US services growing speedily despite manufacturing slump December 5, 2012 ECONOMIC activity in the non-manufacturing sector grew for the 35th consecutive month in November, according to data yesterday from the Institute for Supply Management (ISM). The ISM’s overall index for non-manufacturing activity grew 0.5 to hit 54.7 in November, substantially above the 50 level that indicates no change. Even more encouraging were the sub-indices for business [...]
Eurozone retail sales plummet 3.6pc over year December 5, 2012 RETAIL trade in the Eurozone came in for a hammering in October, as sales contracted sharply. Retail sales volumes plunged 1.2 per cent in just a month, Eurostat data published yesterday revealed, meaning that sales are 3.6 per cent lower than just a year ago. The worst fall came in Portugal, where sales dived some [...]
Growth gap between Europe and Asia widens December 5, 2012 THE ECONOMIC gulf between Europe and many fast-growing emerging markets widened in November, data for the service sector revealed yesterday. Eurozone members suffered further declines in business activity in services, according to business surveys from Markit and HSBC, just as services firms in China, India, Russia and the UAE raced ahead. The Eurozone services purchasing [...]
Ireland unveils another budget of tax hikes and spending cuts December 5, 2012 THE IRISH economy faces a fresh round of austerity measures as the government announced another swathe of tax hikes and spending cuts in its budget yesterday. The government, led by Taoiseach Enda Kenny, will make €3.5bn (£2.8bn) more savings, to add to €25bn already slashed since 2008, as part of one of the most disciplined austerity programmes [...]
Spain sells off 10-year bonds December 5, 2012 SPAIN was unable to sell all the bonds it wanted to in a sale of 10-year paper yesterday, but still saw big drops in bond yields. The Spanish treasury managed to shift €4.3bn out of the €3.5bn (£2.17bn) to €4.5bn of 10-year bonds it had planned to sell, but this did not stop yields falling [...]
EU is the least corrupt area December 5, 2012 WESTERN Europe and the European Union is seen as the least corrupt region in the world, a study out yesterday revealed. Just 23 per cent of countries in the region score less than 50 (out of 100) in the Corruption Perceptions Index, compared to 66 per cent of those in the Americas, 68 per cent of [...]
Red carpet is rolled out for charity traders December 5, 2012 IT is not everyday on a lunchtime stroll down Broadgate that a shark, cowgirl and giant armadillo can be spotted drinking beers outside Icap’s City offices. However yesterday was no usual trading day, but the firm’s 20th annual charity extravaganza, which has grown into something of a City institution. Among those hurtling through the revolving [...]
Party’s over for retiring Bwin co-chief Ryan December 5, 2012 ONLINE gaming company Bwin.party said yesterday that Norbert Teufelberger will head the company on his own from January when current co-chief executive Jim Ryan retires and goes back to his native Canada. Teufelberger and Ryan have run the company together since PartyGaming merged with Bwin in March 2011 to create the world’s largest listed online [...]
Television makers hit with €2bn in EU fines for price fixing cartel December 5, 2012 THE EC imposed the biggest antitrust penalty in its history yesterday, fining six firms including Philips, LG Electronics and Panasonic a total of €1.47bn (£1.2bn) for running two cartels. The Commission said executives from the European and Asian companies met until six years ago to fix prices and divide up markets for TV and computer [...]
Asian growth makes up for woe in Europe at Innovation Group December 5, 2012 INNOVATION GROUP, the business software and processes firm, reported a 10 per cent rise in annual revenues yesterday, as it said growth in Asia had made up for tough conditions in southern Europe and the US. The company, which provides outsourcing services to the insurance, automotive and property industries, has expanded its reach via multiple acquisitions. [...]
