Sarkozy and Hollande clash on Eurozone during live TV debate May 2, 2012 FRENCH President Nicolas Sarkozy and socialist challenger Francois Hollande clashed repeatedly in their televised debate yesterday, with the conservative incumbent sounding angry and on the defensive four days before the vote. Trailing Hollande in opinion polls by six to 10 points before Sunday’s decisive runoff despite an energetic campaign and a lurch to the right [...]
Barrick Gold hikes payout 33pc May 2, 2012 ■ Barrick Gold, the world’s biggest gold miner by output, yesterday raised its dividend by 33 per cent as it reported a higher quarterly profit. Barrick reported net income of $1.03bn, or $1.03 a share in the quarter ended 31 March, up from $1bn, or $1 a share, a year earlier. Barrick said its average [...]
RBS to put aside £125m for PPI May 2, 2012 ■ RBS is expected to announce at tomorrow’s first quarter results that it will set aside a further £125m to cover compensation for mis-selling loan insurance. The sum will take RBS’ total bill for misleading investors about loan insurance to more than £1bn.
Angry Osborne refuses to sign EU banks pact May 2, 2012 THE FIRST major negotiation on Europe’s most important banking reforms degenerated into a slanging match between the UK and European Commission last night, with both sides refusing to budge from their opposing positions. Finance ministers had called an extraordinary meeting in Brussels in an attempt to break months of deadlock on a new set of [...]
WHAT ARE THEY ARGUING ABOUT? May 2, 2012 ● Europe is trying to implement the Basel III internationally agreed regulations aimed at making banks safer. The EU version of the rules is currently a 600-page piece of regulation known as “CRD IV” and it has proven to be the most controversial financial reform currently under negotiation. ● The biggest row is over the [...]
Manufacturing down across the Eurozone May 2, 2012 EUROZONE manufacturing output slumped in April, with all four major economies suffering from the downturn, data showed yesterday. Unemployment hit a record high of 10.9 per cent in March, and both sets of data contributed to stocks plummeting in Spain and Italy Factory production declined sharply last month, Markit’s purchasing managers’ indices (PMI) revealed. For [...]
Henderson sees £850m outflow as turmoil bites May 2, 2012 SHARES in fund manager Henderson dropped 5.39 per cent yesterday after it posted a net outflow of £857m in the first quarter. The stock closed at 115.8p after the Anglo-Australian group reported a further decline in its low-margin institutional business. It experienced a net first-quarter institutional outflow of £610m, a net drain of £110m at [...]
ODGERS BERNDTSON HEADS FOR CANNON ST May 2, 2012 CITY headhunting firm Odgers Berndtson is to move its headquarters from the West End to Allied London and Aerium J’s development near St Paul’s cathedral in the City (pictured above). The company has agreed to lease the entire 40,000 square foot building at 20 Cannon Street, which is due to be completed this month.
CAP fits for buyout firm Montagu May 2, 2012 ■ Private equity house Montagu has agreed to buy used car data provider CAP from Top Right Group, formerly known as Emap International. The value of the deal was not disclosed but Montagu will pay around £170m. Top Right, owned by Guardian Media Group and Apax Partners, is being split into three standalone companies.
Deutsche Lufthansa hit by fuel costs May 2, 2012 ■ Deutsche Lufthansa, Germany’s biggest airline, said yesterday that soaring fuel costs have triggered a bigger than expected first-quarter loss and forecast it might only hit its profit target if costs from a new restructuring plan were excluded. The operating loss for the first three months of the year more than doubled to €381m (£309m) [...]
