Buckles hangs on as Olympics cost G4S £50m August 28, 2012 G4S confirmed yesterday it lost £50m from its bungled Olympic contract, as chief executive Nick Buckles fought to save the security company’s reputation and his own. Buckles admitted he was “extremely disappointed” with the way the problems were managed, and stressed that G4S’s plans for the Paralympics were in place. He said the firm could [...]
Crucial time as investors await news of public sector contracts August 28, 2012 NICK Buckles could be forgiven for not greeting today’s start of the Paralympics with much enthusiasm. While the rest of the country is desperate for a return to the more carefree mood that the Olympics brought with them (was it really just two weeks ago?) scrutiny of G4S over the next fortnight is going to [...]
Law firm Bakers retains top spot as revenues rise August 28, 2012 BAKER & McKenzie confirmed yesterday it is still the world’s largest law firm by revenues, as it released global numbers showing a 2.1 per cent rise in fee income. Fee income from its 71 offices around the world hit $2.3bn (£1.45bn) in the year to 30 June, with strong growth in Latin America and Asia [...]
Draghi will not attend Jackson Hole gathering August 28, 2012 MARIO DRAGHI has said he will not attend the Jackson Hole gathering of central bankers, sparking a flurry of speculation about the European Central Bank’s (ECB) bond buying plans. The ECB president, who said he declined the invitation because of a heavy workload, had been scheduled to speak on Saturday, but now no one from [...]
Spaniards pull cash from banks August 28, 2012 Moves by consumers and firms to pull their money out of Spanish banks gathered pace in July, with private sector deposits falling at a record rate as the country bore the brunt of the Eurozone’s debt crisis. Private deposits fell by almost five per cent to €1.509 trillion (£1.119 trillion), European Central Bank data showed [...]
Lenders start review of Portugal August 28, 2012 Inspectors kicked off a review of Portugal’s bailout yesterday, facing rising expectations they will grant the country some relief on tough fiscal goals it looks set to miss despite sticking rigidly to a tough austerity programme. The troika of lenders – the EU, European Central Bank, and International Monetary Fund – are in Portugal for [...]
Euro money growth speeds up August 28, 2012 Money supply growth picked up and loans to the private sector inched higher in July, European Central Bank (ECB) data showed yesterday. The broadest measure, known as M3, accelerated at a rate of 3.8 per cent in July, from the previous year. Economists had expected a rate of 3.2 per cent – the same as [...]
Credit Agricole cuts exposure to risky Greece August 28, 2012 FRENCH giant Credit Agricole surprised analysts by posting a second quarter profit yesterday, despite the flat French economy and tough Eurozone conditions. But the bank is still taking major steps to shore up its position and reduce exposure to the troubled periphery nations. It hopes to finalise the sale of much of its Greek arm [...]
French state pushes oil firms to cut prices at the petrol pump August 28, 2012 THE FRENCH government has teamed up with oil businesses to ease the pressure of high prices on motorists, finance minister Pierre Moscovici announced yesterday. Prices will fall today by up to six euro cents per litre for the next three months, with the government and industry each bearing half of the burden. The government will [...]
Moody’s chops 3CIF’s rating on bailout fear August 28, 2012 MORTGAGE lender Caisse Centrale du Credit Immobilier de France (3CIF) yesterday saw its long-term debt rating slashed from A1 to Baa1 by ratings agency Moody’s, as it continues to seek a buyer. The troubled institution cannot access capital markets, and in July announced plans to sell itself. But its long-term future is far from assured [...]
