Swiss to impose tougher capital rules on banks October 4, 2010 Global Swiss banks UBS and Credit Suisse must hold capital well in excess of new international standards, a government commission said, to limit risk that a bank failure could drag down the economy. The new rules may crimp the two banks’ ability to compete in the field of investment banking, but Swiss regulators want them [...]
Chancellor rules out more help for banks October 4, 2010 Chancellor George Osborne said o he was not expecting any bank to need any further government support. aked about a report by a thinktank, the New Economics Foundation, suggesting banks could ask the government for more help, he said: “I am certainly not expecting and I have no indication at all that any British bank [...]
Premier Foods confirms suitors are circling October 4, 2010 Premier Foods has confirmed that it has received takeover approaches for its meat-free business, which includes its Quorn brand of products. The company did not name the parties that had approached it over a possible sale and said that no deal was guaranteed. Premier Foods added that “there can be no guarantee that such a [...]
Osborne to scrap child benefit for high earners October 4, 2010 Child benefit is to be axed for higher rate taxpayers from 2013, George Osborne has announced. The chancellor said the move would save an estimated £1bn. He said: “It’s a big decision for us, but we think it’s absolutely necessary and fair given the financial situation we face.” Families earning over about £44,000 would be [...]
Sanofi in £12bn hostile bid for Genzyme October 4, 2010 French pharmaceutical giant Sanofi-Aventis launched a hostile bid for Genzyme at $69 per share, or $18.5bn (£11.7bn), setting off what could be a protracted battle for control of the US biotech. The move comes a month after Genzyme rebuffed an approach from Sanofi-Aventis at the same price. Sanofi has been in discussions with Genzyme shareholders [...]
Steel demand forecast to hit new record October 4, 2010 Global steel demand is expected to reach record highs next year – surging above levels before the global downturn took its toll. The World Steel Association predicts world demand will jump 5.3 per cent in 2011 to reach 1.34bn tonnes. The last time it was that high was the first half of 2008. It said [...]
Sinopec to buy into Repsol projects for £4.5bn October 1, 2010 Chinese oil giant Sinopec has agreed to pay $7.1bn (£4.5bn) for a 40 per cent stake in the Brazilian energy projects of Repsol. It means that the subsidiary – Repsol Brasil – now has enough money to develop its major offshore assets in the Guara and Carioca basins, near Rio de Janeiro and Sao Paulo. [...]
UK manufacturing growth at ten-month low October 1, 2010 Activity in the manufacturing sector weakened more than expected in September to grow at its slowest pace in ten months, as export orders fell for the first time in more than a year, a survey showed. The Markit/Chartered Institute of Purchasing and Supply manufacturing PMI index fell to 53.4 in September from a downwardly revised [...]
BP says oil spill costs have hit £7.1bn October 1, 2010 BP says oil spill costs have hit £7.1bn as the company undergoes a shake-up by incoming chief executive Bob Dudley.
China manufacturing expansion speeds up October 1, 2010 China’s manufacturing sector growth accelerated in September, according to official data. The purchasing managers’ index rose to 53.8, its highest level since May, up from 51.7 in August. Forecasts had suggested the figure would be 52. The survey of major companies is compiled for the national bureau of statistics, and a level above 50 indicates [...]
