November 2011 Archive

EU agrees to advance Greece €8bln as debt crisis hots up

European leaders agreed to send Greece the next tranche of its bailout fund today and will beef up the EFSF, Europe's bailout facility, ahead of a key summit next week.

UK bank shares mirror FTSE fall after S&P ratings cuts

Shares in HSBC,Lloyds, RBS and Barclays all fell by around two per cent today after ratings agency Standard & Poors cut the rating of 15 lenders.

OBR says only 60% chance govt will meet cuts target by 2017

The Office for Budget Responsibility (OBR) has cut forecasts for growth and says it is unlikely the government will meet its own deadline on austerity targets.

Government to invest £1bn in training and jobs for young people

The Deputy Prime Minister, Nick Clegg has announced plans to invest £1 billion in training, apprenticeships and work placements for up to 410,000 young people.

UBS rogue trader Adoboli remanded in custody until Dec 20th

Kweku Adoboli, the rogue trader who it is alleged caused his company, investment bank UBS, $2.2 billion of losses has had his case adjourned until December 20th.

The value of what a gold investment can buy you never changes

An investment in gold is unlikely to lose value because precious metals hold value no matter what happens to currency rates or how much money is printed.

Base pay for city staff up 12% to £83,000 despite euro crisis

Pay in the City of London has increased to an average of £83,000, according to new figures from financial services recruitment firm Astbury Marsden.

CBI reports fall in business confidence will affect UK jobs

The CBI surveyed 122 UK business leaders who said a sharp fall in business confidence due in part by the euro debt crisis is influencing recruitment plans.

Greg Secker on the euro debt crisis: The markets are not human

Greg Secker, a former currency trader looks at the euro debt crisis and concludes that the markets are likely to undermine whatever decision Europe's leaders make.

Cameron meets Merkel to discuss debt crisis and Tobin Tax

The Prime Minister David Cameron meets the German Chancellor Angela Merkel in talks that will be dominated by the euro debt crisis and different views on the future of Europe.

Spain sees borrowing costs reach 14-year high

Concerns about Spain's debt has pushed borrowing to a high point not seen since 1997.

Mothercare posts £81m six-month loss

Mothercare has posted an £81 million six month loss due to "a weak consumer environment" and two one-off charges totalling £75 miilion.

OECD warns that all leading economies are shrinking

The Organisation for Economic Co-operation and Development (OECD) has issued its latest index for global economies and warns that all countries are facing a slowdown.

Cameron says he can stop RBS paying £500m banker bonuses

The Prime Minister, David Cameron, has warned the Royal Bank of Scotland (RBS) that he has the power to stop the bank paying any banker bonuses at all.

EU cuts eurozone growth forecast for 2012 to just 0.5%

The European Union has cut the growth forecast for the eurozone in 2012 from 1.8 per cent to just 0.5 per cent due to concerns over a lack of growth and another recession.

Cameron warns RBS over investment banking bonus payouts

David Cameron, says that the government will "make its views known" if 83 per cent taxpayer-owned bank the Royal Bank of Scotland pays out large banker bonuses.

Italy on the brink as bond yield surges to unsustainable 7.4%

Yields on benchmark Italian 10-year bonds rose dramatically this morning despite Prime Minister Berlusconi's pledge that he will step down when budget reforms are passed.

Market turmoil encourages huge increase in DIY traders

The financial crisis since 2008 and the turmoil of the stock markets has encouraged many people to have a go at trading themselves as the process has been demystified.

Berlusconi faces D-Day as rate on Italian bonds reaches new high

The Italian Prime Minister, Silvio Berlusconi faces a vote that could end his political career today as yields on 10-year Italian bonds reach a new record high.

Greece scraps plans to hold a referendum on EU bailout

The Greek Prime Minister, George Papandreou says Greece has abandoned plans to hold a referendum on the bailout from the European Union and that he never intended too.

ECB cuts interest rates for Europe to 1.25%

The European Central Bank (ECB) has cut interest rates in the eurozone from 1.50% to 1.25% in a move that signifies an admittance that the economic situation is deteriorating.

UK economy grows by 0.5% but optimism muted on euro concerns

The Office for National Statistics (ONS) has released its first estimate of UK 3rd quarter economic growth which shows the economy grew by 0.5 per cent.

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