Swiss central bank spends billions on cap June 7, 2012 THE SWISS National Bank’s (SNB) foreign currency holdings hit record levels in May, the central bank revealed yesterday, as it fights to maintain the franc’s cap – a struggle made more difficult every time the Eurozone crisis flares up. The SNB said its reserves now stand at 303.8bn Swiss f rancs (£204.7bn), up roughly one [...]
EXTREMIST POLITICAL PUNCH-UP IN ATHENS June 7, 2012 THE SPOKESMAN of Greece’s far-right Golden Dawn party, Ilias Kasidiaris, slapped one female communist in the face and threw a glass of water at another leftist during a live TV debate yesterday, causing a political uproar and an order for his arrest. Other political parties condemned the assault ahead of the 17 June parliamentary election.
Solid services growth as Bank holds on rates June 7, 2012 HOPES for a renewed economic recovery were bolstered yesterday as influential survey data pointed to robust growth in the service sector last month – the largest part of the British economy. The figures came as the Bank of England surprised economists by resisting pressure to print more money, keeping interest rates and its quantitative easing [...]
Federal Reserve backs global regulators on Basel III proposal June 7, 2012 AMERICA’S Federal Reserve last night released a proposal to back the Basel III agreement on higher capital standards for banks, even though it largely rejects pleas by the US banking industry to soften parts of the new standards. The Fed board voted 7-0 yesterday to put the proposal out for public comment. The Federal Deposit Insurance [...]
House prices weak as low sales volumes leave market volatile June 7, 2012 HOUSE prices rose in May, figures from Halifax showed yesterday, but remain volatile due to the moribund sales pace in the weak market. Prices rose 0.5 per cent in May, following April’s 2.3 per cent drop and March’s 2.2 per cent jump – volatility driven by the stamp duty holiday for first time buyers which [...]
Sainsbury and M&S chiefs see bonus slashed June 7, 2012 SAINSBURY chief executive Justin King and Marks & Spencer boss Marc Bolland have both seen their bonuses cut after failing to meet targets, as the recession forced them to slash growth plans. The cuts come amid a recent wave of shareholder upheaval against excessive executive pay which has swept across boardrooms including Aviva and Inmarsat. [...]
LSE share trading plunges as global shocks take their toll June 7, 2012 THE SCALE of the slump in capital markets activity has been underlined by new figures showing typical trading values in London have dropped by more than a quarter. The average daily value of shares traded on the UK electronic order book of the London stock exchange has fallen by 27 per cent over two years. [...]
THE GREAT PAY DROP: HOW RETAIL BOSSES ARE FEELING THE PINCH June 7, 2012 Was £3.7m Now £3.4m Sainsbury chief Justin King takes a 9pc cut to total pay package from £3.7m to £3.4m Was £1.02m Now £663k Marks & Spencer chief Marc Bolland sees bonus cut by 50pc from £1.02m to £663,000. Was £574k Now £354m Ocado chief Tim Steiner was paid £354,000, down from £574,000 last year. [...]
M&S prepares to launch bank June 7, 2012 UPMARKET retailer Marks & Spencer is set to launch a retail bank in its stores, the firm is expected to announce today. Initially it aims to launch the service in its Marble Arch branch, with plans to expand to up to 50 outlets before the end of the year. Starting with current accounts, it is thought that [...]
HSBC ditches unit in Greece June 7, 2012 HSBC has offloaded its Greek securities businesses for an undisclosed sum in a management buyout that will see Nikos Pantelakis, the current head of the operation, take the helm of the new firm. The business is a minnow, boasting around €35.8m in assets. HSBC said that it will continue to use it as a “preferred [...]
