FTSE down as storm clouds surround Osborne November 29, 2011 The FTSE opened down as stuttering UK growth cast a shadow over chancellor George Osborne’s Autumn statement on the economy to be delivered later today. Grim forecasts on growth from the OECD yesterday painted a bleak picture as the UK struggles to get its economic recovery into gear. The government has already indicated that billions [...]
Thomas Cook soars on new banking deal November 28, 2011 Shares in Thomas Cook soared yesterday after the announcement of a new £200m bank facility to help secure the troubled tour operator’s survival. The travel firm’s banking syndicate – led by Barclays, HSBC, RBS and UniCredit – has agreed to replace the £100m short-term facility announced last Monday with this new provision, available until 30 [...]
Firms doubt government can boost low confidence November 28, 2011 CONFIDENCE is plummeting among businesses, leading to falling investment and increasing the risk of an economic contraction, according to surveys published yesterday by Barclays Corporate and by Lloyds Bank corporate markets. Lloyds’ business barometer showed a net balance of 20 per cent feel pessimistic about the future, up from 15 per cent in October’s study. [...]
FTSE rallies on hopes action is coming over Eurozone debt November 28, 2011 BRITAINS’S top share index rallied yesterday as financial and basic resources stocks advanced, helped by hopes that Eurozone leaders were moving closer to action to stem a debt crisis in the region. London’s blue chips added 148.11 points in its second consecutive day of gains after nine straight sessions of declines, as equities across Europe [...]
Banks lift markets after Italy IMF bailout claims November 28, 2011 Banking shares helped fuel rises on the FTSE 100 in early trading as reports in Italy suggested that the beleaguered country is to receive an aid package from the international Monetary Fund (IMF). The package would help shore up Italy’s finances by up to €600bn (£515.8bn), newspaper La Stampa said. But the IMF distanced itself [...]
Pension funds look to invest November 27, 2011 TALKS are beginning to work out how the government can harness tens of billions of pounds in pensions funds’ cash to boost infrastructure spending, the Treasury and pensions industry announced yesterday. A memorandum of understanding was signed by the Treasury, the National Association of Pension Funds (NAPF) and the Pension Protection Fund (PPF) signalling that [...]
Thomas Cook aims to reassure clients November 27, 2011 THOMAS Cook has launched a publicity offensive aimed at reassuring customers of its future as its incoming chairman, Frank Meysman, arrives to review the business, which is expected to involve a boardroom clearout. After being saved from collapse on Friday by a £100m bailout from its banks, Thomas Cook’s interim chief executive Sam Weihagen published [...]
CITY MOVES | WHO’S SWITCHING JOBS November 27, 2011 Mayer Brown The global law firm has hired Bernd Bohr as a partner in the corporate and securities practice. Bohr is relocating from the New York office of Allen & Overy to support the expansion of Mayer Brown’s US M&A and capital markets practice in Europe. He specialises in SEC-registered securities offerings, public and private [...]
FTSE slump continues as Germany digs in November 25, 2011 THE FTSE 100 continued to fall this morning as Germany’s refusal to agree to a common Eurozone bond to shore up the bloc’s finances further drained investor confidence. London’s blue chip index posted its ninth successive day of falls yesterday and has dropped 7.5 per cent in the period – the longest losing streak since [...]
Becker: Scrap unfair tax or more stars will shun UK November 24, 2011 FORMER Wimbledon champion Boris Becker has called on the government to scrap “unfair” tax laws for foreign players, or risk more of the world’s top sportsmen boycotting British events. Tennis star Rafael Nadal has already cancelled his annual appearances at Queen’s Club in protest at the controversial levy, while Olympic sprint champion Usian Bolt has [...]