January rebound for UK after winter snow slump February 10, 2011 THE economy bounced back in January, expanding by 0.6 per cent, a Westminster-based economic think tank said yesterday. However, the UK is still in a “depression”, with GDP 4.5 per cent below its pre-recession peak, according to the National Institute for Economic and Social Research (NIESR). While the recession is over, the economy needs to [...]
City will drive Britain out of the recession February 10, 2011 FINANCIAL services will be at the heart of the economic recovery this year, an academic research group said today. Along with Britain’s resurgent manufacturing sector, “growth in 2011 will be driven by financial and business services and by computing services,” Cambridge Econometrics found. Banking and finance will stimulate growth in several key business services, it [...]
Tax guide takes 20 hours to read February 10, 2011 The UK’s tax system is so complex that guides for individual taxes are even longer than War and Peace, the Taxpayers’ Alliance (TPA) said today. All tax guides except one (inheritance tax) have over 1,204 pages, the length of Leo Tolstoy’s epic novel. Tolley’s guide on corporation tax guide is 1,897 pages long, the TPA [...]
Industry up in France and Italy February 10, 2011 Industrial output increased in both France and Italy at the end of 2010, official data showed yesterday. The boosts to industry in the Eurozone countries contrasted with a decline in German output, after a severely snow-affected December. Italy’s output rose 0.3 per cent compared to the previous month, slightly above the expectations of economists. French [...]
Jobless claims plummet in US February 10, 2011 Claims for unemployment benefit in the US fell to 383,000 in the week ending 5 February, it was revealed yesterday. The considerable drop (from 419,000 the previous week) surprised observers and was a two and a half year low – pointing to a firming undertone in the labour market as the economic recovery gathers momentum. [...]
Change at the top for optimistic S&N February 10, 2011 PERENNIAL takeover target Smith & Nephew posted strong fourth-quarter profits yesterday, as chief executive David Illingworth announced he would be stepping down on 1 April, to be replaced by Olivier Bohuon. Pre-tax profits for 2010 were up 33 per cent at the medical devices manufacturer, rising to $890m (£552m) from $670m the year before. Sales [...]
The global man for the job February 10, 2011 OLIVIER BOHUON AFTER leaving his post at the helm of French pharmaceuticals and cosmetics company Pierre-Fabre a few weeks ago, Olivier Bohuon will step into David Illingworth’s shoes at Smith & Nephew on 1 April. Bohuon had been at Pierre-Fabre just five months when he stepped down, having succeeded Jean-Pierre Garnier in September last year. [...]
Shire expects sales growth in 2011 February 10, 2011 PHARMA firm Shire said it would sustain the strong sales growth of 2010, when its rare disease business reaped a windfall from problems at US rival Genzyme. Shire, which also makes hyperactivity and gastrointestinal drugs, said sales would again rise by about 16 per cent in 2011, against its target to grow revenue in the [...]
CITY MOVES | WHO’S SWITCHING JOBS February 10, 2011 Alvarez & Marsal The global independent professional services firm, today announced the appointment of Stuart Ells, a seasoned media and entertainment expert, to its European performance improvement business. His arrival marks the formation of a specialist media & entertainment team focused on supporting both corporates and portfolio companies of private equity firms in this sector, [...]
Sareum raises funds for Xcap February 10, 2011 Cancer drug discovery company Sareum Holdings has conditionally raised £500,000 before expenses via a placing at 1p a share, representing a 40 per cent discount to the closing market price of 1.65p on Tuesday. The company said the shares were issued to meet investor demand from clients of Xcap Securities. Sareum will use the proceeds [...]
