Pension deficits hit 2011 high of £80bn December 5, 2011 Funding deficits of UK pension schemes rose 33 per cent to £80bn at the end of November, hitting their highest level this year as both corporate bond yields and stock markets fell, a survey showed on Monday. The report by consultancy firm Mercer showed accounting measures of defined benefit pension schemes in the UK showed [...]
Michael Page sees profits at lower end of forecasts December 5, 2011 Recruitment company Michael Page International said full-year profit would be toward the bottom end of forecasts, adding the European economic crisis had hit demand from its customers. “Since our interim management statement in October, markets have continued to weaken as the euro zone crisis and the lowering of GDP forecasts worldwide have reduced client and [...]
UK manufacturing in slowdown December 5, 2011 British manufacturers report that output is growing at its weakest pace in nearly two years and expect it to stagnate early next year, held back by worries about the euro zone and weak demand at home, a survey showed. The EEF, the main trade body for UK manufacturers, cuts its 2012 growth forecast for the [...]
US unemployment falls December 2, 2011 US unemployment fell to its lowest for 2 ½ years in November and the number of jobs rose by 120,000, the US Department of Labor reported, adding to signs the US economy is recovering. The monthly non-farm payroll figure, which excludes farm employees, employees of non-profit organisations, private household employees and general government employees, showed [...]
UK construction growth slows December 2, 2011 The construction sector continued to grow in November, but at a slower rate than October, according to a survey of industry participants. The Markit/CIPS Construction Purchasing Managers’ Index scored 52.3 for the month, on a scale where any figure over 50 represents growth. The modest number represents a slight worsening of conditions from October, when [...]
Barclays wealth to expand in Asia, US December 2, 2011 Barclays Wealth plans to add experienced bankers to its teams in Asia and the US as it aims to grow its worldwide assets by 70 per cent. The wealth management unit of Barclays hopes to take advantage of the increasing number of super-rich individuals in Asia, which is enjoying higher economic growth than the West. [...]
Banks fuel FTSE gains as investors eye US jobs data December 2, 2011 Banks helped lift the FTSE 100 this morning as a concerted effort by central banks to trigger easier credit among lenders continued to bolster investor sentiment. Despite grim manufacturing data from across the globe yesterday — and a bleak outlook given by Bank of England Governor Mervyn King — markets overall have responded positively to [...]
Ladbrokes seals £540m debt deal with banks December 2, 2011 Ladbrokes, Britain’s second-biggest bookmaker, said it had agreed a new five-year, £540m debt facility with its banks. Ladbrokes, which has 2,100 betting shops in the UK, said the new facility would mature in 2016 and replaces its existing £560m facility that was due to mature in 2013. The company estimates that the new blended rate [...]
RBS sells pubs business to Heineken for £422m December 2, 2011 Royal Bank of Scotland said it had sold its tenanted pub business to Scottish & Newcastle Pub Company, a unit of the world’s third-largest brewer Heineken, for £422m. The business, which comprises 918 pubs across Britain, has been operated by Scottish & Newcastle since 1999 under a management agreement.
BoE tells banks to beef up capital buffer December 1, 2011 Britain’s banks should build up their capital buffers even further to defend against an “exceptionally threatening” environment dominated by risks from the euro zone, the Bank of England said on Thursday. Banks need to maintain lending to the real economy, but should cut dividends and bonuses – and possibly even issue new shares – to [...]
