Eurozone construction improves October 17, 2012 Construction production in the Eurozone recovered slightly in August, according to data released by Eurostat yesterday, but output was still well down on 2011. Seasonally adjusted production in the construction industry rose 0.7 per cent between July and August, the data showed, but this left output some 5.5 per cent below the same month a [...]
Credit Agricole sells Greek unit Emporiki for €1 October 17, 2012 FRENCH bank Credit Agricole yesterday sold its Greek subsidiary to Alpha Bank for €1 (£0.81), taking a multi-billion euro loss on the entity as it at last managed to slash its exposure to the recession-struck economy. The bank is taking a €2bn writedown on the Emporiki unit, and has increased its recapitalisation of the subsidiary [...]
Germany slashes 2013 growth hopes October 17, 2012 GERMANY sliced its 2013 growth forecast yesterday, with the Eurozone powerhouse dragged downy by tough currents in the world economy. The biggest economy in the euro area will grow just one per cent next year, the German economy ministry said, down from a more optimistic previous forecast of 1.6 per cent. The Eurozone heavyweight, led [...]
Too big to fail insurers will be forced to stockpile more capital October 17, 2012 INTERNATIONAL regulators want “systemically important” insurance firms to hold extra capital to safeguard the rest of the financial system if they go bust. The International Association of Insurance Supervisors set out plans yesterday to avoid insurers becoming too big to fail, by separating traditional insurance activities from riskier ones such as credit default swaps, and [...]
Gatwick wants controversial second runway October 17, 2012 GATWICK has kicked off a campaign to build a second runway at the south of London airport, arguing it would serve the south east of England better than an enlarged Heathrow or a new Thames Estuary hub. Britain’s second-biggest airport said it will study options for a new runway, turning Gatwick from a mostly point-to-point [...]
Retailers close 20 shops a day as value chains take their place October 17, 2012 BRITISH retailers closed more stores than they opened in the first half of the year, with around 20 shops a day pulling down their shutters, a study has revealed. The report, by PwC and the Local Data Company, examined 500 town centres in the UK and found toy shops, clothes and furniture retailers, jewellers, card [...]
20 Finsbury circus sold to Japanese firm October 17, 2012 THE CITY of London Corporation said yesterday it has sold 20 Finsbury Circus to NTT Urban Development, the property arm of Japanese telecoms firm Nippon Telegraph & Telephone Corporation for £42.5m. The building is let to Deutsche Bank until 2015.
Exxon Mobil buys Celtic for $2.6bn October 17, 2012 Exxon Mobil agreed yesterday to buy Celtic Exploration for C$2.6bn (£1.6bn), as the world’s largest publicly traded energy company looks to raise its presence in some of Western Canada’s most promising shale oil and gas regions. Exxon said its Canadian subsidiary, ExxonMobil Canada, will pay C$24.50 for each share of Celtic, a 35 per cent [...]
MPs to examine Starbucks tax October 17, 2012 Two parliamentary committees are due to quiz tax officials about how Starbucks was able to avoid paying tax on £1.2bn of sales since 2009. MPs said reports that showed Starbucks had been telling investors its UK unit was highly profitable while telling UK authorities the unit was loss making, and so not liable for tax, [...]
Manchester bids for Stansted October 17, 2012 Manchester Airports Group (MAG) yesterday confirmed that it has teamed up with infrastructure specialist Industry Funds Management to make a takeover bid for Stansted Airport. Final bids are due in next week for Stansted, which was put on the block by BAA after a competition ruling. MAG chief executive Charlie Cornish said his firm’s track [...]
