Fears for US economy as orders drop July 2, 2012 US manufacturing output fell for the first time in three years, industry data showed yesterday, raising fears that Europe’s recession is hitting American’s economic recovery. The Institute for Supply Management’s purchasing managers’ index (PMI) collapsed to 49.7 in June from 53.5 in May, its lowest score since 2009. The drop in the new orders index [...]
Fitch: Banking union may fail without big changes July 2, 2012 EUROZONE plans for a union-wide banking union need major improvements if they are to work effectively, or even succeed in being implemented at all, credit ratings agency Fitch warned yesterday. Political leaders want to create a single banking supervisor, probably under the European Central Bank (ECB), with the aim of breaking the damaging link between [...]
We should prosecute criminals, not set up endless inquiries July 2, 2012 WE should be grateful for small mercies: yesterday’s announcements from the government concerning the banking crisis were half good. It is excellent news that the authorities have become more serious in their determination to prosecute wrong-doing criminally. Fines are not enough; we need to see tough jail sentences for those who break the rules and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 2, 2012 FINANCIAL TIMES Heatwave threatens US harvest An intense heatwave is threatening havoc with this year’s US grain harvest, burning up hopes of blockbuster yields and sending prices soaring. Even a modest reduction in crops could send ripples through global food commodities markets, as the US is the world’s top exporter of corn, soyabeans and wheat, [...]
Cameron called to account over his stance on EU July 2, 2012 PRIME Minister David Cameron came under attack from all sides yesterday over his apparent dithering about Britain’s future in the European Union. On Friday he appeared to have ruled out a referendum on the subject but said during the weekend that the words “Europe” and “referendum” could go together. Yesterday he told parliament: “Just as [...]
Investors urged to clean up firms July 2, 2012 The government has done all it can to give shareholders power over executives and boost transparency in big firms, and it is now down to investors to improve the way businesses are run and make Britain’s banks safe again, business secretary Vince Cable told the Association of British Insurers last night. “If the prevailing culture [...]
Webb calls for pension certainty July 2, 2012 Pensions minister Steve Webb will today call for better certainty in pension planning. Claiming people want clarity about what their pension income might be, Webb said earlier: “With the dawn of automatic enrolment the market is growing – so now is the time for pensions industry to look at the market gap in relation to [...]
Administration for Julian Graves July 2, 2012 High street health food shop Julian Graves yesterday collapsed into administration after four years of losses. Owned by the same company as Holland and Barrett, Julian Graves stores will continue to operate while its financial situation is assessed. The 189-strong chain said no redundancies are currently proposed and its 755 staff will be paid as [...]
Glaxo will pay $3bn to settle US fraud case July 2, 2012 GLAXOSMITHKLINE has agreed to plead guilty to misdemeanor criminal charges and pay $3bn (£1.bn) to settle the largest case of healthcare fraud in US history. The settlement includes $1bn in criminal fines and $2bn in civil fines in connection with the sale of the drug company’s Paxil, Wellbutrin and Avandia products, according to filings in [...]
Ernst & Young names 19 to join partnership July 2, 2012 AUDITOR Ernst & Young yesterday named the 19 new admissions that will join its partnership this week, bringing the total number of new partners recruited to the firm’s UK and Ireland offices to 43 over the past year. Across Ernst & Young’s entire Europe, Middle East, India and Africa operations 187 employees have joined the [...]
