UK confidence devastated by Eurozone crisis July 8, 2012 THE EUROZONE crisis has battered British business confidence again, influential surveys from both Deloitte and BDO show today, leaving firms unwilling to borrow and invest, and too uncertain to boost hiring. Deloitte’s survey of chief finance officers (CFOs) shows its third major dip in confidence in the last five years, and its sharpest decline since [...]
Tory MP group calls for cuts to red tape and tax to help growth July 8, 2012 THE UK must cut red tape for small businesses to help transform the UK’s economy, a group of Tory MPs will say in a paper released today. Seven MPs have voiced a raft of ideas on how Britain can get its economy back on track including fairer taxes, a reduced regulatory burden, and the creation [...]
Global outlook takes a hit as Germany joins worsening slump July 8, 2012 GLOBAL business confidence slumped last month, led by declines across much of the Eurozone, according to data published today by Markit. A net balance of 37 per cent of firms expect activity to increase in the next year, indicating slower expansion than the 44 per cent recorded in February. That slowdown also extended to the [...]
Bankers and graduates hit with crashing wages and less hiring July 8, 2012 WORKERS are taking a hammering as appointments collapse and wages stagnate, according to recruitment industry research published today. Permanent placements slumped in June – the first fall in six months and the quickest drop for three years, the Recruitment and Employment Confederation (REC) and KPMG report on jobs showed. The index crashed from 51 in [...]
Companies hoard cash against growing market uncertainty July 8, 2012 EUROPE’S listed firms are sitting on £110bn, a new study reveals today, but are afraid to spend it in the uncertain economic environment. German firms hold the most, with liquid assets and cash totalling £25.88bn – an average of £195m for each of the 133 firms covered in the study from Company Watch. British hoards [...]
BRIC troubles scare markets July 8, 2012 INVESTORS have been pulling hundreds of millions of dollars out of stock funds that invest mainly in companies associated with the big four emerging market nations of Brazil, Russia, India and China. But it’s China that is causing most of the worry for investors, amid signs that the world’s second-largest economy is slowing more sharply [...]
Fraud total down but computer crime is the new battleground July 8, 2012 FRAUD dropped massively in the first half of this year but worryingly is mainly perpetrated by management, says research released today by KPMG. Fraud figures fell from £1.1bn during the six months to June 2011 to just £374m in the same period this year – the lowest since the second half of 2006. Though this [...]
CITY MOVES WHO’S SWITCHING JOBS July 8, 2012 Capita Insurance Services The specialist provider of Lloyd’s services has appointed John Holm as commercial director. He joins after five years at National Australia Bank, where he was insurance sector head and director of corporate banking for its Clydesdale Bank business. Holm previously held a number of senior roles at RBS, notably as director of [...]
BEST of the BROKERS July 8, 2012 ICAP Numis has downgraded the interdealer broker from “buy” to “hold” and lowered its target price from 412p to 344p after a fall in electronic volumes over June and potential knock-on effects of the ongoing Libor scandal. The broker has downgraded its forecasts by four per cent for this year and five per cent next [...]
LONDON REPORT July 8, 2012 ALL eyes will be focused on the Treasury Select Committee hearing today, as deputy Bank of England governor Paul Tucker presents his side of the story in the Barclays/ Libor scandal. His appearance will be followed tomorrow by one from Marcus Agius, the former Barclays chairman. Today sees trading updates from housebuilder Bovis – expected [...]
