RBS to axe 500 technology jobs over three years June 2, 2010 ROYAL Bank of Scotland (RBS) plans to cut up to 500 jobs over three years in its UK wealth management business after a major overhaul in technology. The bank, more than 80 per cent owned by the UK government after it was bailed out during the credit crunch, said the roles would be cut across [...]
Greece details public sector asset sell-off June 2, 2010 DEBT-laden Greece yesterday outlined plans to raise more than €3bn (£2.5bn) by selling stakes in some of its struggling state-run businesses but said it will hold back its more attractive assets. Analysts welcomed the objective to shed loss-making firms but said selling non-listed assets may be difficult and stressed it would go only a small [...]
France gets backing for Euro government June 2, 2010 FRENCH-inspired plans to create an “economic government” for the Eurozone took a step forward yesterday when European Council president Herman Van Rompuy threw his weight behind the idea. The move raised pressure on Germany, Europe’s biggest economy and chief crusader for tougher budget discipline, to accept a new political forum to coordinate economic policy, made [...]
Spain sets date for labour reform June 2, 2010 SPANISH Prime Minister Jose Luis Rodriguez Zapatero said yesterday the government would present much-needed labour market reforms on 16 June whether or not it had reached a deal with unions and employers. The proposed reforms will then go to parliament for a final vote, without amendments. Economists consider labour market reforms, along with bank restructuring [...]
Spanish banks band together June 2, 2010 FOUR of Spain’s unlisted savings banks said yesterday they had agreed to merge to form the sixth-largest group of such banks by turnover. Caixa Penedes, Caja Murcia, Caja Granada and Sa Nostra added that the joint entity would have an annual turnover of some €103bn (£86.1bn). Following the central bank’s intervention in savings bank CajaSur [...]
Money supply starts to feel effects of QE June 2, 2010 THE Bank of England received some welcome news today after its preferred measure of broad money supply finally showed strong growth. M4X, which excludes activity between intermediate financial institutions, grew at a three-month annualised rate of 6.6 per cent in April. This is a pace not seen since before the collapse of Bear Stearns and [...]
Construction sector grows at fastest pace since 2007 June 2, 2010 THE construction sector expanded in May at its fastest pace since September 2007, with employment rising for the first time in two years, a survey of purchasing managers showed yesterday. The Markit/Chartered Institute of Purchasing and Supply construction PMI rose to 58.5 in May from 58.2 in April. May was the third consecutive reading above [...]
UK mortgage approvals rise June 2, 2010 British mortgage approvals rose slightly more than expected in April but net mortgage lending growth lagged, according to Bank of England data yesterday, suggesting a durable housing market recovery is still some way off. The Bank of England said mortgage approvals edged up to 49,871 in April from 49,008 in March and the highest since [...]
Australia’s growth slows June 2, 2010 Australia’s economy grew for a fifth straight quarter in the first three months of the year, but at a slower rate than the previous quarter. Official figures show GDP in the three months to March was 0.5 per cent higher than in the same period last year. Growth for the last three months of 2009 [...]
US jobs outlook starts to pick up June 2, 2010 The number of planned layoffs at US firms in May was almost unchanged from April, when they touched a four-year low, suggesting employers have more upbeat outlooks, according to yesterday’s report from recruitment firm Challenger, Gray & Christmas. Employers announced 38,810 job cuts in the month, slightly more than the 38,326 unveiled in April. The [...]
