Last German spurt as the economy slows into 2012 November 24, 2011 GERMAN business confidence rose in November, defying economists’ predictions that the economy was weakening rapidly, the IFO business index revealed yesterday. The Federal Statistical Office also confirmed that GDP grew at a healthy 0.5 per cent in the third quarter, boosted by strong consumer spending. However, the economy is set to be hit by falling [...]
STRIKES AGAINST PORTUGUESE CUTS November 24, 2011 PROTESTS against austerity measures swept Portugal yesterday, as the government struggles to control its budget deficit in line with the terms of the IMF and EU’s bailout. Public transport and government services ground to a halt across much of the country. Although windows were broken in three tax offices, police reported that the protests remained [...]
Belgium’s King urges coalition talks continue November 24, 2011 BELGIUM’S King Albert II has told Elio Di Rupo, the man tasked with forming a government, that he cannot resign and must press ahead with coalition talks. Worries over the country’s deficit are intensifying political crisis in Belgium, which still lacks a government following indecisive elections in the summer of 2010. Yields on 10-year Belgian [...]
Star exec at Arbuthnot ditches City November 24, 2011 CITY broker Arbuthnot has lost the rising star chief executive of its wealth management business, Dean Proctor, who has quit to move to Qatar. Proctor (pictured) will leave the bank in the first quarter of next year to take an executive role at Qatari lender Commercialbank, in a move that his colleagues said was a [...]
Banks see Eurozone risk November 24, 2011 BRITAIN’S banks are drawing up contingency plans in case there is a disorderly break-up of the Eurozone or exit of some countries from the single currency, a top UK regulator said yesterday. Andrew Bailey, deputy head of the Prudential Business Unit at the UK’s Financial Services Authority (FSA), said UK banks do not have large [...]
StanChart head of FICC leaves November 24, 2011 STANDARD Chartered has lost its global head of fixed-income, currency and commodities as departures continue to rise in investment banking amid a worsening financial market. Singapore-based Remy Klammers, a high-profile hire from Lehman Brothers back in 2008, is expected to begin his own startup, two sources with knowledge of the move said. A bank spokesman [...]
Intesa chooses new chief exec November 24, 2011 INTESA Sanpaolo yesterday picked a top manager at insurance group Allianz as its new chief executive to steer Italy’s biggest retail bank through a worsening sovereign debt crisis that has reduced its access to funding. Enrico Cucchiani, head of Allianz’s Italian unit, succeeds Corrado Passera, who left the bank to join Italy’s new government. He [...]
Moulton gains strength in battle to buy Clarity November 24, 2011 PRIVATE equity icon Jon Moulton has moved closer to a takeover of software firm Clarity Commerce by winning backing from nearly half of its shareholders. Moulton’s Enigmatic Investments yesterday said it has gained the support of investors owning around 45 per cent of Clarity stock, despite directors holding out for more cash. It is the [...]
Santander bond swap flops November 24, 2011 Santander said yesterday only around a fifth of investors had accepted its offer to swap junior bonds into new debt, part of an exchange some of Europe’s biggest investors say will shut the Spanish bank out of future funding markets. The bank said just 23.8 per cent of bondholders had taken up its offer, making [...]
Raiffeisen may close some arms November 24, 2011 Austrian bank Raiffeisen could cut assets and reshuffle its capital structure to meet regulatory targets without curbing growth in its core emerging Europe markets, the region’s third-biggest lender said yesterday. The bank also said it might withdraw from some activities in central and eastern Europe due to tough new regulations and poor profitability. New rules [...]
