Eurozone inflation remains at 3pc November 30, 2011 Inflation in the 17-nation euro area remained at three per cent for the third consecutive month in November, according to a first estimate, suggesting the European Central Bank may have to consider delaying a further interest rate cut. The European Union’s statistics office Eurostat said in a statement that consumer prices rose by three per [...]
Rolls-Royce wins $650m Brazil contracts November 30, 2011 British engineering group Rolls-Royce has been awarded contracts worth up to $650m (£418m) by Brazil’s state oil company Petrobras to support its production activities offshore Brazil. Rolls, which has businesses in the aerospace, defence, marine, energy and nuclear sectors, on Wednesday said it would supply Petrobras with 32 gas turbine power generation packages, including waste-heat [...]
Piraeus Bank posts loss November 30, 2011 Piraeus Bank posted a nine-month loss after a jump in bad debt provisions and Greece’s fourth-largest lender said it still planned to sell its Egyptian operations even though Standard Chartered has pulled out of talks on a deal. The bank will begin discussions with other potential buyers for its Piraeus Bank Egypt following Standard Chartered’s [...]
Bank levy hiked November 29, 2011 The government has announced that it will increase the levy on bank borrowing in the UK again. It will rise from the current 0.078 per cent to 0.088 per cent from January. The Treasury assesses that it will yield the originally projected £2.6bn per year. Chancellor George Osborne made the announcement – which was widely [...]
American Airlines files for bankruptcy November 29, 2011 American Airlines and its parent company AMR filed for bankruptcy protection after failing to win a deal with pilots earlier this month to pare its labour costs. AMR had been the only major US carrier to avoid bankruptcy proceedings in the past decade, a move its rivals had used to restructure their labour agreements and [...]
Growth revised down – but no recession says Osborne November 29, 2011 Chancellor George Osborne said that the Office for Budget Responsibility (OBR) has revised its growth for 2011 down to 0.9 per cent. The OBR predicts 0.7 per cent growth next year but no recession. In 2013 growth is forecast at 2.1 per cent followed by 2.7 per cent in 2014. The figure is estimated at [...]
Eurozone economic sentiment worse than forecast November 29, 2011 Eurozone economic sentiment fell more than expected in November, data showed, as business mangers turned more pessimistic across almost all sectors of the economy, particularly in France and the Netherlands. The European Commission’s monthly survey showed the sentiment index at 93.7 against 94.8 in October, falling to levels last seen in late 2009. Economists polled [...]
FTSE down as storm clouds surround Osborne November 29, 2011 The FTSE opened down as stuttering UK growth cast a shadow over chancellor George Osborne’s Autumn statement on the economy to be delivered later today. Grim forecasts on growth from the OECD yesterday painted a bleak picture as the UK struggles to get its economic recovery into gear. The government has already indicated that billions [...]
S&P may cut France’s Triple-A outlook ‘within 10 days’ November 29, 2011 Credit rating agency Standard & Poor’s could change its outlook on France’s triple-A credit rating to negative within the next 10 days, a French newspaper reported. This is the latest signal that France’s top-tier status is at risk. An S&P spokesperson in Paris said the agency did not comment on rumours. A spokesman in Melbourne [...]
Gatwick Airport profits rise fuelled by passenger number lift November 29, 2011 London’s Gatwick Airport reported a 43 per cent rise in first-half profit, helped by strong growth in passenger traffic, which it expects to continue in final six months of the year. Gatwick airport, owned by US investment fund Global Infrastructure Partners (GIP), on Tuesday said its operating profit rose to £118.6m in the six months [...]
