Greece to slash deficit and extend cuts October 4, 2010 GREECE will cut its budget deficit to seven per cent of gross domestic product (GDP) and launch a fresh wave of cuts in the public sector it said in its draft budget. The budget, aimed at convincing European leaders that it is on track to tackle its deficit crisis, would see the debt narrowed more [...]
Construction sector picks up – but confidence dips October 4, 2010 Activity in the construction sector picked-up in September, but firms’ confidence about the future fell to an 18-month low on worries about government spending cuts, a survey of purchasing managers showed. The Markit/Chartered Institute of Purchasing and Supply construction PMI rose to 53.8 in September from 52.1 in August, confounding expectations for an easing to [...]
Swiss to impose tougher capital rules on banks October 4, 2010 Global Swiss banks UBS and Credit Suisse must hold capital well in excess of new international standards, a government commission said, to limit risk that a bank failure could drag down the economy. The new rules may crimp the two banks’ ability to compete in the field of investment banking, but Swiss regulators want them [...]
Chancellor rules out more help for banks October 4, 2010 Chancellor George Osborne said o he was not expecting any bank to need any further government support. aked about a report by a thinktank, the New Economics Foundation, suggesting banks could ask the government for more help, he said: “I am certainly not expecting and I have no indication at all that any British bank [...]
Premier Foods confirms suitors are circling October 4, 2010 Premier Foods has confirmed that it has received takeover approaches for its meat-free business, which includes its Quorn brand of products. The company did not name the parties that had approached it over a possible sale and said that no deal was guaranteed. Premier Foods added that “there can be no guarantee that such a [...]
Osborne to scrap child benefit for high earners October 4, 2010 Child benefit is to be axed for higher rate taxpayers from 2013, George Osborne has announced. The chancellor said the move would save an estimated £1bn. He said: “It’s a big decision for us, but we think it’s absolutely necessary and fair given the financial situation we face.” Families earning over about £44,000 would be [...]
Sanofi in £12bn hostile bid for Genzyme October 4, 2010 French pharmaceutical giant Sanofi-Aventis launched a hostile bid for Genzyme at $69 per share, or $18.5bn (£11.7bn), setting off what could be a protracted battle for control of the US biotech. The move comes a month after Genzyme rebuffed an approach from Sanofi-Aventis at the same price. Sanofi has been in discussions with Genzyme shareholders [...]
Steel demand forecast to hit new record October 4, 2010 Global steel demand is expected to reach record highs next year – surging above levels before the global downturn took its toll. The World Steel Association predicts world demand will jump 5.3 per cent in 2011 to reach 1.34bn tonnes. The last time it was that high was the first half of 2008. It said [...]
Osborne: Labour denying deficit October 3, 2010 GEORGE Osborne will today launch a scathing attack on Labour’s approach to the deficit, insisting that a slower pace of spending cuts would lead to a credit downgrade, higher interest rates and turmoil in financial markets. The chancellor will use his speech to the Tory conference in Birmingham to round on Labour’s new leader Ed [...]
Goldman in running for RBS loans October 3, 2010 AT LEAST three potential bidders are casting an eye over a £3bn portfolio of property loans that will soon be offloaded by Royal Bank of Scotland (RBS). Goldman Sachs is a shock contender for the loans, alongside distressed debt specialist Lone Star and private equity firm Blackstone. Lazard is advising RBS on the sale of [...]
