ECB cuts rates in surprise move November 3, 2011 The European Central Bank cut interest rates by a quarter point to 1.25 per cent in a surprise move on Thursday, acting boldly to support the ailing euro zone economy at President Mario Draghi’s first policy meeting in charge. The move gave an immediate boost to stock markets, which will be looking for any signal [...]
FTSE weak as investors eye G20 November 3, 2011 The FTSE 100 tracked falls in Asia as leaders of the world’s biggest economies gathered in France for a G20 summit set to be dominated by the threat of Greece falling out of the Eurozone. The leaders of France and Germany, angered at Greece’s shock move to call a referendum on its latest bail-out plan [...]
Service sector growth slows November 3, 2011 Britain’s dominant service sector grew at a far slower pace than expected last month despite firms cutting prices to drum up business, adding to signs that the country may slip back into recession, a survey showed. The Markit/CIPS Purchasing Managers’ Index (PMI) for the service sector slumped to 51.3 in October from 52.9, falling short [...]
Man Group sees fewer clients pulling funds November 3, 2011 Man Group , the world’s largest listed hedge fund manager, saw clients pull out cash at a slower pace in October than September, raising hopes it may be able to staunch exits of client cash despite the euro zone’s deepening debt crisis. Man said its assets under management fell by $1bn (£626m) to $63.5bn during [...]
BT profits rise as broadband delivers November 3, 2011 BT confirmed its full-year growth targets as strength in broadband and Global Services enabled it to post better than expected core profits and sales in the second quarter. The firm said it had grown cash flow, profits and underlying revenue after cutting yet more costs. BT, which competes with Virgin Media and TalkTalk and sells [...]
Aviva life sales dented by Europe crisis November 3, 2011 British insurer Aviva said its life insurance sales fell in the first nine months of the year, reflecting tough conditions in its key European markets and a decision to walk away from less profitable business. Aviva, Britain’s second-biggest insurer, had life insurance sales of £23.6bn in the nine months to 30 September, down eight per [...]
GlaxoSmithKline to pay US £1bn to settle dispute November 3, 2011 GlaxoSmithKline said it had agreed to settle its most significant disputes with the U.S. government over the way it marketed and developed drugs at a cost of $3bn (£1bn), which is covered by existing provisions. The final settlement, covering both civil and criminal claims, is expected to be finalised in 2012. It includes a Department [...]
Europe is finally giving up on Greece November 3, 2011 WHO will blink first? The Greeks – or the Eurozone? Both have lots to lose from a Greek collapse and withdrawal from the euro; and Georgios Papandreou’s decision to bet everything on a referendum on the bailout package has massively upped the stakes. Until yesterday, it seemed as if Nicolas Sarkozy and Angela Merkel would [...]
Lloyds chaos as boss steps back November 2, 2011 TAXPAYERS suffered a major blow yesterday as the departure of Lloyds’ star chief executive left the turnaround of the semi-nationalised lender in chaos. António Horta-Osório was forced to take a leave of absence on medical advice after months spent accelerating a complete overhaul of the bank left him too exhausted to continue, the bank said. [...]
Merkozy: put up or get out November 2, 2011 GREECE was given an ultimatum last night: vote for austerity or leave the euro. The country will now go to the polls in a referendum on 4 December, but it is not yet clear whether it will vote on its latest €100bn bailout package and the attached conditions, or on membership of the euro itself. [...]
