FTSE falls below 5,000 as banks tumble October 4, 2011 The FTSE 100 plunged below 5,000 this morning as the banking sector took a hammering sparked by the economic chaos which continues to engulf Greece. While the Government unveiled initiatives to spark economic growth including ‘credit easing’ for small businesses, the state of the Eurozone’s finances continued to cast a shadow. European shares extended losses [...]
Construction activity at ten-month low in September October 4, 2011 Construction activity stagnated in September after contraction in the home-building and civil engineering sectors, a survey of purchasing managers showed on Tuesday. The Markit/CIPS construction PMI headline activity index fell sharply to 50.1 in September from 52.6 in August, its lowest reading since a contraction in December 2010. The weak construction figures contrast with surprisingly [...]
Switzerland tops list of tax safe havens October 4, 2011 Switzerland, despite bank settlements with the United States to disclose tax evaders, remains the top refuge for financial secrecy, according to a new international ranking of tax haven countries. Switzerland is the world leader in financial opacity, only grudgingly conforming with disclosure agreements among developed countries while courting tax evaders in developing nations, said a [...]
UBS expects slim profit after rogue trader scandal October 4, 2011 Swiss bank UBS it expects to report a modest net profit for the third quarter after a $2.3bn rogue trading scandal. It also said it expected net new money in its wealth management business to be broadly similar to the second quarter. “UBS expects to report a modest net profit attributable to shareholders for the [...]
DP World to invest another $1bn in London Gateway October 4, 2011 Ports operator DP World will invest another $1bn (£647m) in the London Gateway project over the next three years, it said on Tuesday, adding the new port centre will be operational by the fourth quarter of 2013. The world’s largest port operator said the under-construction port will have an initial capacity of 1.6 million twenty-foot [...]
Osborne to inject billions into firms October 3, 2011 GEORGE Osborne, the chancellor, yesterday unveiled plans to inject tens of billions of pounds worth of government cash into small firms, as he sought to silence critics who say he is not doing enough to promote economic growth. The so-called “credit easing” scheme will see the government finance companies by buying their debt in the [...]
Chelsea in stadium move plot October 3, 2011 CHELSEA Football Club last night gave the clearest indication yet that it intends to leave Stamford Bridge, in a move that could trigger two huge west London property deals. The club has made a formal proposal to buy back from supporters the freehold on which its home of more than a century sits. Owning the [...]
Global stocks fall on Greece October 3, 2011 SHARES in US and European banks were pummelled yesterday after Greece’s admission that it may miss deficit targets set out under its bailout plan increased fears of another global recession. The STOXX Europe 600 Banking Index fell 2.8 per cent, with French banks BNP Paribas and Société Générale among the worst hit. FTSEurofirst 300 index [...]
Tory plan could fuel sub-prime debt October 3, 2011 FORTUNATELY, nobody really expected a flurry of pro-growth reforms in George Osborne’s keynote speech yesterday, which means that few will have been disappointed by the notable lack of new supply-side policies. The doubling of the qualification period for unfair dismissal claims had been widely trailed. There was a softening of the war against carbon, which [...]
American Airlines falters October 3, 2011 SHARES of American Airlines parent AMR Corp plunged as much as 41 per cent yesterday on growing fears the third-largest US airline is headed for bankruptcy, although the carrier said Chapter 11 is “not our goal”. The stock’s decline to its lowest price since 2003 outpaced the share losses of rivals, who also suffered on [...]
