Vatican bank reveals profit October 1, 2013 THE VATICAN bank, dogged for decades by scandals and opaque dealings, published the first annual report in its 125-year history yesterday. The report, audited by KPMG, covered 2012, a tumultuous year that saw its former president ousted in a boardroom battle. The bank reported a net profit of €86.6m (£72.3m), more than four times greater [...]
Banks warned of cyber attack vulnerability October 1, 2013 BRITAIN’S biggest lenders need to do more to protect themselves against cyber attacks, the Bank of England’s Financial Policy Committee (FPC) said yesterday. The banks’ close connections with each other mean they are particularly vulnerable, with complex IT systems and a reliance on centralised market infrastructure exacerbating the risks. The Bank wants “to ensure that there [...]
New RBS chief to focus on service October 1, 2013 Ross McEwan faces five stubborn challenges at RBS 1 Repaying the taxman. RBS was bailed out in 2008 just like Lloyds, but while the other bank is profitable enough that the government is selling its stake, RBS is not. McEwan recognised this in a speech to staff yesterday, telling them “we need to repay the taxpayers [...]
Experian pays £200m to snap up US fraud detection agency October 1, 2013 EXPERIAN, the information services group, said yesterday it has agreed to buy US fraud detection group The 41st Parameter for $324m (£200m). Experian said it would fund the deal from existing cash resources. The group said the purchase extends its presence in the fraud prevention market, complementing its existing activities in fraud detection and online [...]
UK factories see world-beating growth again October 1, 2013 MANUFACTURERS in the UK recorded bumper growth again in September, the fourth month of world-leading expansion for the sector, suggesting robust growth in the third quarter. The UK’s score in Markit’s manufacturing purchasing managers’ index (PMI) for last month, announced yesterday, came in at 56.7. Any figure over 50 indicates an industry is expanding, and [...]
Abe confirms Japanese tax hike October 1, 2013 JAPANESE Prime Minister Shinzo Abe confirmed yesterday that his government will hike Japan’s sales tax to eight per cent in April, as had been planned. The details of a new ¥5 trillion (£31bn) stimulus package will be revealed in December, but Abe made references to the importance of a lower rate of corporation tax, indicating [...]
Advanced economies lead manufacturing upturn October 1, 2013 GLOBAL manufacturing strengthened between August and September, recording marginal growth around the world in general, according to figures released yesterday. The JP Morgan purchasing managers’ index for global manufacturers, produced by Markit, came in at 51.8 for last month, up from 51.6 in August. However, advanced economies are leading the expansion, with the UK, Netherlands [...]
Eurozone unemployment still flat despite end to recession October 1, 2013 THE EUROZONE’S unemployment rate held at 12 per cent in August, with little change from the previous month revealed in figures yesterday. The currency union’s high unemployment levels are yet to decline, despite the end of an 18-month recession in the second quarter of this year. There are currently 19.178m people out of work and [...]
Thomas Cook rebrands under sunny heart logo as part of rescue plan October 1, 2013 THOMAS Cook yesterday announced that its globe-share logo and famous slogan “Don’t just book it, Thomas Cook it” have been scrapped as part of chief executive Harriet Green’s continued turnaround of the group. The 172-year-old tour operator has opted instead for a yellow symbol it describes as a “Sunny Heart” and the simpler tag-line “Let’s [...]
Unilever drags down peers as Nestle hints at portfolio shake-up October 1, 2013 NESTLE hinted yesterday it was getting closer to disposing of bad brands and shaking up its portfolio, as shares suffered in the wake of a profit warning from consumer peer Unilever. Unilever warned late on Monday of a sharper slowdown in its emerging markets, sending its shares tumbling as much as four per cent in [...]
