NEW STRIKES BUT FEWER DELAYS ON UK TRAINS February 16, 2012 Despite an ongoing strike by station cleaners, Network Rail gave commuters a reason to be cheerful yesterday when it revealed record punctuality figures for some routes last month. Overall, 91.4 per cent of trains ran on time in January, Network Rail claimed, up from 90.3 per cent a year ago. Passengers on c2c routes such [...]
Markets trust Spain as debt costs stay low February 16, 2012 SPAIN’S promises of economic and budget reforms have dragged down the country’s borrowing costs from dangerous highs in late 2011 to much more manageable rates, with even Greece’s woes not taking bond yields back to unsustainable levels. French borrowing costs also fell, though weak car registration data provided a reminder that Europe’s economies remain in [...]
GOLD DEMAND AT 14-YEAR HIGH February 16, 2012 Central bank demand for gold hit its highest level since 1971 last year, and overall global demand stood at a 14-year high of 4,067.1 tonnes, the World Gold Council reported yesterday. The price swung between $1,920.30 and just above $1,300 per ounce, making the year one of the most volatile ever. Demand from China stood [...]
EU seeks shadow bank rules February 16, 2012 Financial operators on the fringes of the traditional bank system could be made to hold more capital, and mainstream banks forced to limit exposure to risk in the $60 trillion (£38.07 trillion) shadow banking sector, a draft EU paper showed. In the draft consultation document obtained by Reuters, the bloc’s executive European Commission said shadow [...]
Eurozone set for 2012 recession February 16, 2012 The European Central Bank’s survey of professional forecasters predicts economic contraction of 0.1 per cent in 2012 for the Eurozone, followed by growth of 1.1 per cent in 2013. Previous forecasts had expected to see growth of 0.1 per cent this year and 1.2 per cent in 2013. The average forecaster now expects to see [...]
Ex-Olympus boss in plea for answers February 16, 2012 THE BRITISH former president of Olympus has demanded answers from auditors and Japanese regulators after the arrest of seven bankers and executives linked to the disgraced camera giant. Michael Woodford, who was fired after exposing the $1.7bn (£1.08bn) accounting scandal, hailed the arrests as a moment of “vindication” and told City A.M. that more questions [...]
Reed Elsevier leads FTSE 100 risers on profits leap February 16, 2012 REED Elsevier was the highest riser in the FTSE 100 yesterday, jumping almost three per cent as the publishing group reported a profit increase of 18 per cent to £760m. Chief executive Erik Engstrom assured investors the company will not make any significant divestments as each of its five businesses grew underlying revenues in 2011 [...]
UK set to sign nuclear deals with France February 16, 2012 DEALS worth more than £500m to advance the UK’s nuclear power programme are due to be signed today, as Prime Minister David Cameron and other ministers meet with President Nicolas Sarkozy in Paris. Cameron said the summit “will signal our shared commitment to the future of nuclear power”. The deals, which are expected to create [...]
BAE profits in decline after budget cuts February 16, 2012 BAE Systems yesterday reported a seven per cent fall in full year profits as US and UK military budgets were slashed. Europe’s largest military contractor saw revenues slip by 14 per cent last year and forecast flat sales for 2012. Among the problems hitting the company was the US army cutting supply orders following its [...]
A victim of lowered military ambitions February 16, 2012 Next year we are to bring the soldiers home For lack of money, and it is all right. Places they guarded, or kept orderly, Must guard themselves, and keep themselves orderly. We want the money for ourselves at home. SO wrote the great post-war poet Philip Larkin in his 1969 poem Homage to a Government, [...]
