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 [...]
Central Park rakes in $100m from Hedgie October 23, 2012 Hedge fund billionaire John Paulson has donated $100m to the Central Park Conservancy – the biggest gift in the New York park’s 155-year history. Paulson, a lifelong resident of the city, said the park is “the most deserving of all of New York’s cultural institutions” at a press conference with mayor Michael Bloomberg.
Gold Fields fires 8,500 workers October 23, 2012 ■ South African miner Gold Fields yesterday fired 8,500 striking miners after they ignored an ultimatum to return to work. The dismissal came as the gold company warned last week it could fire up to 11,000 wildcat strikers at its KDC West operation. The workers have 24 hours to appeal the dismissal. The South African [...]
Tesco moves key UK director October 23, 2012 ■ Tesco yesterday said it has moved one of the senior executives tasked with delivering the firm’s £1bn turnaround plan in its home market. The grocer said its UK fresh food commercial director Andrew Yaxley would leave the post he has held for over two years to prepare for a new management role. Yaxley’s duties [...]
France in Peugeot rescue talks October 23, 2012 ■ France is weighing up a state-backed rescue of parts of car maker Peugeot, according to reports. Politicians could provide support for the firm’s lending arm. France has no stake in Peugeot, which in July announced 8,000 additional job cuts and the closure of an assembly plant to halt spiralling losses.
