Construction in Eurozone deep in depression August 20, 2012 ACTIVITY in the Eurozone construction industry sank further in June, Eurostat said yesterday. Seasonally adjusted production in the bloc’s construction industry edged down 0.5 per cent compared to May, putting it 2.8 per cent down on the year, and almost a quarter lower than its pre-crisis peak. Economic powerhouse Germany registered a surprise two per [...]
Greece pledges fresh austerity as Germany toughens stance August 20, 2012 GREECE hopes to obtain its lenders’ approval for a new wave of austerity measures by the middle of next month, a Greek finance official said yesterday. The news coincided with a separate statement from German foreign minister Guido Westerwelle, who warned that his government would not soften its demands for Greece to consolidate its public finances. [...]
Schulze fails in Best Buy bid as talks collapse August 20, 2012 BEST Buy founder Richard Schulze’s plans to take over the retailer have collapsed after negotiations between the two parties broke down, the American firm said yesterday. The electronics megastore owner, which shut its UK shops last year having launched a joint venture with Carphone Warehouse, said Schulze rejected proposals to work with Best Buy on [...]
Legal firm Irwin Mitchell given regulatory go-ahead to expand August 20, 2012 LAW firm Irwin Mitchell said yesterday it had been given the regulatory nod to go ahead with its conversion to an Alternative Business Structure (ABS), paving the way for ambitious growth plans. The mid-tier firm was among the first batch of companies to apply for approval from the Solicitors’ Regulation Authority (SRA) in January, and [...]
Rank’s odds get longer as Gala deal faces competition inquiry August 20, 2012 CASINO giant Rank Group’s £205m purchase of Gala took a major setback yesterday as the Office of Fair Trading (OFT) announced that the deal will face a competition inquiry. The OFT raised fears that the deal “would reduce competition both at a national level and in nine local areas” and referred it to the competition [...]
Barnes & Noble Nook comes across the pond August 20, 2012 AMERICAN bookstore Barnes & Noble is set to take on Amazon by launching its Nook ebook reader in the UK, the company announced yesterday. Two ereaders will be released in mid-October, Barnes & Noble said, although pricing was not revealed. A number of partnerships with high street retailers are due to be announced soon.
Amlin bounces back thanks to fewer disasters August 20, 2012 INSURER Amlin yesterday reported stronger than expected profits after the firm enjoyed six months without any major catastrophes. The Lloyd’s of London firm reported first half pre-tax profits of £184.5m against a loss of £192.3m for the same period last year. “This is a welcome return to profit and the strength of our underwriting result [...]
Tesco faces illegal worker fines August 20, 2012 SUPERMARKET giant Tesco may be hit with fines after the UK Border Agency (UKBA) found it was employing foreign students for more hours than allowed by their visas. Twenty students were arrested in a 3am raid on a Croydon warehouse where employees work on fulfilling internet orders. Tesco faces fines of up to £10,000 per [...]
Insider trading couple ordered to hand £1.5m proceeds to FSA August 20, 2012 A HUSBAND and wife insider dealing team were yesterday ordered to pay more than £1.5m to the Financial Services Authority (FSA) in one of the biggest cases of its kind. Former Dresdner Kleinwort banker Christian Littlewood and his wife Angie Littlewood pleaded guilty to eight accounts of insider dealing at a hearing in 2010. They [...]
CME plans to grab market share with currency futures exchange August 20, 2012 A NEW derivatives exchange is set to break open the dominance of the NYSE Euronext’s Liffe and Deutsche Bourse’s Eurex, industry experts forecast yesterday. CME announced its plans to establish the new exchange by the middle of next year, beginning in foreign exchange futures and potentially expanding into areas including interest rates and metals. It [...]
