Greece frozen out as insurers cut cover for exporting to Athens May 30, 2012 TWO of the world’s biggest trade insurers, Euler Hermes and Coface, have suspended cover for exporters shipping to Greece amid fears the debt-laden nation could be forced out of the euro, hindering Greek importers’ ability to pay their bills. “Euler Hermes has decided no longer to cover deliveries to Greece for the foreseeable future,” a Euler [...]
Greek banks see deposits shrink as customers lose confidence May 30, 2012 TWO of Greece’s biggest banks reported a shrinkage in their deposit bases yesterday as worried consumers continue to withdraw cash from the lenders. Piraeus and National Bank of Greece (NBG) lost deposits in the first quarter of this year. Piraeus said its deposit base shrank by 24 per cent year-on-year to €20.9bn. At NBG, deposits fell [...]
Bankia throws in the towel for depositors May 30, 2012 BUST Spanish lender Bankia is trying to lure deposits by offering customers an “exclusive” Spiderman-themed beach towel, a development that has failed to stem the freefall in its share price, which dropped another 8.8 per cent yesterday. The bank, which is to become around 90 per cent owned by the Spanish government when it receives [...]
UK still struggling to compete May 30, 2012 BRITAIN’S economy is less competitive than European rival Germany’s, and other English speaking nations like Australia, Canada and the USA, the IMD’s world competitiveness yearbook revealed today. High inflation, rising unemployment and a lack of entrepreneurial environment all counted against the UK, although cuts to corporation tax and gradual steps to reduce the budget deficit [...]
CBI: Listen to Beecroft to increase hiring May 30, 2012 THE CONFEDERATION of British Industry (CBI) called today for the government to adopt at least some of the Beecroft report’s controversial proposals to free up the jobs market, as a new survey showed most employers think tough labour market rules are hitting Britain’s competitiveness. The business group believes excessive red tape stops entrepreneurs and small firms [...]
Rothschild and Rockefellers in joint venture May 30, 2012 THE ROTHSCHILD and Rockefeller dynasties have announced a tie-up that will see two of the world’s best-known business families join forces in the asset management industry. RIT Capital Partners, which is chaired and part-owned by Lord Jacob Rothschild, is to take a 37 per cent stake in Rockefeller Financial Services, the wealth manager. The multi-million pound [...]
Central London homes given overseas boost May 30, 2012 OVERSEAS investors choosing London as a safe haven destination accounted for 75 per cent of the increase in prime central London residential prices relative to the rest of the UK, a new report shows. Foreign investors have poured into boroughs such as Knightsbridge and Chelsea since the mid-1990s and fears over the demise of the [...]
Browne urges firms to end homophobia May 30, 2012 FORMER BP boss Lord Browne has warned that businesses will keep losing talented staff unless they crack down on homophobia. The crossbench peer said the business world “remains more intolerant of homosexuality than other worlds such as the legal profession” and urged bosses to stamp out intolerance. Browne, who stepped down from the oil giant [...]
CITY VIEWS | ARE BUSINESSES DOING ENOUGH TO FIGHT INTOLERANCE TOWARDS HOMOSEXUALITY? May 30, 2012 ALISHA FRANCIS HEALTHCARE AUSTRALIA I don’t think they’re doing enough. The senior levels of management don’t seem to think it’s a big issue whereas at the bottom it’s seen as too sensitive to touch so these problems never get attention in the way they should. Also, I agree with Lord Browne that the legal profession [...]
Bwin.party bets big on social gaming service May 30, 2012 GAMBLING site bwin.party yesterday announced plans to invest up to $50m (£32m) in social gaming over the next two years as it hopes to gain a role in the sector’s “spectacular growth story”. As part of the strategy it revealed an agreement to pay $23m to Velasco and Orneon to buy out the contracts of [...]
