IMF: Policymakers must act to restore confidence in Eurozone October 10, 2012 The International Monetary Fund (IMF) this morning urged Eurozone policymakers to restore confidence, reverse capital flight and reintegrate the euro-area to restore confidence in the global financial system. In its semi-annual global financial stability report, the IMF said it saw increased risks to the system, with the Eurozone crisis the “principal source of concern”. The [...]
Toyota to recall 7.4m vehicles globally October 10, 2012 Car manufacturer Toyota said this morning it is to recall 7.4m vehicles globally, due to malfunctioning power switches. The Vitz, Yaris and Corolla models are thought to be affected. The company will recall 2.47m vehicles in the US, as well as 1.4m from China and another 1.4m in Europe, making the biggest single recall since [...]
M&S clothing head joins Asos October 10, 2012 AIM-listed fashion retailer Asos this morning confirmed the appointment of ex-Marks & Spencer executive Kate Bostock. Bostock, former head of general merchandise at M&S, will join Asos in January as executive director for product and trading. Bostock announced her departure from M&S in July after a period of poor trading, although she did not officially [...]
Defence firm mega-merger on the brink October 9, 2012 THE £30bn mega-merger between BAE and EADS was on the brink of collapse last night, as EADS denied that talks between governments had broken down. Last-ditch meetings were taking place yesterday to thrash out the finals hurdles to the merger. European defence ministers, including defence secretary Philip Hammond, met in Brussels yesterday at a Nato [...]
Cameron tells Tories there are painful decisions ahead October 9, 2012 DAVID Cameron will today tell the Conservative party conference that the country must take “painful decisions” to compete globally and that it is time to “do or decline”. “Unless we act, unless we take difficult, painful decisions, unless we show determination and imagination, Britain may not be in the future what it has been in [...]
Greeks protest as Merkel visits Athens October 9, 2012 TENS of thousands of angry Greek protesters filled the streets of Athens yesterday, as German Chancellor Angela Merkel visited the country for the first time since 2007. Police fired teargas and stun grenades to hold back crowds, as Prime Minister Antonis Samaras welcomed Merkel as a “friend” of Greece. Merkel offered sympathy but no promise [...]
Boris slams PM on tax but denies designs on his job October 9, 2012 BORIS Johnson yesterday insisted that he would not attempt to become an MP before the end of his mayoral term, despite once again impressing Tory activists at the party’s Birmingham conference. The Mayor of London told the BBC’s Daily Politics that a return to parliament before May 2016 was “not going to happen” and said [...]
Osborne should move fast and make Tucker next governor October 9, 2012 FORGET about speeches to the Tory party conference, or even the forthcoming Autumn Statement. George Osborne’s biggest decision of his entire chancellorship will be who he appoints to be the next governor of the Bank of England. No other unelected job in the UK comes with so much power: the governor is not just in [...]
Alcoa is above forecasts as US reporting starts October 9, 2012 US ECONOMIC bellwether Alcoa beat Wall Street’s expectations last night, although the country’s biggest aluminium producer cut forecasts for global demand due to China’s slowdown. Alcoa’s earnings report, which is seen as a litmus test for the US economy and kicks off the third-quarter results season, saw turnover for the three-month period to October of [...]
Banking rules relaxed by FSA to boost loans October 9, 2012 BANKING regulations have been eased by the Financial Services Authority (FSA) in a drive to encourage lending and stimulate growth, with Britain’s financial institutions now needing less capital in reserve when loaning money to businesses. The FSA said yesterday it had been relaxing requirements over the last few months to “provide them with resources so [...]
