expectations that the Bank of England will shy away from [...]
ECB should only supervise big banks September 3, 2012 German Finance Minister Wolfgang Schaeuble this morning rejected a European Commission plan to give the European Central Bank (ECB) sweeping powers to monitor all Eurozone banks, saying it should instead focus only on systemically important institutions. The Commission’s plans to give the ECB the power to oversee all banks is intended as a first step [...]
Cameron hits back at critics over weak economy September 3, 2012 The Conservative-led government said last night it would ease planning laws and boost lending to small businesses to revive the struggling economy, seeking to deflect calls for a major change of tack. Prime Minister David Cameron and chancellor George Osborne are under growing pressure as their flagship austerity plan fails to stimulate growth. A reshuffle [...]
Manufacturers face tough trading conditions September 3, 2012 Britain’s manufacturers faced their toughest trading conditions since early 2010 over the past three months, a survey by business lobby EEF showed today, but they still plan to make new investments and hire more staff in the coming year. Slower demand at home and overseas was hitting order books, with responses on domestic orders turning [...]
Chinese manufacturing falls to three-year low September 3, 2012 China’s vast manufacturing sector has been badly hit by slowing new orders, two complementary surveys showed, a sign that the pace of growth in the world’s second-largest economy will weaken well into the third quarter. The final reading of the HSBC China manufacturing purchasing managers’ index (PMI) for August fell to a seasonally adjusted 47.6, [...]
Vodafone partners with Zain in Middle East September 3, 2012 Vodafone said it has agreed a deal with Kuwait-based telecoms operator Zain that would expand the global telecoms group’s presence in the Middle East. The firm said today that under the non-equity partnership agreement it will work with Zain companies in Saudi Arabia, Bahrain, Kuwait, Jordan and Iraq, allowing it to offer its customers from [...]
Nomura slashes $1bn in costs August 31, 2012 Nomura, Japan’s largest investment bank, is cutting an additional $1bn (£630m) in costs in the second major restructuring of its loss-making overseas operations in less than a year. The cuts are to come from its wholesale division, which houses investment banking, equities and fixed income operations, and would be completed by the next financial year [...]
