Chinese loans drop in February March 9, 2010 Chinese banks extended about 700bn yuan (£68.2bn) in new loans in February, down from 1.39 trillion yuan in January, the official China Securities Journal reports today, citing unnamed sources. The slowdown came in part due to the week-long Lunar New Year holiday, the newspaper said.
Rose: Cut UK deficit as soon as possible March 9, 2010 SIR Stuart Rose yesterday said the next government should cut public spending sooner rather than later, in comments that appeared to back Tory plans. And the executive chairman of Marks & Spencer said consumers were well-prepared for a period of fiscal tightening to reduce the UK’s yawning £178bn budget deficit. “Our customers, Tesco’s customers, Sainsbury’s [...]
Merrill Lynch debt capital markets heavyweights quit March 9, 2010 AMIR Hoveyda, an esteemed debt capital markets (DCM) heavyweight at Bank of America Merrill Lynch has quit the bank after a management shake-up that has also resulted in the departure of his colleague Sid Prasad. Hoveyda, who sat as head of the bank’s Europe, Middle East and Africa DCM division, left after 16 years with [...]
FSA alters draft rules regulating the sale of payment protection insurance March 9, 2010 THE Financial Services Authority has altered draft rules governing the sale of payment protection insurance (PPI) in response to criticism from insurers and lenders. As a result of the proposed changes, companies would have to pay smaller refunds to customers who bought single premium PPI policies, which have since been banned. Providers of PPI, which [...]
CBI TO FOCUS?ON CREATIVE INDUSTRIES March 9, 2010 CBI president Helen Alexander has vowed to help the beleaguered creative industries over the next five years. She said yesterday the CBI would focus on issues such as piracy and protecting intellectual property, regulation, tax, education and skills, as well as helping provide finance to the industry.
US delays BAE’s export licenses March 9, 2010 The US State Department said yesterday it would delay action on any new export license requests by BAE Systems after the British military contractor pleaded guilty to violating several US laws. BAE pleaded guilty on 1 March to conspiring to make false statements in connection with foreign arms contracts and agreed to pay a $400m [...]
Welsh Water chair ex-BA boss March 9, 2010 Former British Airways chief executive Bob Ayling, has been made chairman of Welsh Water, the not-for-profit utility that provides water and waste water services for 3m people. Ayling, ousted from BA a decade ago, will replace Lord Burns of Pitshanger, the former Treasury mandarin.
Mandelson hits out over a lost US defence deal March 9, 2010 LORD Mandelson hit out at the US Pentagon yesterday, after British defence group EADS said it was prevented from fairly bidding for a massive American contract. EADS and US partner Northrop Grumman said they would not submit a new bid for a $35bn (£23.3bn) contract to make 179 mid-air refuelling aircraft. The pair said the [...]
UK trade gap worsens as exports drop March 9, 2010 ● Exports in January dropped by seven per cent compared with December. ● The figures were the worst in 17 months. ● Exports to countries outside the EU dropped by 12.5 per cent.
Merlin’s magical results mean IPO could happen March 9, 2010 Merlin Entertainments is ready to make a sensational U-turn and resurrect its shelved flotation plans. The change of heart follows the release of tub thumping results by the London Eye owner, with Ebitda shooting up 16.6 per cent last year to £238.6m. Merlin’s revenue for 2009 rose 16.1 per cent to £769m, translating to 9.4 [...]
