Eurozone manufacturing weak April 2, 2012 The euro zone’s manufacturing sector shrank for an eighth month and at a faster pace in March, adding to signs the bloc is in recession as the downturn spread to core members France and Germany, a survey revealed. Markit’s Eurozone Manufacturing Purchasing Managers’ Index (PMI) dropped to 47.7 last month from 49.0 in February, in [...]
British Bankers’ Association head Knight to quit April 2, 2012 British Bankers Association head Angela Knight, who had to defend the industry during the 2008 credit crisis which rocked the sector, is to step down this summer, the BBA said. Knight said she would remain at the organisation while they search for her successor. “I have been at the British Bankers’ Association at a time [...]
UK manufacturing growth at ten-month high April 2, 2012 British manufacturing activity expanded at its fastest pace in 10 months in March, driven by a pick-up in new orders and increasing the chance that Britain’s economy grew in the first three months of 2012 and avoided a recession. Together with signs that a surge in firms’ costs could fuel inflationary pressures, the improvement in [...]
Entwhistle looks to raise £75m to launch new UK bank Scoban April 2, 2012 British financier Ray Entwistle is hoping to raise £75m to get his new private bank, Scoban, up and running although he said the process was taking longer than planned. Entwistle, who spent much of his career at private bank Adam & Co and helped sell the firm to Royal Bank of Scotland in 1993, said [...]
Irish Life & Permanent losses widen April 2, 2012 Irish Life & Permanent’s banking arm reported a wider full-year loss due to soaring impairment charges ahead of a split from the group’s life division and a government decision on whether it can remain as a standalone lender. Once lauded as the only Irish lender to avoid a state bailout due to its lack of [...]
DBS agrees to pay $7.2bn for Indonesia’s banks Danamon April 2, 2012 DBS Group Holdings, Southeast Asia’s biggest bank, has agreed to pay $7.24bn (£4.53bn) for Indonesia’s Bank Danamon, offering a hefty 52 per cent premium and raising questions among investors over whether it has overpaid. The deal, Asia’s fourth-largest banking takeover, would make Singapore-based DBS the fifth largest lender in Indonesia, one of the region’s hottest [...]
Spain to slash budget by €27bn this year March 30, 2012 Spain is cutting 27bn euros (£22.5bn) from its budget this year as part of an austerity drive. Freezing public sector workers’ salaries and reducing departmental budgets are among the main changes. The government says it will raise 12.3bn euros this year, aided by an increase in tax for large companies.
Capita to axe 400 IT jobs March 30, 2012 Outsourcing firm Capita (CPI.L) said on Friday that 400 jobs in its IT division were under threat, with some being cut and others moving to India as part of a cost cutting drive. “On 30 March 2012, we commenced a series of consultation exercises involving our employees and their representatives, some focused on moving elements [...]
Eurozone agrees temporary boost to rescue fund March 30, 2012 Eurozone finance ministers agreed a temporary increase in their financial rescue capacity to prevent a new flare-up of Europe’s sovereign debt crisis, but markets may judge it too small to be convincing. Austrian Finance Minister Maria Fekter said the 17-nation currency area would combine two rescue funds for a year to make more money available [...]
Unions rule out Easter fuel strike March 30, 2012 Unions ruled out an Easter strike by fuel delivery drivers after the government was accused of triggering panic-buying and long queues at garages with its “incompetent” handling of the dispute. The Unite union lifted the threat of action over one of the busiest weekends on the roads, saying it wanted to focus on talks next [...]
