EC extends state aid rule as funding crisis worsens December 1, 2011 LOOSER rules on state aid to troubled banks – introduced in 2008 – have been extended again as the European Commission (EC) fears banks would not survive without help. “Stronger tensions in sovereign debt markets and the transmission of those tensions to interbank markets and to funding conditions for banks” persuaded competition commissioner Joaquin Almunia [...]
GREEKS BACK ON THE STREETS December 1, 2011 MILLIONS of Greek workers took to the streets to strike yesterday, closing schools, government offices and ports in the first industrial actions since the country appointed technocrat Prime Minister Lucas Papademos to lead a new government last month. Strikers descended on Athens and other major cities in protest at strict austerity measures designed to reign [...]
Key Merrill banker steps down December 1, 2011 Andrew Osborne, one of Bank of America Merrill Lynch’s best-known oil and gas bankers, left the company on Wednesday for confidential reasons, a source told City A.M. He joined Merrill Lynch in 2005 and has advised firms such as Tullow Oil and Rockhopper.
French unemployment rising December 1, 2011 Metropolitan unemployment in France rose to 9.3 per cent in the third quarter, up from 9.1 per cent previously, according to data out yesterday from official statistics agency INSEE. Unemployment stands at 2.6m, though the total number who do not work but would like to has hit 3.4m. Youth unemployment fell slightly, to 21.6 per [...]
Slovenia set to elect opposition December 1, 2011 Slovenia’s centre-right opposition is set for a return to power in a snap election on Sunday pledging painful reforms to halt the Eurozone member state’s slide back into recession. Slovenia faces recession and a worsening credit crunch. Critics say the governing coalition, voted out in September, failed to stimulate growth and rein in unemployment.
Europe bondholders face losses December 1, 2011 The owners of unsecured bonds issued by troubled banks could be forced to take losses from 2015, according to a draft European Commission proposal that would break the unwritten rule that debt is fully repaid unless the borrower goes bust. The draft law outlines a framework to save a bank from collapse, giving supervisors extensive [...]
Mild autumn boosts profit at Kingfisher December 1, 2011 KINGFISHER posted better-than-expected third quarter profits yesterday, after the unseasonally mild autumn weather helped boost sales at the retailer’s stores in the UK and France. Europe’s biggest DIY company, which runs over 800 stores across the continent, posted a 13.9 per cent rise in operating profit to £273m in the the 13 weeks to 29 [...]
DO KINGFISHER’S RESULTS SIGNAL GOOD NEWS FOR THE FULL YEAR? December 1, 2011 RICHARD HUNTER| HARGREAVES LANDSDOWN Kingfisher has significantly exceeded estimates and the share price rewarded accordingly with a strong early hike… Even prior to this strong update, the shares had had a good run over the last three months. Today’s numbers seem unlikely to dampen this optimism, with the general market view of the shares as [...]
Banks warn that Vickers has underestimated cost of reform December 1, 2011 ROYAL Bank of Scotland and Santander reckon the official cost estimate of the Vickers reforms are too low, according to documents published yesterday by the House of Lords. The Independent Commission on Banking’s estimate that the changes it proposed in September to avoid another banking bailout will cost the industry between £4bn and £7bn “are [...]
Greene King enjoys strong profits boost December 1, 2011 GREENE King, the pub owner and brewer, yesterday reported higher half-year profits, after benefiting from an upturn in trading as consumers continued to eat out in their local pubs. The 212-year-old firm, which runs 2,410 pubs and restaurants including the Loch Fyne seafood chain, said the consumer environment remained tough, with cost inflation rising ahead [...]
