Middle east deal values down February 5, 2012 Mergers and acquisitions in the Middle East and North Africa rose slightly in 2011, but the combined value of deals fell by more than a quarter as slower economic growth weighed on prices, Ernst & Young said yesterday. Deal values fell to $31.7bn in 2011 compared to $44.1bn a year earlier, but the number of [...]
Households are £8,000 in debt February 5, 2012 Despite three years of paying off credit cards the average household still faces £8,000 in unsecured debts, a PwC report warned today. “UK consumers are among the most indebted in the world,” said PwC’s Simon Westcott. “With households paying off an average of £355 worth of debts in 2011, three years of austerity have only [...]
Hopeful house buyers put off by low supply February 5, 2012 A SHORTAGE of suitable housing is preventing potential first-time buyers from stepping onto the property ladder, according to data released this morning. Asked to name their biggest concern about buying a home, the second most common response among potential buyers was the difficulty of finding a property. “In the final quarter of 2011, the numbers [...]
Smaller finance firms on hunt for City talent February 5, 2012 NIMBLE-FOOTED small and niche financial firms are taking advantage of a surplus of City talent by upping their recruitment, it emerged this morning. With many larger banks cutting their headcounts, smaller aspirational groups are looking to snap up highly qualified bankers. “Some employees who would normally only move from one top flight bank to another [...]
Recession risk on low morale February 5, 2012 BUSINESSES are slashing investment, slowing hiring and freezing pay thanks to worries over the economic outlook, according to the Institute of Chartered Accountants in England and Wales’s (ICAEW) business confidence monitor, published today. Sentiment among small manufacturers declined for the third quarter running according to the Confederation of British Industry (CBI). However, services output expanded [...]
SMEs to bear brunt of new credit crunch February 5, 2012 BANK lending will contract through 2012 for the first time since 2009, with small and medium-sized enterprises (SMEs) particularly badly hit, the Ernst and Young Item Club predicted today. Total bank loans will contract by 2.2 per cent in 2012, the report forecast, followed by growth of just 0.9 per cent in 2013. The fall [...]
Bank of England expected to release another £50bn of quantitative easing February 5, 2012 ECONOMISTS widely expect at least another £50bn of quantitative easing (QE) to be announced by the Bank of England’s Monetary Policy Committee (MPC) on Thursday. Committee members including governor Mervyn King have dropped clear hints that they will buy more government bonds to lower interest rates and boost demand, slowing inflation’s rapid decline with the [...]
Bakrie ally in bid to unseat Rothschild February 5, 2012 THE Bakrie family’s shareholder partner in Bumi, Samin Tam, is due in London this week in a bid to persuade institutional shareholders to oust Nat Rothschild off the board of the coal-mining company. The Bakries – who set up their venture with Rothschild just over a year ago – sold half their stake in Bumi [...]
Thomas Cook eyes disposal February 5, 2012 TRAVEL company Thomas Cook Group has hired Credit Suisse to sell off its Indian foreign exchange business, according to weekend reports. The sale is part of Thomas Cook’s planned divestments of non-core assets to raise £200m to reduce debt and shore up the troubled company’s balance sheet. Thomas Cook was not immediately available for comment [...]
Durcan to take over at Micron February 5, 2012 MICRON Technology yesterday announced that Mark Durcan, 51, had been appointed chief executive replacing Steven Appleton, who was killed Friday when the small plane he was piloting crashed at an airport near the company headquarters in Boise, Idaho. Durcan had been Micron’s president and chief operating officer. On Saturday he was also appointed to the [...]
