PROFILE: WALGREENS’ NEWEST BOARD MEMBERS June 19, 2012 STEFANO PESSINA, ALLIANCE BOOTS ALLIANCE Boots’ executive chairman shows no sign of slowing down despite celebrating his 71st birthday earlier this year. Speaking to reporters yesterday he reaffirmed his commitment to the firm and said he was excited to be taking an eight per cent stake in Walgreens: “I really believe in this company and [...]
Slowing inflation opens door to money printing June 19, 2012 CONSUMER price inflation slowed again in May to its lowest rate since December 2009, according to official data out yesterday. Prices rose 2.8 per cent in the year to May, down from three per cent in the year to April, the Office for National Statistics revealed, leading economists to forecast a new round of quantitative [...]
Greek coalition haggling drags on into a third day June 19, 2012 NEGOTIATIONS between key Greek politicians have spilled into a third day, as pro-bailout parties attempt to form a fresh coalition. Evangelos Venizelos, head of the socialist Pasok party, said that he hoped a deal could be struck after lunchtime today. A three-way coalition with the election winners – the conservative New Democracy group – and [...]
Greece raises €1.3bn from new T-bills June 19, 2012 GREECE sold €1.3bn (£1.05bn) of three-month T-bills yesterday, with the yield slightly easing from a previous auction in May. The sale’s bid-cover ratio was 2.19, down from 2.32 in the 15 May auction. Greece paid a yield of 4.31 per cent, down from 4.34 per cent in the previous auction, the debt agency said. Monthly [...]
Costs spike at Spanish debt sale June 19, 2012 SPAIN’S short-term borrowing costs rose to their highest level since 1997 in a debt sale yesterday as investors worried the country will soon be forced to ask for international aid. The country sold €2.4bn (£1.9bn) of the 12-month T-bill at an average yield of 5.074 per cent yesterday, compared with 2.985 per cent at the [...]
Spain ministry denies that it is delaying key audit into banks June 19, 2012 SPANISH officials yesterday scrambled to downplay reports that claimed the government is delaying an audit into the country’s crisis-struck banking sector. Two audits have been expected for publication at the end of next month, yet reports yesterday suggested that the government had sought to postpone the publications until September, with the supposed purpose of requiring [...]
Construction down across Europe June 19, 2012 Construction in the Eurozone sank by 2.7 per cent in April compared to March and plummeted 6.6 per cent in the wider European Union area. The falls reversed climbs of 11.4 per cent and 10.8 per cent respectively the previous month. Despite the notable increases in March, figures from Eurostat – the official statistics office in Brussels [...]
Minister: Cyprus not doomed yet June 19, 2012 Cyprus still has options open to find urgently-needed funds to recapitalise its banks, either through the EU rescue fund or through a bilateral loan, its finance minister said yesterday. “We are optimistic we will get the financing we need to recapitalise the banks, whether that will be through a bilateral agreement, or through the mechanism, [...]
German court slams government over ESM June 19, 2012 OPPOSITION MPs in Germany won a victory over Angela Merkel’s coalition yesterday as the country’s top court ruled that the government did not sufficiently consult parliament over plans for the Eurozone’s permanent bailout scheme. Chancellor Merkel’s government hit back, however, insisting that the decision will not prevent the ratification of new laws surrounding the European [...]
FSB calls on banks to raise capital buffers June 19, 2012 BANKS should rapidly build up capital buffers to create a solid foundation for economic growth and relieve pressures on indebted sovereigns, the international Financial Stability Board (FSB) claimed in a new report last night, arguing that short-term costs of cutting lending are rapidly repaid. The FSB also told the G20 nations that more cross-border action [...]
