Italy’s Berlusconi defeated May 31, 2011 Prime Minister Silvio Berlusconi’s coalition suffered a humiliating defeat in mayoral elections in Milan and Naples yesterday, casting doubt over the controversial Italian leader’s future. The defeat in Milan – Italy’s economic capital – was seen as the most symbolically significant and a bellwether for anti-Berlusconi sentiment. Berlusconi, 74, is currently facing charges ranging from [...]
Brent crude nears monthly drop May 31, 2011 Brent crude oil fell below $115 a barrel yesterday, heading for its first monthly decline this year, as investors weighed the prospect that Europe’s debt crisis and a sputtering US economy may slow demand. Public holidays in the US and UK yesterday kept trading volume at less than five per cent the daily norm. The [...]
Greek anger as EU plots a power grab May 31, 2011 CROWDS of at least 30,000 have been gathering in Athens’ Syntagma Square over the weekend in the country’s biggest protests so far, as reports circulated that the crippled nation would have to give up sovereignty over its privatisation scheme to receive any more bailout money. Meanwhile, it emerged that the EU is currently putting together [...]
Novae set to make move for Omega May 31, 2011 INSURER Novae is putting together a bid for Omega Insurance Holdings today, having been in discussions about a deal with its weakened rival. City A.M. understands that Novae intends to formally announce its interest in buying Omega today, but will not indicate a potential purchase price. Omega has already announced that it has received bids [...]
Bank customer complaints up May 31, 2011 CUSTOMERS in the UK and Ireland are increasingly dissatisfied with their bank, new research shows. A survey of 2,500 current account holders by Accenture found 73 per cent were satisfied with their bank, compared to 84 per cent in 2007. Only 46 per cent planned to buy their next financial product from their bank, compared [...]
Lagarde eyes Brazil backing May 31, 2011 FRENCH finance minister Christine Lagarde pledged to push reforms to give Brazil and other emerging economies more influence at the International Monetary Fund (IMF) as she kicked off a worldwide tour yesterday to win support for her candidacy to lead the global lender. The backing of Brazil could help ease discontent among developing countries over [...]
Green shoots for lending to small firms May 31, 2011 LENDING to small manufacturing businesses has picked up in the second quarter of the year, a leading industry body announced today. Just as many small companies reported a rise in the availability of loans over the past two months, as those that reported a fall. The result marked a strong upturn in credit supply to [...]
Bank of England inflation forecasts come under fire May 31, 2011 THE Bank of England will face intense criticism from a Westminster think tank today for its increasingly wayward inflation forecasts. The Bank predicted inflation of 1.9 per cent on average between August 2007 to May 2010, yet the out-turn was actually 3.2 per cent, the Centre for Policy Studies claims. “Considering that inflation was only [...]
Spanish inflation slowed in May May 31, 2011 Spanish inflation eased slightly in May, according to the harmonised European Union measure, released yesterday. Consumer price inflation (HICP) came in at 3.4 per cent, down from 3.5 per cent the previous month. Meanwhile, Belgian consumer price inflation held steady at 3.4 per cent. “Given further increases in food and core inflation, in combination with [...]
Eurozone retail sales take a dip May 31, 2011 Retail sales in the Eurozone fell for the first time in three months, according to a survey released yesterday. The retail purchasing managers’ index for the single currency area, compiled by Markit, slipped to 48.8 in May, from 52.2 in April. Figures below 50 signal a contraction in activity. Italian retail sales fell at sharpest [...]
