Bondholder losses may be eased December 4, 2011 Germany is prepared to soften language in the Eurozone’s permanent bailout mechanism compelling bondholders to accept losses in exchange for much stricter budget rules, sources have said. The shift would not completely remove the possibility of private bondholders having to accept losses in the future, but it would align the statutes of the European Stability [...]
Monti’s marvellous medicine December 4, 2011 TOUGH tax hikes and spending cuts were announced last night as Italy’s technocratic Prime Minister unveiled his plan to get the country’s colossal debts back under control. The €20bn (£17.2bn) fiscal package was presented after a cabinet meeting. The retirement age is set to rise, income tax on the rich will be hiked and a [...]
More austerity in Ireland December 4, 2011 IRISH Prime Minister Enda Kenny set out a raft of tough new austerity measures in his Budget address yesterday, pledging to cut spending and raise taxes to bring down the nation’s huge debt. Setting out the “challenge” of restoring Ireland’s economy, Kenny said the government was still spending €16bn (£13.7bn) per year more than it [...]
Belgian PM elected after record wait December 4, 2011 AFTER a record 588 day wait, Belgium at last has a new Prime Minister – Socialist leader Elio Di Rupo. The Francophone leader heads a six-party coalition and faces major economic and social challenges. Europe’s sovereign debt crisis appears to have spread to the formerly-safe core nation, as 10-year bond yields hit record highs of [...]
FSA chief agrees to meet Occupy activists December 4, 2011 PROTESTERS from Occupy London have won a meeting with Hector Sants, the chief executive of the Financial Services Authority. Members of the group are due to meet Sants at St Ethelburga’s Tent, at the Centre for Reconciliation and Peace, on Bishopsgate on Wednesday. It is part of London Connection, a series of events on finance [...]
EU summit crucial for euro rescue December 4, 2011 THE euro faces a decisive week as European Union leaders, urged on anxiously by the US, seek agreement on a convincing rescue plan that has eluded them for two years. Despite short-term market optimism about a possible deal to tackle Europe’s sovereign debt crisis and underpin the survival of the single currency, the outcome is [...]
Social media to help Cyber Monday grow December 4, 2011 TODAY’S Cyber Monday is set to be the year’s busiest online Christmas shopping day, beating last year by 15 per cent, with retail websites expected to receive 85m hits as the festive frenzy picks up pace. Encouraged by the nearing big day and last week’s November pay packet, while leaving enough time for parcel deliveries, [...]
High street trade is worst since 2008 December 4, 2011 HIGH street trading is in a worse state today than it was in the tumultuous period after Lehman Brothers declared bankruptcy three years ago, an Ernst & Young report has revealed. Eighteen per cent of general retailers, excluding food and drug vendors, have issued profit warnings since the beginning of October, up from 14 per [...]
John Lewis sales up almost 10pc December 4, 2011 JOHN Lewis, Britain’s biggest department store group, said sales rose 9.6 per cent last week, with the increase flattered by snow disruption a year ago. The employee-owned group, seen as a retail bellwether, said yesterday department store sales rose to £113.6m in the week to 3 December. “While the figures were flattered by the snow [...]
Ocado running late more often December 4, 2011 ONLINE grocer Ocado has seen the punctuality of its deliveries slip in the face of increasing demand. The listed company, which sells Waitrose goods, is understood to have delivered 90-95 per cent of its shopping early or on time in the past three months, compared to an average punctuality rate of 95.5 per cent in [...]
