Spain unveils 2013 austerity budget September 27, 2012 Spain has set out its austerity budget for 2013, comprising a tough programme of savings, tax rises and reforms. Deputy Prime Minister Soraya Saenz de Santamaria said today that next year’s budget would focus on cutting spending rather than hiking taxes, adding that the government would pass 43 new laws to reform the economy over [...]
FTSE 100 up on fresh China stimulus hopes September 27, 2012 The blue chip index jumped in early trading, as headline mining shares such as Anglo American, Rio Tinto and Glencore rose, bolstered by expectations of market-boosting measures from China. On the FTSE All-Share, insurer CPP Group topped the leaderboard, adding 14.29 per cent. It has been weighing up a turnaround plan after the City watchdog [...]
UK economy shrank by 0.4 per cent in second quarter September 27, 2012 The UK economy fell by a less-than-expected 0.4 per cent in the second quarter, down from the previous estimate of 0.5 per cent. GDP was 0.5 per cent lower than in the second quarter of 2011. Official figures from the Office for National Statistics out this morning said that a steel slump of 0.3 per [...]
H&M hurt by gloomy consumer sentiment September 27, 2012 Profit after tax at H&M rose marginally to SEK3,622m (£339m) in the third quarter, as gloomy consumer sentiment, bad weather and negative currency swings weighed on the world’s second-largest clothing retailer. Group sales including VAT at H&M, which has more than 2,600 stores across 44 markets, increased 10 per cent in local currencies. Pre-tax earnings [...]
FSA complaints spike on PPI mis-selling September 27, 2012 Complaints to financial services firm jumped 59 per cent in the first six months of the year, largely due to the mis-selling of payment protection insurance (PPI). The data from the Financial Services Authority showed that complaints relating to general insurance increased by 99 per cent. Within this, complaints about PPI made up the bulk, [...]
TUI Travel enjoys strong summer September 27, 2012 Holiday group TUI Travel said this morning it enjoyed strong trading over the summer season, and was on track to meet full-year expectations. In its trading update ahead of its results, the world’s biggest holiday operator said it had made an encouraging start to the winter period, with strong online performance in the UK and [...]
AIA snaps up stake in Aviva’s Sri Lankan unit September 27, 2012 Asian insurer AIA Group said this morning it had acquired the bulk of Aviva’s Sri Lanka operation, in a deal worth $109m (£67.3m). AIA, formerly part of US insurance giant AIG, has agreed to buy a 92.3 per cent stake in Aviva NDB. The transaction includes a 20-year bancassurance agreement with Sri Lanka’s National Development [...]
Europe back in crisis mode September 26, 2012 THE EUROZONE came crashing back down to reality yesterday, as riots in Greece and worries over Spain saw markets turn red. In Athens a general strike organised by trade unions was splintered by outbursts of violence between police and clusters of troublemakers among the protesters. Molotov cocktails and other missiles were hurled at the police, [...]
RBS traders boasted of Libor fixing September 26, 2012 TRADERS at RBS exchanged messages joking about their ability to manipulate Libor by entering false interest rates, according to court documents filed last week in Singapore, it emerged yesterday. Instant messages show trader Tan Chi Min telling colleagues the bank’s submissions changed the rate and so global interest rates. A message from April 2008 read: [...]
Banking industry calls for tough Libor punishments September 26, 2012 BANKERS who manipulate key interest rate Libor should face tougher personal fines in future, according to the industry body that oversees the benchmark rate. A leaked letter written by British Bankers’ Association (BBA) boss Anthony Browne urges top regulator Martin Wheatley to ban rate-fixers from working in the industry again, and to name and shame [...]
