IMF’s European chief quits after just one year November 16, 2011 THE CHIEF of the International Monetary Fund’s (IMF) European division unexpectedly stepped down yesterday just a year into the job. Antonio Borges, who was appointed by former IMF chief Dominique Strauss-Kahn, quit for “personal reasons” and his role will be taken over immediately by Reza Moghadam. IMF chief Christine Lagarde said: “Antonio Borges has led the European [...]
THE FULL MONTI November 16, 2011 Super Mario gives himself both the top jobs in Italy’s government, writes Julian Harris NEW Prime Minister Mario Monti (right) added to his portfolio yesterday, naming himself economy and finance minister in Italy’s proposed technocratic government. The stand-in government, which does not include any elected politicians, will have the task of remedying the country’s fiscal [...]
Italian banks battered again November 16, 2011 DAYS after Unicredit announced its intention to raise €7.5bn (£6.4bn) from private investors, the rights issue of its rival, Banco Popolare di Milano (BPM) ran into trouble. BPM’s share price fell 13 per cent yesterday, dangerously close to the offer price for the bank’s €800m rights issue that closes tomorrow. The sell-off, which might lead to [...]
One million young people without a job November 16, 2011 UNEMPLOYMENT jumped in the three months to September with more 16 to 24 year olds now looking for work than at any time since 1987, according to figures released yesterday by the Office for National Statistics. Youth unemployment hit 1.016m, higher than at any point under the current measuring system, which began in 1992 – [...]
King: end Eurozone crisis to put Britain on recovery path November 16, 2011 EUROZONE leaders must act swiftly and decisively to stem the crisis if the UK’s recovery is to get back on track, the Bank of England said yesterday as it cut growth and inflation forecasts. “The marked deterioration in the external environment, together with the domestic headwinds stemming from the fiscal consolidation and squeeze on households’ [...]
HOW WORRIED ARE YOU ABOUT UNEMPLOYMENT? November 16, 2011 EUAN MILNE | BERRYMANS LACE MAWER “People should definitely be worried. In the long-term, this could have a devastating effect on younger generations.” ANDY HAGGERSTONE | MYK GROUP EUROPE “I am very worried. My 15 year old nephew is already worried about his job prospects. It’s going to be tough for this generation.” MATT RICHARDS [...]
FACT CHECKER | WITH TIM WALLACE November 16, 2011 THE CLAIM: EURO CRISIS CAUSED JOB LOSSES “WHAT we are seeing are the consequences of the crisis in the Eurozone,” said minister of state for employment Chris Grayling, commenting on the news that unemployment hit a 15-year high between July and September. Labour’s shadow chancellor Ed Balls disagreed. “It’s not true,” he said. “Our recovery was [...]
Confidence falls to all time low on Europe fears November 16, 2011 WORRIES about the Eurozone crisis and the slowing domestic economy have pushed consumers to their gloomiest mood ever, according to Nationwide’s monthly confidence index, released this morning. Five consecutive monthly falls have taken consumer confidence to an all-time low of 36 points, 42 points below its long-term average of 76 points. Expectations, too, plummeted to [...]
City legal row could run for nearly a year November 16, 2011 ST PAUL’S Cathedral could close to visitors for a second time, it has emerged, as the City of London demanded protesters clear their camp today or face High Court action. Yesterday officers from the City Corporation pinned eviction notices to activists’ tents asking them to leave by 6pm, the opening salvo in a legal battle [...]
Rio Tinto blames carbon tax for the closure of UK smelter November 16, 2011 RIO TINTO yesterday said new environmental taxes and red tape were partly to blame for the closure of its Lynemouth aluminium smelter in Northumberland, risking 600 jobs. The mining giant said the smelter “is no longer a sustainable business because its energy costs are increasing significantly, due largely to emerging legislation”. It is thought that [...]
