McKinsey in warning on British debt January 18, 2012 THE UK may miss out on long term economic growth if it does not speed up the rate of debt reduction, according to a report by McKinsey Global Institute (MGI). Researchers compared the UK’s current deleveraging with historic debt reduction efforts and concluded Britain may face an extended period of restrained growth, similar to that [...]
Britons feel gloomy due to euro crisis January 18, 2012 CONSUMER confidence plumbed near-record lows in December, as rising unemployment and the Eurozone crisis took their toll on sentiment. Nationwide’s consumer confidence index hit 38 last month – well below its long-run average of 77 and barely above its lowest ever score of 36, seen in October 2011. Confidence remains 17 points below the level [...]
Carnival shares begin recovery as ship slips January 18, 2012 SHARES in Carnival, the owner of the stricken Costa Concordia, recovered another 3.2 per cent yesterday in the aftermath of Monday’s enormous 16.4 per cent decline. Italian rescuers have called off the search for survivors as the ship began to slip into the sea. More than 20 people are still missing after Friday night’s tragedy. [...]
RBS fined £2m by watchdog January 18, 2012 THE Financial Services Authority (FSA) has issued a £2.17m fine to Direct Line and Churchill Insurance – both owned by Royal Bank of Scotland (RBS) – after the firms tampered with files in an attempt to pass an inspection. The FSA asked to review fifty customer files in April 2010 as part of an investigation [...]
Joblessness up again with weak growth January 18, 2012 UNEMPLOYMENT in the UK increased again in the three months to November, according to data published yesterday by the Office for National Statistics, leading economists to predict a gloomy 2012. Joblessness rose by 118,000 to 2.69m from September to November – the highest number since 1994. The rise takes the headline rate up to 8.4 [...]
Freeze on pay begins to hit public sector January 18, 2012 THE PAY freeze implemented in 2010 is beginning to have some effect on public sector pay, the Office for National Statistics revealed yesterday. Average weekly pay was 2.1 per cent higher in November 2011 than in the same month of 2010, standing at £464. Meanwhile consumer price inflation in the twelve-month period stood at 4.2 [...]
Marketing spend up even as sentiment takes a hit January 18, 2012 BUSINESS buoyancy has descended to a recent low as marketing executives admit financial prospects for their companies have deteriorated for the first time since early 2009, according to the IPA Bellwether report out today. Business optimism plunged 45 per cent in the fourth quarter of 2011, down from the 23 per cent dip seen in [...]
Man to swing the axe after assets plunge January 18, 2012 THE GLOOM surrounding the hedge fund industry deepened yesterday when Man Group said it would slash costs by another $75m (£48.6m) amid global market turmoil. The world’s largest listed hedge fund manager will shave about 10 per cent from its cost base after reporting a second consecutive quarter of heavy client outflows, with total assets [...]
PR advisers take tiny bite out of dairy merger fees January 18, 2012 ADVISERS to Müller and Robert Wiseman Dairies have charged more than £8m for their assistance in putting together the £280m agreed deal, according to documents issued in connection with the takeover. The bulk of the fees are being paid to the legal and banking advisers. The documents disclose the fees paid to the financial public [...]
Things could turn a corner quickly January 18, 2012 MAN Group has had a torrid time since September, when it lost 20 per cent of its market value in a single day following massive investor redemptions. It has continued to bleed funds ever since, with assets under management falling another $6bn over the last three months. AHL Diversified, the quant fund that accounts for [...]
