Lamprell reassures after swinging to first-half loss August 28, 2012 Oil rig maker Lamprell reassured on its future saying that its bid pipeline was positive and it was confident of the support of its banks after posting a loss in a torrid first half marred by the impact of contract delays. Lamprell, which this year has issued a series of warnings on its performance, said [...]
UK service sector business weakens August 28, 2012 Business in Britain’s service sector shrank between June and August and confidence dwindled as firms reported a lack of demand, a survey showed today, suggesting that any recovery from recession will be long and arduous. Britain’s economic slump deepened in the second quarter and business surveys, such as the latest quarterly poll by the Confederation [...]
G4S cuts 1,100 jobs after Olympic failure August 28, 2012 G4S, the company at the heart of the London Olympics security debacle, said it would cut 1,100 jobs as it looks to recover £50m lost on the Games contract. G4S dominated headlines in July after failing to provide a promised 10,400 security guards for the London Olympics, placing chief executive Nick Buckles’ job in question [...]
French bankers escape Hollande August 27, 2012 HIGHER taxes and an anti-business attitude are driving French bankers and high-fliers out of Paris and into London, City A.M. has learned from recruiters and estate agents. Socialist President Francois Hollande’s planned 75p top tax rate was the flagship policy in his election campaign – but instead of raising cash from the super-rich, it could [...]
ECB official: bond buying would be within mandate August 27, 2012 A SENIOR official at the European Central Bank (ECB) has reassured Germany that any new bond buying will not amount to back-door funding of struggling Eurozone states. Joerg Asmussen’s remarks, made in Hamburg yesterday, will heighten expectations that the ECB is set to act to bring down ailing government’s borrowing costs. “Under the framework of [...]
Sweden turns the page and Scandinavian noir explains why August 27, 2012 EVERYONE knows that Sweden is a social-democratic paradise, where taxes are high, the welfare state is big and everyone enjoys the benefits. That doesn’t mean it’s true. In recent years, research like that compiled in Richard Wilkinson’s and Kate Pickett’s The Spirit Level has painted Sweden and its Scandinavian neighbours as political role models. The [...]
Fed gave $46bn half-year profit to Washington August 27, 2012 THE FEDERAL Reserve gave a boost to the government’s balance sheet in the first half of the year, according to accounts released yesterday, whose unprecedented publication came after pressure to increase transparency following the credit crunch. The US central bank generated $47.5bn profit in the six months to June, of which it gave $46.4bn to [...]
What the other papers say this morning August 27, 2012 FINANCIAL TIMES Ryanair seeks rivals’ help in bid Ryanair is seeking regulatory approval for its proposed takeover of Aer Lingus by asking at least six airlines to operate alternative services on some of the Irish flag carrier’s routes. Ryanair has approached competitors, asking them to consider providing competition on routes to and from Dublin. Aviva [...]
Spanish GDP revised downwards August 27, 2012 Revised data published yesterday showed Spain’s economy contracted by more than previously estimated in 2010, and grew by less than first published in 2011, reigniting fears about the country’s ability to rein in its public deficit. The struggling economy, which may require a full bailout, shrank 0.3 per cent in 2010, more than the 0.1 [...]
French unemployment worsens August 27, 2012 The number of people out of work in France rose for the 15th month in a row in July to reach its highest level in more than 13 years, in the latest grim news for France’s stagnating economy. Labour ministry data released yesterday showed that the number of registered jobseekers in mainland France rose by [...]
