Spain steps up budget row with EC March 1, 2012 THE SPANISH government has stepped up its appeal for leniency from the European Commission (EC), arguing its budget deficit will only miss targets because of the recession, not a lack of action by the government. Prime Minister Mariano Rajoy, elected last year after pledging draconian spending cuts, is now lobbying Brussels arguing the deteriorating economy [...]
Indian manufacturing keeps booming as Chinese factories start to stabilise March 1, 2012 INDIAN manufacturing output growth slowed slightly in February, but remained above its long-term trend rates according to data published yesterday by Markit. Figures also showed recent declines in China’s manufacturing output slowed, indicating a brighter future for the economy. The purchasing managers’ index (PMI) figures came in at 56.6 in India, down from January’s eight-month [...]
QE hits pensions less than feared, says MPC’s Miles March 1, 2012 A TOP Bank of England official believes pensioners have not been as badly hit by quantitative easing (QE) as the industry argues. David Miles yesterday said pensioners should stop focusing on low yields and the low annuity rates that the Bank of England’s extremely low interest rates and QE has forced on them and instead [...]
EC KEEPS PUSHING NEW PENSION RULES March 1, 2012 EUROPEAN commissioner Michel Barnier yesterday argued in favour of new pension rules – which funds warn would spell the end of final salary schemes. Barnier said “In so far as insurance products and pension schemes are comparable, the regulatory framework should be similar.” However, such Solvency II style rules will cost the industry hundreds of [...]
Osborne hit as 50p tax row escalates March 1, 2012 INDUSTRY bodies backed calls for the 50p top rate of income tax to be scrapped yesterday, as Labour politicians and trade unions argued relieving pressure on high-earners should not be a priority. Chancellor George Osborne is coming under increasing pressure to cut taxes or boost spending in his budget later this month, after public borrowing [...]
Woodford in plea for justice as Olympus case opens in UK March 1, 2012 THE former chief executive of Olympus yesterday vowed to “hold to account” the Japanese technology firm as he launched employment tribunal proceedings in London. Michael Woodford, who was fired after questioning $1.7bn (£1.1bn) of payments, could receive tens of millions of pounds if he wins the case against his former employer. His contract to run [...]
Spirent Comms profit increases March 1, 2012 SPIRENT Communications yesterday posted a 10 per cent rise in its full-year profit, helped by strength in its core performance analysis segment, but cautioned that the prevailing economic environment could hurt it in the short-term. West Sussex-based Spirent, which tests telecom devices and wireless networking equipment, said pre-tax profit rose to $123.3m, from $112.2m a [...]
Passengers up at Eurotunnel March 1, 2012 EUROTUNNEL swung into profit in 2011, crediting steady growth in passenger numbers. Revenues rose 16 per cent to €845m (£706m) at the Channel Tunnel operator, allowing it to post a €272m operating profit and after-tax earnings of €11m. The number of cars using the Chunnel rose by six per cent to 2.26m, while truck traffic [...]
Student landlord enjoys rise in value March 1, 2012 BRITAIN’S largest student landlord Unite saw its net asset value (NAV) increase by eight per cent a share last year, driven by strong rental growth and development activity. Chief executive Mark Allan said the group’s NAV of 318p would have been higher if it were not for a £21m charge it incurred for closing its [...]
Derwent partners with Grosvenor in Hyde Park scheme March 1, 2012 PROPERTY firm Derwent London has set up a joint venture with Grosvenor Estates, London’s biggest landlord, to redevelop a 1.5 acre site at Hyde Park Corner into a £200m luxury scheme. The two are planning to turn 1-5 Grosvenor Place into a mixed-use development, which will include a five-star hotel as well as offices and [...]
