BBC boss denies cover-up over Savile sexual abuse claims October 23, 2012 THE head of the BBC yesterday denied helping to cover up sexual abuse by one of its former stars but accepted the broadcaster had been damaged by a scandal that has shaken public trust in a national institution. George Entwistle, who was announced as the 90-year-old media organisation’s new boss in August, told MPs that [...]
BP ponders a share buyback as new partner Rosneft hails $3bn benefits of Russian tie-up October 23, 2012 KREMLIN-controlled Rosneft chief Igor Sechin yesterday said that its takeover of TNK-BP could yield up to $5bn (£3bn) in synergy savings, largely on projects in north and eastern Russia. Synergies from the optimisation of current upstream, refining and marketing projects of both gas and oil could benefit the state-controlled energy producer to the tune of [...]
Recessionary Spain is hit by investor fears October 23, 2012 SPAIN’S economic prospects endured a miserable day yesterday, as a wave of negative news coincided with doubts being poured on the public finances of several key regions. The Eurozone’s fourth largest economy contracted by 0.4 per cent in the third quarter of the year, its central bank said, leaving the country potentially facing a whole [...]
Liikanen calls for cap on loan to value ratio to stop bubbles October 23, 2012 THE BIGGEST banks in Europe should face tougher capital requirements as well as controls on the size of loan they can give, Finnish central banker Erkki Liikanen said yesterday. The top finance official earlier this month published major new plans to shake up the regulation of the banking sector, including calling for ring-fences to separate [...]
Socialist wing of Greek coalition stands in way of austerity deal October 23, 2012 TWO of Greece’s coalition parties stuck to a hard line against labour reforms demanded by the country’s lenders yesterday, blocking political agreement on a crucial austerity package. The Democratic Left and Pasok Socialist parties in the fragile three-way coalition have repeatedly insisted they will not back controversial plans to cut wages, reduce severance payments and [...]
Eurozone consumer morale rises October 23, 2012 ■ Consumer confidence improved slightly across the Eurozone this month, yet remains deep in negative territory. Data published by the European Commission yesterday showed confidence on Europe’s high streets edging up to -25.6 points in October from -25.9 points in September in the 17 countries sharing the euro. In the wider European Union area, however, [...]
French industrial confidence drops October 23, 2012 ■ Business morale in France’s manufacturing sector slumped to its lowest level in over two years, fresh figures revealed yesterday. The index, collated by French stats body Insee, dived to 85 on the headline measure, down from 90 last month. “Business leaders consider that the rhythm of activity remains very weak: the balance of opinion [...]
Jefferies picks UK mid-market head October 23, 2012 ■ Jefferies, the US bank group, has given a new role to Stephen Ford, one of the stars of the Hoare Govett broking business it bought earlier this year. Ford, who is a highly-rated equities salesman, has been made head of UK mid-market equities, with a brief to bring in new clients to the firm. [...]
Nick Clegg pledges his party’s backing for British businesses October 23, 2012 NICK Clegg will tonight attempt to position his Liberal Democrat party as a natural ally of business and the historic home “of industrialists and small business”. He is expected to tell the annual dinner of TheCityUK, the financial services trade body, that his party are “staunch advocates of free trade between open economies” and “long [...]
Leading firms support supply chain finance October 23, 2012 LEADING British firms including Tesco, BAE Systems and BT yesterday gave their backing to the government’s “supply chain finance” scheme, which aims to boost working capital for small businesses. David Cameron hosted business leaders at a Downing Street roundtable, where 38 leading firms agreed to actively consider implementing the scheme. Rolls-Royce and Vodafone, who already take [...]
