Germany and France to unveil Eurozone crisis plan by the end of month October 10, 2011 The leaders of Germany and France have promised to unveil new measures to solve the euro zone’s debt crisis by the end of the month, as international pressure builds for bold steps from Europe to avert an economic backlash of global proportions. German Chancellor Angela Merkel and French President Nicolas Sarkozy said after talks in [...]
German exports hit record level in August October 10, 2011 German exports rose to their strongest level ever in August, widening the trade surplus more than expected, official data showed on Monday, suggesting Europe’s bulwark economy remains on a growth path despite weakening expectations. Exports rose by 3.5 per cent on the month to 90.5bn euros (£78bn), data from the Federal Statistics Office showed, after [...]
Michael Page profit rise fuelled by emerging markets October 10, 2011 Recruitment firm Michael Page International reported third-quarter gross profit of £142.7m – a rise of 26.5 per cent to £112.8m compared with the same period the previous year. UK profits budged up by 0.3 per cent but international profits stormed ahead. Asia Pacific gross profit was £29.2m, up 44 per cent. In the Americas it [...]
SocGen chief says recap not solution October 7, 2011 A recapitalisation of European banks is not necessary and would not solve the Eurozone crisis, according to Société Générale chief executive Frederic Oudea. Oudea blamed a crisis of confidence for the turmoil in the 17-nation bloc, arguing that liquidity was the issue, not capital reserves. “What is important is to deal with the Greek issue [...]
US jobs rise by 103,000 October 7, 2011 There were 103,000 more jobs in the US economy in September, according to non-farm payroll data. Employment grew more than expected and job gains for the prior months were revised higher, according to a government report that could ease fears the economy was heading into recession. The unemployment rate held steady at 9.1 per cent [...]
Portuguese banks downgraded October 7, 2011 Moody’s have downgraded nine Portugese banks, largely due to their exposure to the ailing country’s debt and poor growth prospects for the austerity-stricken economy. The difficulty of accessing credit was another factor in the downgrades. Six banks – Caixa Geral de Depositos, Banco Comercial Portugues, Banco Espirito Santo, Banco BPI, Banco Santander Totta and Caixa [...]
Factory gate inflation hits three-year high October 7, 2011 The price of goods leaving UK factories rose to a three-year high of 6.3 per cent raising doubts over the Bank of England’s belief that consumer inflation will slow next year. The factory gate figure was largely driven by fuel and food inflation, according to the Office for National Statistics, but the core figure without [...]
Premier Foods issues profits warning – triggering share plunge October 7, 2011 Britain’s biggest food manufacturer Premier Foods has warned full year profits would fall below market expectations after sales slumped and said it was still discussing refinancing plans with its banks. The company’s shares plunged by 30 per cent after the announcement. New chief executive Michael Clarke also set out plans to rejuvenate the business and [...]
Samsung upbeat on profits as smartphone sales fly October 7, 2011 Samsung Electronics said its quarterly profits should top the most bullish market forecasts, with smartphones becoming its main profit engine despite intense competition from bigger rival Apple. Indeed, analysts expect Samsung to report record profit from handset sales in the third quarter and overtake Apple as the world’s biggest smartphone vendor in unit terms. The [...]
S&P downgrades core Dexia banks October 7, 2011 Standard and Poor’s has downgraded the core banks of Franco-Belgian financial group Dexia by one notch, citing difficulties in securing wholesale funding and the need for increased collateral. The ratings agency also said it could take further action, including further downgrades or even an upgrade, depending on how a proposed restructuring panned out. The board [...]
