CITY VIEWS: DO YOU HAVE ANY SYMPATHY WITH RBS BOSS STEPHEN HESTER? February 8, 2012 BOB EATON | NEWHAM BOROUGH “Absolutely none. He isn’t the only one who took risks that didn’t work out but he should definitely take some blame. They have crippled the public sector.” JOHN CLINCH | HAYES ASSOCIATES LTD “I have no sympathy for Hester; he is partially responsible for some failures at the bank. He [...]
Building firms stall on public work worries February 8, 2012 CONSTRUCTION activity stagnated in the final quarter of 2011, the Royal Institute for Chartered Surveyors (RICS) revealed yesterday, with firms expressing doubts that the government’s plans to boost private investment in infrastructure will work. The construction market survey showed a net balance of seven per cent of firms facing falling workloads, compared with one per [...]
FACT CHECKER | WITH JAMES WATERSON February 8, 2012 “BORIS Johnson has admitted cutting 1,700 police officers. If I am elected, I will reverse his cuts,” pledges Labour’s mayoral candidate Ken Livingstone. Crime is a key issue for swing voters and Ken’s team hope to portray Boris as weak on policing. But how would Ken fund the extra police? And where does the figure [...]
CITY A.M. | SHADOW MPC SPLIT ON QE VOTE February 8, 2012 ALLISTER HEATH | CITY A.M. “Hold rates and QE – the economy has shown some signs of beginning to recover and manipulating aggregate demand further won’t work. However it is important to watch the money supply, which slowed sharply last quarter.” SIMON WARD | HENDERSON “Stop QE. The economy is lifting and inflation is unlikely [...]
Former Bank official blasts QE as an undemocratic and unfair tax on savers February 8, 2012 FORMER Bank of England deputy governor Rachel Lomax hit out at quantitative easing (QE) and the Vickers banking reforms yesterday, calling the asset purchase programme “a stealth tax on savers.” Speaking at Fathom Consulting’s monetary policy forum, Lomax was joined by another ex-policy maker Andrew Sentance, who warned persistently above-target inflation risked destroying the MPC’s [...]
German exports slump as French services slow February 8, 2012 GERMAN exports fell at their fastest pace for three years in December, data from the German Federal Statistics Office showed yesterday – after foreign sales hit a record high in 2011. French industrial confidence stagnated in January, according to the Bank of France, and Spanish industrial output contracted for the fourth consecutive month. German exports [...]
International Power falls on weak outlook February 8, 2012 SHARES in power generation company International Power slumped almost three per cent yesterday, despite reporting a higher full-year profit helped by continued strength in its international markets. The company also said yesterday contributions from new plants that became operational late last year, together with new capacity expected to come on line during 2012, would drive [...]
Misys boss to move to the US February 8, 2012 CHIEF executive Mike Lawrie’s decision to leave Misys at the end of March has reduced the chance of a rival bid derailing the software maker’s takeover of Swiss rival Temenos, a deal seen by some analysts as a quick – but poor – fix to tackle weak demand. Lawrie is taking the top post at [...]
Sanofi admits that sales could drop as patents end February 8, 2012 FRENCH drugmaker Sanofi said yesterday that its earnings could drop by up to 15 per cent this year as top-selling drugs previously protected by patents are hit by competition from generics. Sanofi expects to return to growth in subsequent years, driven by emerging markets, diabetes, vaccines, its takeover of biotechnology company Genzyme and new products. [...]
HomeServe insurance income dips February 8, 2012 BRITISH home insurance firm HomeServe said a prolonged marketing delay – prompted by concerns it may be mis-selling products – would hit customer numbers and renewal revenues harder than expected. The group said yesterday total customer numbers could fall eight per cent in 2012, worse than its previous estimate of a five per cent decrease. [...]
