Eurozone hit by construction sector collapse April 18, 2012 RECESSION fears were raised further yesterday as figures showed a huge monthly fall in Eurozone construction output in February – the third monthly fall in the sector. However, official trade data confirmed the EU as a whole recorded its first current account surplus in almost a decade in the final quarter of last year, adding [...]
Spanish banks hurt by boom in bad loans as economy weakens April 18, 2012 SPANISH banks’ bad loans rose to their highest level since October 1994 in February, Bank of Spain data showed yesterday. Bad loans now account for 8.2 per cent of their credit portfolios, as the sector battles sliding house prices and a looming recession. Banks are facing a new wave of loan defaults as an economic [...]
Deep recession throws out Italy’s deficit plan April 18, 2012 ITALY’S recession will be far worse than initially thought, the government confirmed yesterday, forcing Prime Minister Mario Monti to push back his goal for balancing the budget. Borrowing costs remained high on the announcement, with 10-year bond yields rising a touch to 5.48 per cent. The economy is now forecast to contract 1.2 per cent [...]
Chinese house prices fall again leading to fears of slowdown April 18, 2012 HOUSE prices are falling in most Chinese cities, according to an official study published yesterday, raising concern about the severity of the economy’s slowdown. Of the 70 surveyed in March, 46 cities experienced falling prices in the month while 16 were unchanged and just eight reported a rise. That compares with 45 falling in February. [...]
Mortgage fraud increases 8pc April 18, 2012 MORTGAGE fraud rose by eight per cent last year, according to research out yesterday from Experian. Thirty-four out of every 10,000 mortgage applications were found to be fraudulent, double the overall rate of fraud across the UK’s financial services sector. Most cases involved people providing false personal information on their application and in particular attempts [...]
TUC BOSS BRENDAN BARBER TO STEP DOWN April 18, 2012 TRADES Union Congress general secretary Brendan Barber yesterday announced he will stand down from the role at the end of the year, after 10 years in the job. TUC president Paul Kenny praised his “immense contribution to the trade union movement.” Barber’s replacement will be elected at the 2012 congress in September.
CME Group eyes Black Sea future April 18, 2012 CME Group said yesterday it would launch a Black Sea wheat futures contract in June, if approved by regulators, marking the exchange’s first foray into a non-US based wheat contract. Tim Andriesen, managing director for Agricultural Commodities and Alternative Investments for the CME group, said “We firmly believe this contract will not only establish an [...]
Saga lashes out at Bank’s QE April 18, 2012 Saga warned yesterday of increased inflation and damaged pensions if quantitive easing (QE) continues, arguing that it is not as effective in boosting the economy as originally intended. Saga chief Ros Altmann called on the government to minimise the damage of QE on pensions and find alternatives for boosting the economy. The comments come after [...]
CITY MOVES WHO’S SWITCHING JOBS April 18, 2012 Sberbank As part of the integration of Sberbank of Russia and Troika Dialog, Elena Shilina has been appointed head of the private banking group. She will report directly to Ruben Vardarian, president of Troika. Since May 2011, Shilina has headed the Sberbank-Troika integration committee. She has previously worked for Nomos Bank as vice-president, McKinsey, Rosbank [...]
BEST of the BROKERS April 18, 2012 HISCOX JP Morgan has raised its price target on the insurer from 420p to 430p with a “neutral” rating, saying it should appeal to investors seeking exposure to a Lloyd’s speciality insurer with a low risk profile, that is more defensive than some of its peers. WOLSELEY Berenberg Bank has maintained its “buy” recommendation on [...]
