Sharp drop in household finance June 19, 2011 Households are facing the biggest drop in their finances in two years, according to the Markit Household Finance Index. The poll slumped to its lowest level since March 2009. Six times as many households saw finances drop from May and June as saw them rise.
Papandreou pleads for Greek unity June 19, 2011 GREEK Prime Minister George Papandreou was last night battling to hold the country together as political fighting and civil unrest threaten to tear it apart. He pleaded with the Greek parliament to back his government’s plans to tackle the gaping hole in the country’s finances. Opposition to Papandreou’s Socialist party, as well as rebellious internal [...]
Euro will break up in next five years, economists say June 19, 2011 THE Eurozone is likely to be broken up within the next five years as southern European countries struggle to grow as part of the single currency, a new forecast from an economics consultancy will claim today. Analysis from CEBR will show that without a euro break-up, growth in southern Europe – including Spain, Portugal and [...]
Q&A: GREECE ON THE BRINK June 19, 2011 Q. WHAT IS HAPPENING TODAY? A. There are two major EU announcements that markets are awaiting: agreement by the Eurozone and IMF to pay the next installment of Greece’s original rescue, which amounts to €12bn; and an agreement among EU member states and institutions as to what form a new bailout will take. Eurogroup and [...]
Spanish take to streets in mass protest June 19, 2011 TENS of thousands of Spaniards took to the streets yesterday to protest against austerity measures. soaring unemployment and the handling of the economic crisis. Protestors calling themselves the “indignados” – the indignants – have been demonstrating since before the regional elections on 22 May, claiming they have been let down by politicians. Yesterday numbers swelled [...]
Blackstone to investigate Northern Rock acquisition June 19, 2011 US PRIVATE equity giant Blackstone is in line to receive an information memorandum on Northern Rock, making the firm one on a short list of potential buyers for the nationalised lender when it is auctioned later this year. A source familiar with the matter told City A.M. that Blackstone will request the memorandum, due to [...]
Santander UK still planning City float this year despite uncertainty June 19, 2011 SANTANDER UK has “pencilled in” its float for early November of this year, City A.M. understands, despite market turbulence and low industry valuations. The bank has scheduled a series of investor meetings for 27-28 September, in which analysts will meet and ask questions of the bank’s new senior management team for the first time. After [...]
US group in talks to buy BAA stake June 19, 2011 FERROVIAL, the Spanish infrastructure firm, is in talks with an American investor to sell 10 per cent of its shareholding in BAA. The Madrid-based firm, which holds a 56 per cent stake in the owner of Heathrow and Stansted, announced in October last year that it was putting a minority stake up for sale so [...]
AirAsia expected to buy 200 Airbus A320 jets June 19, 2011 A RECORD 200-plane order from Asia’s biggest budget airline looks set to dominate a windfall of deals at this week’s Paris Air Show. Air Asia, run by Malaysian businessman Tony Fernandes, is understood to be finalising a $17bn (£10.5bn) order for 200 A320 planes from Airbus, according to a Sunday paper. The order, expected to [...]
Fraud involving company heads on the increase June 19, 2011 COMPANY bosses, including those working at the highest level in chief executive or managing director’s offices, are increasingly committing more fraud, according to a report out today. The survey by accountants KPMG found that board members at divisional, subsidiary and corporate level across the world commit nearly one fifth of all fraud cases. The level [...]
