Barroso demands more EU cash from indebted member states July 25, 2012 EU LEADER Jose Manuel Barroso demanded more cash from member states yesterday, arguing the budget increases they offered are not generous enough. The top-level bureaucrat wants a 6.8 per cent increase on the year for the 2013 budget, but state leaders voted for a 2.79 per cent rise. “I welcome the courageous efforts that many [...]
Banks to suffer as BRICs slow July 25, 2012 THE SLOWING global economy poses a major threat to banks in the BRIC nations, as asset quality worsens and earnings drop, ratings agency Standard and Poor’s warned yesterday. But the report also concluded that the governments of the countries will stand behind the banks, supporting them financially as the institutions are viewed as crucial to [...]
Eurozone stuck in doldrums as demand for credit slumps July 25, 2012 DEMAND for many types of credit fell again in the second quarter, European Central Bank (ECB) figures showed yesterday, hitting lending and spending in the Eurozone. And banks also found it increasingly hard to fund themselves, hitting the supply of credit further and raising fears that the economy will remain weak into 2013. A net [...]
New capital requirements on derivatives trades from 2013 July 25, 2012 INTERNATIONAL regulators proposed new capital requirements yesterday which will see banks hold capital against exposures to central counterparties (CCPs) on derivatives trades for the first time. Trade exposures will receive a nominal risk-weight of two per cent from 1 January 2013, the Basel Committee said in interim rules published yesterday. That will add to pressures [...]
FSA considers fund change July 25, 2012 CITY watchdog the FSA is looking to alter the charges firms pay to fund the financial services compensation scheme. The FSA will consult on splitting the compensation fund along the lines of its own planned break-up. The Investment Management Association said the change could unfairly hike costs for some.
DMGT sales rise as Mail Online reaches a profit July 25, 2012 DAILY Mail & General Trust (DMGT) reported a rise in turnover yesterday as a 69 per cent increase in online ad revenue made up for falling print revenues. The owner of the Daily Mail and more than 100 regional titles posted a three per cent rise in revenue to £509m in the three months to [...]
Theo Fennell plans to expand overseas despite tough Xmas July 25, 2012 THEO FENNELL, the eponymous founder of the luxury jewellery brand, said yesterday he remained focused on bringing the company back into the black this year after reporting a pre-tax loss of £1.21m. While sales were up nine per cent in the first half of the year, the company said “a difficult Christmas” due to a [...]
British American Tobacco sales stunted by exchange rate woes July 25, 2012 BRITISH American Tobacco (BAT)’s growth in emerging markets was cancelled out by a strong pound, as the cigarette maker saw a slight rise in profits in the first half of the year. The world’s second largest tobacco firm, which makes Kent, Dunhill, Lucky Strike and Pall Mall cigarettes, said it expects continued earnings growth in [...]
Mecom rocked by €42m loss July 25, 2012 EUROPEAN newspaper group Mecom has posted a €42m (£33m) pre-tax loss ahead of a likely break-up of the business, a week after announcing that chief executive Tom Toumazis will leave. Mecom, which owns papers in the Netherlands, Denmark and Poland, saw turnover fall by eight per cent to €492m due to a 15 per cent [...]
GlaxoSmithKline forced to cut outlook as European crisis bites July 25, 2012 GLAXOSMITHKLINE warned yesterday that sales in 2012 would be flat as pressure on drug prices intensifies in Europe, due to government austerity measures aimed at curbing healthcare budgets. The worsening situation in Europe is a challenge for the UK’s biggest drugmaker, which had previously set itself a goal of a return to sales growth this [...]
