Japan’s GDP rebounds 1.5 per cent November 13, 2011 Japan’s economy grew 1.5 per cent in July-September from the previous quarter following three quarters of contraction as exports and consumption rebounded from a slump caused by the March earthquake, government data showed this morning. The quarter-on-quarter rise was in line with the median estimate for a 1.5 per cent increase and follows a 0.5 [...]
Unicredit to raise €7.5bn new capital November 13, 2011 ITALIAN lender Unicredit will tap up investors for €7.5bn (£6.4bn) in cash as it scrambles to pass a new round of European stress tests. The bank’s strategic committee will this morning unveil the recommendation to meet requirements by raising money rather than holding an asset fire-sale, making it Europe’s first bank to formally announce its [...]
Jimmy Choo’s founder Mellon makes her exit November 13, 2011 TAMARA Mellon has stepped down as chief creative officer of Jimmy Choo, the shoe brand she co-founded 16 years ago, following its £500m acquisition by European luxury goods group Labelux in May. Labelux, which also owns the Swiss bag designer Bally and fashion label Derek Lam, announced yesterday that Mellon will leave Jimmy Choo this [...]
Greece will leave the euro within the next year, says our City panel November 13, 2011 THE majority of our City A.M./PoliticsHome.com panel think Greece will leave the euro within the next year, with an overwhelming 78 per cent saying that the indebted country’s exit is likely. Forty-six per cent said it was “very likely” that Greece would no longer be part of the euro by this time next year, while [...]
Analysts cast doubt on the euro’s future November 13, 2011 NOMURA analysts have cast doubt on the possibility of achieving Eurozone stability, despite Mario Monti’s appointment as Italian Prime Minister, which is meant to bring hope to the embattled currency union. The bank’s economists studied the incentives guiding the actions of the European Central Bank (ECB) and member states, and concluded that member states have [...]
Quick reform in Spanish sights November 13, 2011 MARIANO Rajoy, leader of the People’s Party which is expected to win next Sunday’s Spanish general election, has called for swift labour market and fiscal reforms to be implemented. He aims to pass a budget stability law to build on September’s constitutional ammendment which limits the public deficit and debt, aimed at instilling investor confidence. [...]
We need more EU, says Merkel November 13, 2011 GERMAN chancellor Angela Merkel repeated her call for Eurozone states to give more powers to Brussels and push toward fiscal and political union yesterday. “We want to keep the euro, along with all the other states that have it. But that requires a fundamental change of our policy and ‘more Europe’,” she told Germany’s ZDF [...]
Profits soar at STJ Advisors November 13, 2011 PARTNERS at boutique investment advisory STJ have seen their share of profits skyrocket since the firm was set up in 2008, its most recent accounts show. Financial statements for STJ Advisors filed at Companies House on Friday show that the profit pool available to the nine members of the firm’s partnership was £4.85m from March [...]
Some bankers will curse this success November 13, 2011 YOU might think that news of surging profits at an advisory firm would be a cause for cheer in the troubled investment banking industry. But STJ Advisors, the boutique operation run by former Nomura banker John St John, has a powerful group of enemies at London’s top bulge bracket banks. They will be hoping that [...]
LEST WE FORGET: BRITAIN REMEMBERS THOSE WHO DIED IN SERVICE November 13, 2011 THE Queen laid the first wreath yesterday at London’s Cenotaph, as part of Remembrance Day Sunday, honouring the UK’s fallen soldiers. Politicans past and present, including Gordon Brown, Ed Miliband, Tony Blair, Nick Clegg, John Major and David Cameron, turned out for the occasion. War veterans and war widows marched past the Cenotaph and observed [...]
