Sterling reaches an eight month high against the dollar but gains fizzle out June 30, 2009 STERLING hit an eight-month high against the dollar yesterday due to surprisingly strong UK house price data, but its gains fizzled out after a moderating decline in US home prices later boosted the US currency. Weaker-than-expected figures on UK gross domestic product also stung the pound on the view that the nation’s economy continues to [...]
Prepare for worst, says BoE’s Tucker June 30, 2009 BANKS should implement procedures to limit damage to the economy in the event that they collapse, the deputy governor of the Bank of England Paul Tucker told the BBA conference yesterday. Tucker said that the social contract between banks and society needed to be redrawn and called on lenders to keep information on how they [...]
EU may force banks to sell off divisions June 30, 2009 LLOYDS Banking Group and Royal Bank of Scotland may be forced to dispose of assets in order to meet EU antitrust rules, the European competition commissioner warned yesterday. Speaking at the British Bankers’ Association (BBA) annual conference, Neelie Kroes said that the two banks had an unfair competitive advantage as a result of receiving state [...]
Turner sketches capital rules June 30, 2009 LORD Adair Turner, the chairman of the Financial Services Authority (FSA), yesterday told bankers to prepare for “radical change” under the future regulatory regime, including the requirement to hold much higher capital ratios. Speaking at the annual British Bankers’ Association (BBA) conference, the FSA supremo said he supported US Treasury secretary Tim Geithner’s proposal that [...]
BA TALKS TRUNDLE ON June 30, 2009 BRITISH AIRWAYS will today re-start last ditch talks with its unions in a desperate bid to avert strike action, having failed to reach agreement before yesterday’s self-imposed deadline. It is thought that Unite and other unions could not agree with BA on a range of issues, including compulsory redundancies. Willie Walsh, the airline’s chief executive, [...]
Cisco could take on Microsoft June 30, 2009 Cisco Systems is considering offering Web-based alternatives to Microsoft’s popular Office software as the networking giant expands on the internet. Cisco Senior Vice President Doug Dennerline said his company may develop a service that would be specifically targeted at business users. Internet alternatives to Office – such as Google Docs – cropped up five years [...]
Businesses caught in red tape June 30, 2009 Smaller businesses in the construction sector lose more than £1.1bn every year due to government red tape, new figures have shown. Research carried out by business lobby and support group the Forum of Private Business (FPB) found that Britain’s small and medium-sized construction firms spend £1,157m each year complying with legislation.
IHG reshuffle will save money June 30, 2009 InterContinental Hotels said yesterday its planned reorganisation of its Asian operations would mean cost savings for the group – but declined to say howmuch much. The world’s largest hotel operator said 115 Chinese operations would now be managed separately from the rest of its Asia Pacific operations as part of a regional revamp.
PwC: Six companies eyeing LDV June 30, 2009 Administrators for van maker LDV said yesterday at least six companies are still considering investing in the company. PricewaterhouseCoopers said an announcement was likely at the end of July over the future of the firm and what suppliers would receive. LDV went into administration last month after white knights WestStar pulled out, saying they couldn’t [...]
BG Group spends $1.3bn on Exco shale gas stake June 30, 2009 BG GROUP said yesterday it would pay Dallas-based Exco Resources $1.3bn (£789m) for an interest in shale gas resources, as oil and gas firms continue to snap up assets before an economic recovery drives prices higher. The companies said that each would own 50 per cent of a venture to which Exco is contributing 120,000 [...]
