Markets choppy on Eurozone fears November 10, 2011 The FTSE 100 opened down today as Italy’s deepening debt crisis threatened to topple the Eurozone and plunge the world economy into uncharted waters. The cost of borrowing on Italian government bonds jumped to seven per cent yesterday — a level considered unsustainable by economists. Italy today launches an auction of as much as €5bn [...]
Eurozone growth slows as recession fears mount November 10, 2011 Eurozone economic growth will slow sharply next year as weak confidence undermines investment and consumption and tighter fiscal policies reduce domestic demand, the European Commission said. “Growth has stalled in Europe, and there is a risk of a new recession,” vice-president for Economic and Monetary Affairs Olli Rehn said in a statement. In its twice-yearly [...]
Cable: No tax rises or spending boost in budget November 10, 2011 The government is not about to introduce large scale tax cuts or big increases in public spending to boost growth, despite concerns the economy is heading for another recession, business minister Vince Cable said. Chancellor George Osborne would not veer from his austerity measures when he presents his budget update to parliament on 29 November, [...]
Olympus threatened with delisting November 10, 2011 Tokyo’s stock exchange warned scandal-hit Olympus Corp on Thursday it will be delisted after 62 years as a publicly traded company if it fails to report earnings by 14 December, another blow to the Japanese camera-maker’s chances of survival. Olympus said it was unlikely to issue its earnings by an earlier November 14 date, but [...]
Balfour Beatty sees US offset weak UK November 10, 2011 Balfour Beatty, Britain’s largest contractor, said cost-cutting remained a priority in its construction unit during the third quarter with a slight lift in US orders offsetting a weak UK market. Balfour, which recently handed over the Aquatics Centre for the London 2012 Olympics, said its order book had remained flat since August at 15.5 billion [...]
Morrisons sales at top end of forecasts November 10, 2011 Wm Morrison confirmed its position as the fastest-growing of Britain’s top four supermarket groups on Thursday with a rise in third-quarter sales driven by a focus on fresh foods and low prices. The fourth-biggest grocer behind J Sainsbury, Wal-Mart’s Asda and market leader Tesco said sales at stores open a year rose 2.4 per cent [...]
Markets slip as Italy debt crisis deepens November 9, 2011 Dramatic political changes at two of the Eurozone’s crisis-ridden economies initially boosted world stocks but markets went into reverse as it became clear that Italy’s debt woes were escalating. Italian Prime Minister Silvio Berlusconi said late yesterday that he would step down after parliament passes budget reforms. Greece, meanwhile, was working create a consensus government [...]
UK trade deficit hits record high November 9, 2011 Britain’s goods trade deficit widened in September to its highest since the series began in 1998 after a record jump in imports countered a tepid rise in exports, data showed on Wednesday. Economists said the numbers indicated the crisis in the euro zone had dampened Britain’s exports, and cautioned against interpreting the surge in imports [...]
Moody’s warns of possible downgrade after chief takes sick leave November 9, 2011 Moody’s said it may cut its ratings for Lloyds, given chief executive Antonio Horta-Osorio being on sick leave may hinder the part state-owned British bank’s restructuring plan. Lloyds shocked investors last week when it said 47-year-old Horta-Osorio was taking a break due to stress-related illness, leaving a potential power vacuum at the top of Britain’s [...]
HSBC may quit UK over capital rules November 9, 2011 HSBC said costly new capital rules might force it to leave the UK, as it reported a bigger-than-expected fall in third-quarter profit, hit by lower investment banking income and higher bad debt in the United States. Shares in Europe’s biggest bank fell by more than 5 percent in early trading on Wednesday, after HSBC said [...]
