Bundesbank: German economy set to grow February 20, 2012 GERMANY’S economic outlook is improving despite the Eurozone crisis and the country’s economic contraction in the final quarter of 2011, the Bundesbank reported yesterday. The national central bank described the country’s current problems as “temporary sluggishness”, arguing that business and consumer surveys pointed to a stable or positive picture. “This more positive environment should remain [...]
ECB bond buys at close to zero February 20, 2012 THE EUROPEAN Central Bank (ECB) kept its government bond purchases to an absolute minimum last week, spending less than €150m (£125.4m) for the third week running. The ECB has all but halted its purchases of troubled Eurozone debt over the last month and a half, following both a substantial improvement in key bond markets, and [...]
French business more confident February 20, 2012 BUSINESS confidence in France held steady in February, according to statistics agency INSEE, suggesting the economic slowdown may have bottomed out. The business climate index stayed at 91 yesterday – below its long-term average of 100 for the sixth month in a row, but suggesting conditions are no longer deteriorating. However Belgian consumer confidence declined [...]
Hungary closer to IMF support February 20, 2012 HUNGARY expects to arrange financial backing from the EU and International Monetary Fund (IMF) by the end of March, a senior economy ministry official said. The country does not expect to need international funding, but the support would help it access markets again at a time when it needs to refinance maturing debts. Its government [...]
Banks can trip in search of a rise up the table February 20, 2012 INVESTMENT bankers are pleased with any pickings these days and in the past few weeks there has been healthy signs of action in the world of block trades. This is a phenomenon whereby a bank offers to buy a block of shares in one company and sell it on. The idea is that, hopefully, the [...]
Olympus picks president February 20, 2012 OLYMPUS plans to promote executive officer Hiroyuki Sasa to the role of president in April, according to Japanese reports. Sasa, who has worked as head of development as well as marketing at subsidiary Olympus Medical Systems Corp, will be appointed president on 20 April, the Nikkei paper reported. Japanese prosecutors are now considering indicting Olympus [...]
Inmarsat and LightSquared clash on rent February 20, 2012 SATELLITE communications firm Inmarsat and its American lodger LightSquared have locked horns over the payment of a $56.25m (£35.5m) rent cheque due last Saturday. Inmarsat, which is headquartered in London, yesterday issued a notice of default to the US wireless company, citing an unpaid multi-million payment due upon the completion of the “phase one transition”. [...]
Ambitious network won’t see light of day February 20, 2012 FOR several years Inmarsat was the unsung darling of the FTSE 100. During the financial crisis it became a safe haven for investors seeking shelter from riskier stocks, a high-tech defensive with few competitors. Better still, its biggest shareholder Harbinger Capital, the US investment fund, propped up the shares by making clear its intention to [...]
Foxconn lifts wages for workers after Apple launches inspection February 20, 2012 FOXCONN, the top maker of Apple’s iPhones and iPads whose factories are under scrutiny over labour practices, has raised wages of its Chinese workers by 16-25 per cent from this month, in the third pay hike since 2010. The wage increases come just a week after Apple agreed to let a US non-profit labour group [...]
BLACKFRIARS TUBE STATION REOPENS February 20, 2012 Blackfriars tube station has reopened after a complete rebuild lasting almost three years. The station now provides an improved interchange with the mainline Thameslink station, an enlarged ticket hall and new entrances. Mayor Boris Johnson said the station was “like a Scandinavian airport, it’s so clean – or a Swiss maternity ward.” Picture: Laura Lean [...]
