Spain lurches into recession as borrowings costs rise May 17, 2012 Spain officially slipped in to recession in the first quarter, final figures confirmed, leaving the country threatened with a prolonged slump as the turmoil-wracked. In the first quarter, the economy shrank 0.3 per cent in the compared with the last quarter of 2011, and was down 0.4 per cent year on year, the National Statistics [...]
Aviva sales fall May 17, 2012 Insurer Aviva said the search for a new chief executive would take the rest of the year as it reported a 5 percent drop in life insurance sales, reflecting tough conditions in its key European markets. The insurer, whose CEO Andrew Moss quit last week amid investor discontent over its underperforming shares, had long term [...]
HSBC cuts hit $2bn May 17, 2012 HSBC said it cut costs by $2bn after one year of a three-year turnaround plan, and is on target to meet its return on equity and other financial targets. The bank is close to already achieving the bottom end of a $2.5-$3.5bn range of annualised savings by next year, as set out by chief executive [...]
FTSE falls as fear stalks markets May 16, 2012 Commodity stocks took a hammering this morning as investors ran for cover with the prospect of fresh Greek elections adding to the uncertainty stalking markets. The prospect of Greece exiting the Eurozone were mounting as the country struggles to avoid economic meltdown. But in positive UK news official figures showed a drop in the unemployment [...]
Bankia shares down 10pc after results delayed May 16, 2012 Shares in recently nationalised Spanish bank Bankia tumbled 10 per cent after it delayed first quarter results, raising fears the government will have to plough more cash into the struggling lender. Bankia lies at the core of concerns about Spanish banks’ problems after a 2008 property crash. Some believe Spain or Europe will have to [...]
Bank of England cuts growth forecast May 16, 2012 The Bank of England has reduced its growth forecast for this year to 0.8 per cent from 1.2 per cent. Officials attributed the cut to the ongoing problems in the Eurozone. The rate of inflation will not fall as quickly as previously thought, and will remain above the government’s two per cent target “for the [...]
UK unemployment falls May 16, 2012 The number of Britons out of work fell at the fastest pace in nearly a year in the three months to March, official data showed, pointing to some underlying resilience in the economy. Britain slipped back into recession at the beginning of 2012, stoking fears that more people will become unemployed at a time when [...]
EADS hit by Airbus wing cracks May 16, 2012 Airbus parent EADS took a charge of 158m euros for the cost of overcoming wing cracks on the A380 superjumbo as it posted better-than-expected first-quarter results on Wednesday buoyed by resilient aircraft and helicopter demand. The move, following 105m euros (£83m) covered by an existing warranty provision, reflects efforts by Europe’s leading aerospace group to [...]
John Lewis raises sales forecast May 16, 2012 John Lewis, Britain’s biggest department store group, has raised its sales guidance after outperforming a flat retail market in its first quarter and believes the economy is on course for a slow recovery, despite a recent dip back into recession. “My gut feel is a long, slow, steady recovery that at certain points will look [...]
BG and Ophir in new gas find in East Africa May 16, 2012 British gas firm BG Group and explorer Ophir Energy said they had found more gas off the coast of Tanzania, raising hopes that the East African country will become a major new gas province. The discovery at the Mzia well will provide a substantial boost to their total estimate of how much gas they have [...]
