Europe fails to learn the lessons of history on calming creditors July 22, 2012 SHADOW banking panics are nothing new. Amsterdam experienced a pretty severe one in 1763. The collapse of the banking house Gebroeders de Neufville sparked a financial crisis that year not because depositors scrambled to recover their cash, but because creditors did. History repeated when Bear Stearns and Lehman Brothers failed in 2008, and the same, [...]
Murdoch quits news boards July 22, 2012 RUPERT Murdoch has resigned as director of his UK newspaper operations, following mounting investor anger at his position and raising the possibility of his UK publications being sold. His exit from boards including News International and Times Newspaper Holdings, announced in an internal memo on Saturday, will distance Murdoch from the industry he built his [...]
Shops look to new payment methods to escape card fees July 22, 2012 RETAILERS are shunning credit cards as shoppers embrace mobile phone and contactless payments, research released today shows. Shops are rushing to fit tills with the technology and online sellers are using e-payment methods such as PayPal to avoid costly credit card processing fees, according to the British Retail Consortium (BRC). Just under 30 per cent [...]
Sunday shoppers give London retailers a run for their money July 22, 2012 AS THE Olympic torch wound its way around the streets of London yesterday, the city’s shopkeepers did their best to tempt milling spectators through their doors by using new powers to extend their Sunday trading hours. Recent profits at several high street names have fallen flat as the expected Jubilee Jump failed to materialise, and [...]
OLYMPIC MEDIA BUZZ LONDON 2012 PARTNERS July 22, 2012 IN ASSOCIATION with Repskan.com, City A.M. is measuring the relative Olympic media buzz around the London 2012 Olympic and Paralympic Games partners, week by week. The leaderboard, right, reflects their ranking over the past week, in this case from Wednesday 11 July to Wednesday 18 July. Adidas has moved up the rankings this week, both [...]
ROTHSCHILD SHORTLISTED FOR PROPERTY GONG July 22, 2012 ROTHSCHILD’S new office block has been shortlisted for a prestigious Royal Institute of British Architects Sterling Prize. New Court, designed by OMA with Allies and Morrison and completed last year, has picked up plaudits for opening up views of Wren’s St Stephen Walbrook church and showing off the bank’s art collection within its walls. But [...]
Expected fall in GDP even after huge job boom July 22, 2012 THE UK is still mired in a W-shaped, “double-dip” recession, according to many analysts’ predictions of the latest preliminary estimates of GDP, set to be released by the Office for National Statistics on Wednesday. The forecast will come as a blow to the government, whose attempts to come closer to balancing the budget are becoming [...]
Firms optimistic on job growth but warn of over-regulation July 22, 2012 THE JOB recovery is set to continue, as businesses look to hire more workers, though firms voiced concerns about the level of employment regulation in a report from the Confederation of British Industry (CBI) and recruitment consultancy Harvey Nash out today. Companies are cautiously positive, with 12 per cent on balance reporting an intention to [...]
ANALYST VIEWS | WILL THIS WEEK’S GDP FIGURES SHOW AN END TO THE RECESSION? July 22, 2012 HOWARD ARCHER IHS GLOBAL INSIGHT “Our best guess is that the economy contracted by around 0.3 per cent quarter-on-quarter in the second quarter, which would leave GDP down 0.4 per cent year-on-year.” PHILIP RUSH NOMURA “Activity data have been gloomy but have not been in themselves consistent with a contraction in the second quarter. However, [...]
Inflation drop eases squeeze on households July 22, 2012 HOUSEHOLD finances deteriorated in July at their slowest pace in four months, according to Markit’s household finance index published today. The headline index rose from 37 in June to 37.5 in July – still firmly below the 50 “no change” level, but indicating a slowing of the decline. Approximately 32 per cent of respondents reported [...]
