Eurozone hit by fall in jobs and output March 1, 2012 EUROZONE unemployment increased in January and manufacturing output fell again in February, new data revealed yesterday. Greece led the decline with a record fall in factory output, while Spain now leads the currency area in joblessness, with unemployment at 23.3 per cent. Overall Eurozone unemployment increased to 10.7 per cent in January, or 16.925m people, [...]
Stagecoach in UK rail boost March 1, 2012 STAGECOACH profits are driving forward fuelled by a strong performance at its rail operations in Britain, it said. The FTSE 250 transport company said Virgin Rail, a joint venture in which it owns a 49 per cent stake, was “progressing its bid” for the new West Coast Trains rail franchise which was put up for [...]
AstraZeneca appoints Johansson as new chair March 1, 2012 ASTRAZENECA has picked former Volvo boss Leif Johansson as its next chairman, hoping his experience of steering the truckmaker through tough times will help at a drugmaker facing shrinking revenues and a weak pipeline of new drugs. The 60-year-old Swede was chief executive of world number two truck maker Volvo for 14 years and his [...]
Spain steps up budget row with EC March 1, 2012 THE SPANISH government has stepped up its appeal for leniency from the European Commission (EC), arguing its budget deficit will only miss targets because of the recession, not a lack of action by the government. Prime Minister Mariano Rajoy, elected last year after pledging draconian spending cuts, is now lobbying Brussels arguing the deteriorating economy [...]
Indian manufacturing keeps booming as Chinese factories start to stabilise March 1, 2012 INDIAN manufacturing output growth slowed slightly in February, but remained above its long-term trend rates according to data published yesterday by Markit. Figures also showed recent declines in China’s manufacturing output slowed, indicating a brighter future for the economy. The purchasing managers’ index (PMI) figures came in at 56.6 in India, down from January’s eight-month [...]
QE hits pensions less than feared, says MPC’s Miles March 1, 2012 A TOP Bank of England official believes pensioners have not been as badly hit by quantitative easing (QE) as the industry argues. David Miles yesterday said pensioners should stop focusing on low yields and the low annuity rates that the Bank of England’s extremely low interest rates and QE has forced on them and instead [...]
EC KEEPS PUSHING NEW PENSION RULES March 1, 2012 EUROPEAN commissioner Michel Barnier yesterday argued in favour of new pension rules – which funds warn would spell the end of final salary schemes. Barnier said “In so far as insurance products and pension schemes are comparable, the regulatory framework should be similar.” However, such Solvency II style rules will cost the industry hundreds of [...]
Osborne hit as 50p tax row escalates March 1, 2012 INDUSTRY bodies backed calls for the 50p top rate of income tax to be scrapped yesterday, as Labour politicians and trade unions argued relieving pressure on high-earners should not be a priority. Chancellor George Osborne is coming under increasing pressure to cut taxes or boost spending in his budget later this month, after public borrowing [...]
Woodford in plea for justice as Olympus case opens in UK March 1, 2012 THE former chief executive of Olympus yesterday vowed to “hold to account” the Japanese technology firm as he launched employment tribunal proceedings in London. Michael Woodford, who was fired after questioning $1.7bn (£1.1bn) of payments, could receive tens of millions of pounds if he wins the case against his former employer. His contract to run [...]
Spirent Comms profit increases March 1, 2012 SPIRENT Communications yesterday posted a 10 per cent rise in its full-year profit, helped by strength in its core performance analysis segment, but cautioned that the prevailing economic environment could hurt it in the short-term. West Sussex-based Spirent, which tests telecom devices and wireless networking equipment, said pre-tax profit rose to $123.3m, from $112.2m a [...]
