James Murdoch to step down as executive chairman of News International February 29, 2012 James Murdoch is to step down as executive chairman of News International, the UK publishing arm of News Corporation. Murdoch, 39, is leaving the role to concentrate on the firm’s global TV business, according to the company. “We are all grateful for James’ leadership at News International and across Europe and Asia, where he has [...]
FTSE flat as ECB pours in more funds February 29, 2012 The FTSE 100 was flat this morning with investors awaiting another injection of cash from the European Central Bank, aimed at propping up the Eurozone. The ECB is expected to pump about 500bn euros (£422bn) into the Eurozone’s financial system to fight the region’s debt crisis, enabling banks to tap as many of the ultra-cheap, [...]
ECB pumps new funds into banks February 29, 2012 Banks grabbed 530bn euros at the European Central Bank’s second offering of cheap three-year funds, fuelling hopes that more credit will flow to businesses and government borrowing costs will ease further. A total of 800 banks borrowed money at the tender, with demand exceeding the 500bn euros expected by traders polled by Reuters and well [...]
Standard Chartered reports record earnings February 29, 2012 Standard Chartered notched up a ninth consecutive year of record earnings in 2011 on the back of buoyant growth in Hong Kong and Singapore, though rising competition for staff pushed up its wages bill. London-based Standard Chartered, which makes more than three quarters of its profit in Asia, said on Wednesday strong growth in both [...]
Eurozone inflation lower than forecast February 29, 2012 Eurozone inflation was lower than estimated in January, data showed, supporting market expectations that price growth will continue slowing as the economy contracts and possibly paving the way for an ECB rate cut. The European Union’s statistics office Eurostat said consumer prices in the 17 countries using the euro fell 0.8 per cent in January [...]
Mortgage lending in surprise lift in January February 29, 2012 Mortgage lending and mortgage approvals for house purchase in Britain posted a surprisingly strong rise in January, official data showed in a sign that the sluggish housing market is improving. The figures support forecasts for a pick-up in consumption this year as the housing market is a vital component of consumers’ wealth in Britain. However, [...]
IAG profits rise February 29, 2012 British Airways’ parent group IAG has reported a jump in annual profits. The company, which also owns Spain’s iberia, reported pre-tax profits of £425.6 in the year to December 2011. The company said the improvement was against the backdrop of a particularly difficult year in 2010. “BA is making money and Iberia is losing money. [...]
Greece open to offers for state gas company DEPA February 29, 2012 Greece has invited bids for state-owned gas company DEPA, as it moves ahead with a privatisation programme targeted to raise 19 billion euros (£16bn) by 2015. According to an offer document published on Wednesday, the government is considering a “bundled” sale of DEPA, combining its wholesale, trading and gas supply business as well as its [...]
Indian economic growth slowest for three years February 29, 2012 India’s economic growth slowed to its weakest annual pace in almost three years in the three months to December, as high interest rates and rising input costs constrained investment and manufacturing. Gross domestic product rose 6.1 per cent in October to December compared with a year earlier, a lower than expected increase, figures from the [...]
Taylor Wimpey restores dividend February 29, 2012 Housebuilder Taylor Wimpey said it had resumed paying a dividend as its tactic of focussing on margins rather than volume helped enable a swing back to profit. The company reported an underlying pretax profit of £90m in the 12 months to end-December, compared to a loss of 28 million pounds in 2010, on continuing operations [...]
