German exports hit record level in August October 10, 2011 German exports rose to their strongest level ever in August, widening the trade surplus more than expected, official data showed on Monday, suggesting Europe’s bulwark economy remains on a growth path despite weakening expectations. Exports rose by 3.5 per cent on the month to 90.5bn euros (£78bn), data from the Federal Statistics Office showed, after [...]
Michael Page profit rise fuelled by emerging markets October 10, 2011 Recruitment firm Michael Page International reported third-quarter gross profit of £142.7m – a rise of 26.5 per cent to £112.8m compared with the same period the previous year. UK profits budged up by 0.3 per cent but international profits stormed ahead. Asia Pacific gross profit was £29.2m, up 44 per cent. In the Americas it [...]
Euro deal on hold as Dexia is saved October 9, 2011 NEGOTIATIONS between the Eurozone’s biggest economies appeared to have stalled yesterday as France and Germany refused to detail how they will recapitalise the region’s teetering banks. A highly anticipated meeting yesterday resulted in a bland statement by German chancellor Angela Merkel that politicians “are determined to do the necessary to secure the recapitalisation”, which the [...]
City wants vote on EU membership October 9, 2011 BRITAIN should hold a referendum on its future as a member of the EU, according to the majority of panellists on the City A.M./ PoliticsHome Voice of the City panel. The results of our latest survey of more than 400 finance and business professionals show that almost 60 per cent of the City think a [...]
Fox sorry for Werritty links October 9, 2011 DEFENCE secretary Liam Fox yesterday apologised for the nature of his working relationship with his friend Adam Werritty, as Prime Minister David Cameron demanded that the results of a report into their business dealings be delivered to him this morning. Fox’s political career was thrown into doubt over the weekend by allegations that Werritty – [...]
Why Dexia’s bailout is a big mistake October 9, 2011 GET ready to short the euro, Eurozone banks’ equity and their subordinated debt. That was the advice contained in a note from David Roche’s Independent Strategy emailed out last night – and no wonder. Yesterday saw another outing of Merkozy, that fabled two-headed Franco-German super-politician. Some people got quite excited about the October deadline they [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 9, 2011 FINANCIAL TIMES WATCHDOG HITS FRENCH AUDITORS French auditors have been lambasted by the UK’s leading accountancy regulator for their performance during the Greek debt crisis. Stephen Haddrill, chief executive of the Financial Reporting Council, criticised the way French banks and insurers had been allowed by their auditors to post smaller losses on Greek government bonds [...]
EU clears Microsoft’s Skype bid October 9, 2011 Microsoft has secured EU approval to purchase internet voice and video service Skype for $8.5bn (£5.5bn), its biggest ever acquisition. The European Commission said that its investigation of the takeover showed that the firms’ activities mainly overlapped for video communications, where Microsoft is active through its Windows Live Messenger. However, the Commission said it sees [...]
Daylight to be bought by Sinopec October 9, 2011 Canadian oil and gas explorer Daylight Energy said yesterday it has agreed to be acquired by China’s Sinopec International Petroleum Exploration and Production Corp for about C$2.2bn (£1.36bn). The deal is worth more than double Daylight’s pre-bid closing price. The Chinese firm is a subsidiary of China Petrochemical Corp and undertakes overseas investments and operations [...]
Bidders play hardball over Lloyds sale October 9, 2011 LLOYDS Banking Group is likely to have to offer a cut price deal on the 632 branches it is selling in order to lure all potential bidders back to the table. City A.M. understands that one potential bidder, Hugh Osmond’s Sun Capital, is disputing the Lloyds’ estimate of how much it will cost to set [...]
