No one said changing would be easy February 15, 2012 YET again, the investment bank sticks out like a sore thumb. Profits rose at every single division of BNP Paribas last year with one exception: the corporate and investment bank. This is bad news for the City, where BNP Paribas employs thousands – many of whom it is now laying off. Hence the “restructuring charge”, [...]
Robert Zoellick to give up top job at the World Bank February 15, 2012 WORLD Bank president Robert Zoellick has said yesterday he will step down in June, as Washington pledges to put a replacement candidate forward within weeks for a job that has always gone to an American. Speculation has been rife over who might take the job when Zoellick departs. Possible US candidates include secretary of state [...]
Internet sales boost Domino’s pizza profit February 15, 2012 PIZZA DELIVERY AND BANKING ARE LATEST TO JOIN THE DIGITAL PAYMENT REVOLUTION DOMINO’S Pizza UK & Ireland said a “breath-taking” surge in online sales and a recovery in the Irish market helped fuel a 14.6 per cent rise in full-year profits, beating City expectations. The pizza delivery company called 2011 “the year of the app”, [...]
Barclays unveils cash-free payment app in bid to poach bank customers February 15, 2012 BARCLAYS has launched a mobile app that could see the bank poach thousands of customers from rivals by giving them the ability to pay without cash. The app, called Pingit, is aimed at boosting Barclays’ brand by linking the lender to a convenient service. It lets users link their mobile number to their bank account [...]
Recession risk grows as Euro GDP contracts February 15, 2012 ECONOMISTS fear the Eurozone is heading for a recession after figures out yesterday showed GDP fell in the final quarter of 2011. Output shrank by 0.3 per cent in the three-month period, Eurostat estimates showed, with France the only major economy to expand. German GDP declined by 0.2 per cent, Spain’s by 0.3 per cent [...]
ECB to pass on bond profits to Greek bailout February 15, 2012 EUROPEAN Central Bank (ECB) policymakers said they have no wish to book a profit on Greek sovereign bonds the ECB holds, and gave a green light yesterday for Eurozone member states to pass on the funds to Greece. Discussion is underway about how the ECB could book those profits up front, to provide an early [...]
CITY VIEWS: WILL GREECE BE A EUROZONE MEMBER IN 12 MONTHS TIME? February 15, 2012 MONIR HOSSAIN | CITI “Absolutely. They’re isolated and will be better off in it. At the moment the euro is helping them get out from their hole. If they isolate themselves then they will be in a much poorer situation.” JOHN SAVILLE BENTLEY | SMS “No. I don’t think they’ll be able to force through [...]
Fed split over further easing February 15, 2012 A FEW Federal Reserve officials in January believed another round of bond buying by the central bank would be needed before long to support the US economy, miniutes of the meeting revealed last night. Others thought more bond buying would be necessary only if the recovery lost momentum or if inflation dipped, the minutes said. [...]
CAIRN ENERGY CHAIRMAN BREAKS BREAD IN SPANISH SUPERMARKETS February 15, 2012 A RED-LETTER day for Sir Bill Gammell yesterday, as the fast-growing food brand backed by the Cairn Energy chairman announced expansion into its second international market. Under a deal with French supermarket giant Carrefour, Genius Foods, the gluten-free grocery range in which Gammell is the largest single investor, will be available in the chain’s 350 [...]
CPP loses Barclaycard amid mis-selling probe February 15, 2012 CREDIT card insurer CPP has lost its contract with Barclaycard as a regulatory probe in sales practices continues to damage the company. Barclaycard had already suspended some sales of CPP products last year but will now end all other sales within the next six months. The Financial Services Authority has been investigating the insurer since [...]
