New data quells fears over fresh US recession September 2, 2010 Pending sales of previously owned US homes rebounded unexpectedly in July and new claims for jobless benefits fell last week, helping dampen fears the economy could face a double dip recession. The data yesterday, including sturdy sales from US retailers last month, followed a report on Wednesday showing a surprising gain in manufacturing activity and [...]
Surveys cast shadow over house pricesa September 2, 2010 HOUSE prices fell much faster than expected last month and construction activity slowed, industry surveys showed yesterday, reinforcing concerns that economic growth will fall off sharply. The strongest quarterly construction growth for decades pushed British economic growth to a nine-year high of 1.2 per cent in the second quarter, but the Markit/CIPS purchasing managers’ index [...]
ECB extends its bank liquidity lifeline into 2011 September 2, 2010 The European Central Bank (ECB) extended its liquidity safety net for vulnerable Eurozone banks into next year, delaying its exit from crisis measures for now as it urged caution about the economic recovery. The ECB left rates at a record low of one per cent for the 16th month in a row yesterday and said [...]
RBS blames EU for 3,500 job losses September 2, 2010 Royal Bank of Scotland (RBS) yesterday blamed the EU for swingeing job cuts that will clear out 3,500 support staff. The bank released a statement pointing to EU rules for the cuts. A statement read: “We continue to make efficiencies across our business and adjust our plans in line with the divestments we have been [...]
Goldman leads M&A tables September 2, 2010 GOLDMAN Sachs is the most sought after financial adviser globally on merger and acquisitions, after landing a role on three mammoth takeover deals last month. The Wall Street giant pushed its way to the top of Thomson Reuters’ M&A adviser rankings after taking a pole position on the highest valued deals since January. In that [...]
Metro Bank vows to employ 500 staff by next year as it opens second branch September 2, 2010 HIGH STREET upstart Metro Bank said it would employ more than 500 staff by the end of next year as it opened its second branch in the UK. Chief executive Craig Donaldson told City A.M. the retail deposit taker, which aims to attract disillusioned customers from other major lenders, would have 200 employees by Christmas. [...]
WM Morrison to start selling groceries online September 2, 2010 WM MORRISON, Britain’s fourth largest supermarket chain, is expected to announce next week that it will start selling groceries online. According to the Financial Times, the retailer’s newly appointed chief executive Dalton Philips is set to make his business plan for Morrison’s future, including offering groceries online to its customers, public next week. In his [...]
RAB Capital hires a new chief exec September 2, 2010 RAB CAPITAL has hired Charles Kirwan-Taylor as its new chief executive, replacing Stephen Couttie. Kirwan-Taylor was previously chief investment officer at the firm, having joined in 2008 during the last management shake-up. He becomes the hedge fund’s third boss in less than two years. Couttie has left to pursue interests outside the group, but will [...]
GELDOF SEEKS $1BN FOR AFRICAN FUND September 2, 2010 SIR Bob Geldof has launched a private equity fund to raise $1bn for investment in Africa – making it one of the largest in the market for African deals. Geldof has teamed up with Mark Florman, a former executive at UK buyout firm Doughty Hanson, to run the fund. Called 8 Miles, the fund plans [...]
‘Spot-fixing’ trio suspended by ICC?despite set-up claims September 2, 2010 THE three Pakistan cricketers at the centre of the ‘spot-fixing’ allegations were last night charged with various offences by the International Cricket Council (ICC). Test captain Salman Butt, Mohammad Asif and Mohammad Amir were provisionally suspended from playing following “alleged irregular behaviour” during the fourth Test at Lord’s last week. “We will not tolerate corruption [...]
