Europe to hit bans with tougher capital tests October 11, 2011 Europe’s banks will have to achieve a significantly stronger capital position under a quick-fire regulatory health check and may need to raise some €100bn (£87bn), banking and regulatory sources said. The European Banking Authority (EBA) wants banks to hold a minimum core Tier One ratio of seven per cent under a recession scenario, and those [...]
Goldman Sachs may post third quarter loss – Citi October 11, 2011 Goldman Sachs Group will likely record a loss in the third quarter, only the second quarterly loss in the Wall Street titan’s history, hurt by weakness across trading and investment banking, equity market declines and wider credit spreads during the period, Citigroup said. Citigroup analysts Keith Horowitz and Craig Singer, in a note titled “Taking [...]
Miners peg back FTSE as investors eye Slovak vote October 11, 2011 European shares slid this morning as investors eyed a key vote in Slovakia on whether it will back the Eurozone rescue package. The FTSEurofirst 300 index of top European shares was down 0.6 per cent while London’s blue chip index also edged down as miners opened weakly. Analysts said traders were cautious ahead of the [...]
House prices rise in August October 11, 2011 House prices rose by 0.6 per cent on a seasonally adjusted basis in August, the biggest rise since March, government data showed. The Department of Communities and Local Government said house prices were 1.3 per cent lower than a year earlier, the smallest annual fall since April, and taking the average price of a home [...]
Manufacturing output growth slowest for 18 months October 11, 2011 Manufacturing output grew at its slowest pace for 18 months in the year to August , continuing a loss of momentum that bodes ill for government hopes of export-driven growth. A big monthly rise in output from the volatile oil and gas sector lifted the broader industrial output measure, but overall growth was broadly in [...]
HSBC: Asian trade will double by 2025 October 11, 2011 Asia’s trade volume will almost double by 2025 and will be the key driver of world trade growth despite current global economic headwinds, HSBC said in a report. Asia’s trade volume will grow 96 per cent to nearly $14 trillion (£8.95 trillion) by 2025, recording annual year-on-year growth of 4.8 percent versus an estimated 3.8 [...]
Robert Walters profits up but UK market stuttering October 11, 2011 Recruitment firm Robert Walters posted a 13 per cent rise in third-quarter gross profit, although it said growth was slowing as its markets become more challenging. The firm, which specialises in placing people in accountancy, banking and IT, on Tuesday said net fees for the three months to 30 September were £48M, compared to £42.5m [...]
Banks slash IT contractors’ pay October 10, 2011 Banks including Nomura and Royal Bank of Scotland have cut pay rates for IT contractors and other temporary workers by 10 per cent and more as they take an increasingly hard line on costs. In a manoeuvre still rarely seen since the height of the financial crisis, Nomura, Japan’s biggest investment bank, cut wages for [...]
Greece saves Proton Bank October 10, 2011 Greece’s central bank said on Monday it activated a bank rescue fund to save Proton Bank, effectively nationalizing the small lender that is under investigation for possible violation of the country’s money-laundering laws. It is the first lender to be nationalized under the Financial Stability Fund (FSF), a safety net set up by Greece and [...]
FTSE solid as Eurozone pledge boosts confidence October 10, 2011 The FTSE 100 opened steadily this morning as investors eyed the news that Franco-Belgian bank Dexia has been rescued while Germany and France pledged to unveil a Eurozone debt crisis plan by the end of the month. German Chancellor Angela Merkel and French President Nicolas Sarkozy said after talks in Berlin on Sunday that their [...]
