IMF warns that Eurozone recession would slash China growth February 6, 2012 A Eurozone recession could almost halve Chinese growth this year, the International Monetary Fund (IMF) has warned. The IMF forecasts China’s economy will grow by 8.2 per cent this year. However, a Eurozone recession could cut this to 4.2 per cent, it said. The warning came as Greece was facing default if it failed to [...]
FTSE dips as Greece D-Day arrives February 6, 2012 The FTSE 100 slipped as the deadline for Greece to accept a new bailout or face a default which could trigger financial shockwaves across the globe arrived. Greece must tell the European Union by the end of today whether it accepts the stringent terms of a new bailout deal amid reports of divisions within the [...]
Vodafone abandons talks with Wind Hellas February 6, 2012 Vodafone has abandoned plans to merge its operations in Greece with Wind Hellas, in a major blow to the debt-laden smallest operator and throwing into doubt consolidation elsewhere in Europe. The third-biggest Greek telecoms operator is owned by its bondholders and needed a deal to better compete in the market that has been hit by [...]
House prices in slim rise February 6, 2012 House prices rose by 0.6 per cent in January figures from mortgage lender Halifax showed helping to recover some lost ground. House prices fell by 1.8 per cent in the three months to January compared with a year ago, taking the average price of a home to 160,907 pounds. “The continuing very low level of [...]
Randgold profits soar by 250pc February 6, 2012 Randgold Resources’ profit soared by 259 per cent to $433.4m for 2011, its annual results showed. The board has proposed a $0.40 annual dividend, up 100 per cent on 2010. Production for the year rose by 58 per cent to 696,023 ounces, reflecting increased ouput from a string of operations in Mali. Chief executive Mark [...]
Asian stocks rise after US jobs boost February 6, 2012 Asian shares rose on Monday as surprisingly robust US jobs data bolstered investor risk appetite, overshadowing worries about a lack of progress in Greek debt restructuring talks that are vital to containing the euro zone crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent after climbing as much as 0.7 [...]
Truth about banker pay: It’s falling February 5, 2012 BRITISH investment bankers are braced for deep slashes to their pay packets after a slowdown in trading saw their US rivals cut bonuses by up to 30 per cent. Industry insiders say that UK bankers are looking at a pay cut of 20-50 per cent – in addition to thousands in job cuts – contrary [...]
Heathrow flights cut amid snow February 5, 2012 HEATHROW airport yesterday cancelled half of the 1,300 sceduled flights as snow and freezing temperatures hit Britain. Despite the massive disruption at the UK’s busiest airport, owner BAA said its snow plan had worked “far better” than in previous years. It claimed making a decision about flight cancellations on Saturday gave passengers time to cancel [...]
Treasury tries to placate City February 5, 2012 THE TREASURY will try to win around critics of its flagship Financial Services bill today by inserting a new “proportionality” test for all new regulations on the City. In a last-ditch effort to stem a tide of criticism, City A.M. understands that the new version of the bill will force regulators to consider if the [...]
Rival eyes £500m GlobeOp bid February 5, 2012 A NEW bidder has entered the £500m race to buy GlobeOp Financial Services, the hedge fund services firm. US-based SS&C Technologies, a rival to GlobeOp, said late last night that it has been performing due diligence on the company since the middle of January. It is understood that SS&C will fire off a bidding war [...]
