Jaguar Land Rover will create 1,100 new jobs in West Midlands July 25, 2012 CAR manufacturer Jaguar Land Rover, which is owned by India’s Tata Motors, yesterday announced plans to create 1,100 jobs building new luxury car models at its West Midlands plant. The new Jaguar XF Sportbrake estate car will be built at the firm’s plant in Castle Bromwich, along with other models. The company has hired 8,000 [...]
New trains for intercity routes July 25, 2012 BRITAIN’S rail network is to get more than 90 new trains over the next six years, the department for transport confirmed yesterday, after years of delays on the £4.5bn deal. Hitachi and John Laing have been signed up to provide the intercity trains, with around 900 jobs created at a new factory in County Durham, [...]
EC plans mean Libor-fiddlers could face jail July 25, 2012 LIBOR manipulation will become a crime across the European Union under new plans unveiled yesterday by commissioners Viviane Reding and Michel Barnier. The announcement comes after Barclays was fined £290m by the Financial Services Authority for entering false interest rates to the British Bankers’ Association (BBA) who set the key interbank lending rate. That scandal [...]
Barroso demands more EU cash from indebted member states July 25, 2012 EU LEADER Jose Manuel Barroso demanded more cash from member states yesterday, arguing the budget increases they offered are not generous enough. The top-level bureaucrat wants a 6.8 per cent increase on the year for the 2013 budget, but state leaders voted for a 2.79 per cent rise. “I welcome the courageous efforts that many [...]
Banks to suffer as BRICs slow July 25, 2012 THE SLOWING global economy poses a major threat to banks in the BRIC nations, as asset quality worsens and earnings drop, ratings agency Standard and Poor’s warned yesterday. But the report also concluded that the governments of the countries will stand behind the banks, supporting them financially as the institutions are viewed as crucial to [...]
Eurozone stuck in doldrums as demand for credit slumps July 25, 2012 DEMAND for many types of credit fell again in the second quarter, European Central Bank (ECB) figures showed yesterday, hitting lending and spending in the Eurozone. And banks also found it increasingly hard to fund themselves, hitting the supply of credit further and raising fears that the economy will remain weak into 2013. A net [...]
New capital requirements on derivatives trades from 2013 July 25, 2012 INTERNATIONAL regulators proposed new capital requirements yesterday which will see banks hold capital against exposures to central counterparties (CCPs) on derivatives trades for the first time. Trade exposures will receive a nominal risk-weight of two per cent from 1 January 2013, the Basel Committee said in interim rules published yesterday. That will add to pressures [...]
FSA considers fund change July 25, 2012 CITY watchdog the FSA is looking to alter the charges firms pay to fund the financial services compensation scheme. The FSA will consult on splitting the compensation fund along the lines of its own planned break-up. The Investment Management Association said the change could unfairly hike costs for some.
DMGT sales rise as Mail Online reaches a profit July 25, 2012 DAILY Mail & General Trust (DMGT) reported a rise in turnover yesterday as a 69 per cent increase in online ad revenue made up for falling print revenues. The owner of the Daily Mail and more than 100 regional titles posted a three per cent rise in revenue to £509m in the three months to [...]
Theo Fennell plans to expand overseas despite tough Xmas July 25, 2012 THEO FENNELL, the eponymous founder of the luxury jewellery brand, said yesterday he remained focused on bringing the company back into the black this year after reporting a pre-tax loss of £1.21m. While sales were up nine per cent in the first half of the year, the company said “a difficult Christmas” due to a [...]
