Credit Agricole posts record loss February 23, 2012 French bank Credit Agricole reported a record quarterly net loss of 3.07bn euros (£2.58bn), performing worse than expected as it was hit by the cost of shrinking its balance sheet and the Greek debt crisis. The semi-cooperative bank, which is under new management and trying to return to its low-risk retail lending roots, was hit [...]
Oil price at record £78 per barrel February 22, 2012 THE PRICE of oil hit an all-time high in sterling yesterday, paving the way for record petrol costs at the pumps in the coming weeks. The relatively weak pound means Brent crude spiked at around £78.50 a barrel, beating the previous record of £77.70 set last spring. In dollar terms crude, squeezed up by supply [...]
Barclays sees complaints edge down February 22, 2012 BARCLAYS saw the number of retail customer complaints it receives edge down by six per cent last year in a development that it expects to deliver millions of pounds in cost-savings. The drop in complaints came despite a 12 per cent rise in the second half of the year entirely due to the payment protection [...]
Profit at St James’s Place up on turmoil February 22, 2012 THE chief executive of St James’s Place has said many FTSE-listed firms are undervalued, as the upmarket wealth manager reported a rise in profits and its dividend. “There has been a disconnect between the fundamental value of companies and their share price … 2011 was not a good year for markets,” David Bellamy told City [...]
Fitch: Bailout is likely to fail February 22, 2012 GREECE has received a fresh blow as ratings agency Fitch downgraded the government, warning a “default is highly likely in the near term.” Even the shaky €130bn (£109.9bn) bailout deal, agreed by Eurozone leaders in the early hours of Tuesday morning, may not be implemented as parliamentarians in Germany’s ruling parties threatened to vote against [...]
PM to hit out at anti-business snobbery in UK February 22, 2012 PRIME Minister David Cameron will attack “anti-business snobbery” in a speech to the Business in the Community conference today. Business is “the most powerful force for social progress the world has ever known”, he is expected to say, just two days after the Confederation of British Industry (CBI) accused some government policies and ministers of [...]
CITY MOVES | WHO’S SWITCHING JOBS February 22, 2012 Accor Hotel operator Accor has appointed Thomas Dubaere as managing director for UK and Ireland. Dubaere has worked for Accor for over 22 years, most recently as managing director, budget brands Accor UK & Ireland. Dubaere began his career with Accor in Belgium in 1990 at the Novotel Bruges Centre, and held several general manager [...]
FTSE down as investors look again at weak Eurozone data February 22, 2012 BRITAIN’S leading share index edged lower yesterday as investors refocused on fundamentals, specifically weaker-than-expected Eurozone data, with the Greek debt restructuring theatricals out of the way for now. Recession concerns increased after data showed the Eurozone’s service sector unexpectedly shrank in February, with Europe being Britain’s main market for its goods. “The FTSE ends the [...]
Edinburgh Woollen Mill saves 6,000 Peacocks jobs February 22, 2012 British clothing retailer Edinburgh Woollen Mill is to acquire two thirds of discount clothing retailer Peacocks, in a deal which will see 6,000 jobs saved. Administrators KMPG said they had agreed the sale of 388 stores from Cardiff-headquartered Peacocks but another 224 stores would be closed immediately, leading to 3,100 redundancies. Peacocks called administrators in [...]
Banks fork out £1.9bn for insurance mis-selling February 22, 2012 Lenders paid out a record £441m in compensation for insurance mis-selling in December, taking payouts for 2011 to £1.9bn and raising the prospect of an even bigger bill this year. The financial regulator said payouts in December jumped 16 per cent from the previous record of £379m in November. Aside from September, there has been [...]