The King reaper December 1, 2011 A NEW credit crunch could hit the UK if the crisis ravaging the Eurozone spreads to Britain’s banking system, Bank of England Governor Sir Mervyn King warned yesterday in one of his grimmest interventions to date. Deputy governor Paul Tucker added to the sense of gloom, warning “almost anything could happen in the Eurozone in the [...]
Eurozone implosion could cost the UK as much as £75bn December 1, 2011 THE UK would face huge costs if the Eurozone disintegrated, economists from ING Bank warn today, as trade would be devastated and financial links with the continent would suffer badly. Britain would face a major recession, losing five per cent of GDP in 2012 – around £75bn. Eurozone economies themselves would face losing 12 per [...]
Iran may face oil embargo December 1, 2011 EUROPEAN authorities have imposed sweeping new sanctions on Iran and threatened to ban states from buying its oil yesterday in a significant escalation of efforts to prevent the country progressing its nuclear ambitions. European Union foreign ministers added 180 Iranian people and institutions to a blacklist that imposes asset freezes and travel bans on those [...]
Britain is hugely exposed to the euro December 1, 2011 THERE was a time when exporters would be regularly urged to trade more with the European Union, which was seen by officials as the great new market for the UK. How times have changed: now companies the world over are doing their best to downplay their exposure to the Eurozone and its crippling toxic debt [...]
UK green target on track December 1, 2011 CHRIS Huhne, the minister for energy and climate change, yesterday insisted the UK was “on track” to beat its target to slash carbon emissions by more than a third by 2020. Speaking before flying to South Africa for the latest round of climate talks, Huhne said the target would have been met even without the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 1, 2011 FINANCIAL TIMES STRIKE GETS RETAIL TILLS RINGING This week’s strike proved a boon for Britain’s battered high streets, with official figures recording a 38 per cent increase in shopper numbers on Wednesday as public sector employees and parents of school-age children hit the stores. The fillip to trade was welcomed as the equivalent of “an [...]
Finmeccanica chair resigns December 1, 2011 Italian defence group Finmeccanica said it had appointed its chief executive, Giuseppe Orsi, as chairman after Pier Francesco Guarguaglini resigned from the position amid a growing corruption probe. Guarguaglini, who had been in the job since 2002, had previously resisted calls to step down from the helm of the loss-making company, Italy’s second-biggest industrial group [...]
AT&T hits back at regulator December 1, 2011 AT&T has accused the US communications regulator of being one-sided and cherry-picking facts yesterday after the watchdog published a stinging rebuke of the plan to buy T-Mobile USA from Deutsche Telekom. The scathing Federal Communications Commission staff report, released earlier this week, said AT&T’s $39bn (£25bn) proposal to purchase T-Mobile would lead to higher prices [...]
US factories defy slump in world output December 1, 2011 MANUFACTURING production plummeted in the Eurozone, UK and China in November, Markit’s purchasing managers’ indices (PMI) showed yesterday, yet US industry kept expanding. Eurozone manufacturing PMI hit a 28-month low, with job losses in all 17 members of the currency bloc except Germany and Austria. PMI fell to 46.4 from 47.1 in October. Any figure [...]
Thomson Reuters to replace chief exec in latest shake-up December 1, 2011 TOM Glocer, the chief executive of media group Thomson Reuters, will step down at the start of January, the company said yesterday. Glocer will be replaced by the group’s chief operating officer James Smith in the latest of several management reshuffles designed to raise the group’s performance after its crucial Markets business, its largest division, [...]
