Former Bank official blasts QE as an undemocratic and unfair tax on savers February 8, 2012 FORMER Bank of England deputy governor Rachel Lomax hit out at quantitative easing (QE) and the Vickers banking reforms yesterday, calling the asset purchase programme “a stealth tax on savers.” Speaking at Fathom Consulting’s monetary policy forum, Lomax was joined by another ex-policy maker Andrew Sentance, who warned persistently above-target inflation risked destroying the MPC’s [...]
German exports slump as French services slow February 8, 2012 GERMAN exports fell at their fastest pace for three years in December, data from the German Federal Statistics Office showed yesterday – after foreign sales hit a record high in 2011. French industrial confidence stagnated in January, according to the Bank of France, and Spanish industrial output contracted for the fourth consecutive month. German exports [...]
International Power falls on weak outlook February 8, 2012 SHARES in power generation company International Power slumped almost three per cent yesterday, despite reporting a higher full-year profit helped by continued strength in its international markets. The company also said yesterday contributions from new plants that became operational late last year, together with new capacity expected to come on line during 2012, would drive [...]
Misys boss to move to the US February 8, 2012 CHIEF executive Mike Lawrie’s decision to leave Misys at the end of March has reduced the chance of a rival bid derailing the software maker’s takeover of Swiss rival Temenos, a deal seen by some analysts as a quick – but poor – fix to tackle weak demand. Lawrie is taking the top post at [...]
Sanofi admits that sales could drop as patents end February 8, 2012 FRENCH drugmaker Sanofi said yesterday that its earnings could drop by up to 15 per cent this year as top-selling drugs previously protected by patents are hit by competition from generics. Sanofi expects to return to growth in subsequent years, driven by emerging markets, diabetes, vaccines, its takeover of biotechnology company Genzyme and new products. [...]
HomeServe insurance income dips February 8, 2012 BRITISH home insurance firm HomeServe said a prolonged marketing delay – prompted by concerns it may be mis-selling products – would hit customer numbers and renewal revenues harder than expected. The group said yesterday total customer numbers could fall eight per cent in 2012, worse than its previous estimate of a five per cent decrease. [...]
Nokia slashes 4,000 jobs as it shifts all assembly lines to Asia to cut costs February 8, 2012 STRUGGLING Finnish phone maker Nokia plans to cut 4,000 more jobs at its plants in Finland, Hungary and Mexico as it seeks to cut costs by moving phone assembly work to Asia. The cuts of eight per cent of the workforce bring total planned job cuts at the group since Stephen Elop took over as [...]
SAS braces for annual loss amid tough competition February 8, 2012 SCANDINAVIAN airline SAS has reported a fourth consecutive annual loss in 2011 and said it would accelerate a 5bn Swedish crown (£473.3m) plan to cut costs and boost revenue. The group, half-owned by Sweden, Norway and Denmark, has faced competitive pressure in its home Nordic markets from Norwegian Air Shuttle and Ryanair. A buoyant Norwegian [...]
TAKINGS TUMBLE AT STAGECOACH ARTS February 8, 2012 PERFORMING arts school company Stagecoach said yesterday its profits before tax in 2011 were £650,000, a 10.5 per cent fall from the previous year’s figure of £727,000. The group – which runs 684 schools worldwide – said the drop in profitability was expected, after a significant investment in marketing and advertising. Network fees over the [...]
Rio Tinto to pump $3.4bn into iron ore February 8, 2012 MINING giant Rio Tinto yesterday helped to give a boost to the mining sector as it announced a $3.4bn (£2.1bn) expansion in its iron ore operations in Australia. The FTSE 100 company’s move is aimed at stepping up production by more than 50 per cent in anticipation of growing demand from China. Rio, the world’s [...]
