Author Archive: Jeremy Parkinson
UK spending cuts risk turning into demolition job
The British government may find it hard to stick to a coherent strategy as ministries scramble to cut spending by up to 40 percent on Treasury orders. Prime Minister David Cameron, who took office in May, says shrinking the record peacetime deficit from 11 percent of GDP to almost nothing within five years is the […]
Asia, LatAm job market spurs Michael Page profit
Recruiter Michael Page posted a 42 percent rise in first-half pretax profit, boosted by growing demand in Asia and Latin America, defying concerns that a sluggish economic recovery would hit job turnover. Michael Page, which finds jobs for people in financial, accounting and legal services, announced pretax profit up to £61.4m in the six months […]
Credit Suisse axes 75
Credit Suisse said it was cutting around 75 jobs in its UK operations, becoming the second investment bank in as many days to slim down as economic fears hit the deal-making business. “We are currently reducing headcount by approximately 75 in the United Kingdom in the investment bank and certain support functions,” the bank has […]
RWE says German nuclear tax would hit dividends
Germany’s RWE, Europe’s fifth-largest utility, warned government plans to introduce a nuclear fuel tax in Germany would keep a lid on its earnings and dividends for years to come. The statement makes RWE the first utility to detail the effects of a tax on the fuels of nuclear power stations, which Berlin plans to claw […]
Bank of Ireland to shake off state support slowly
Bank of Ireland plans to move away cautiously from state support by showing it can raise debt outside a government guarantee and gradually repay taxpayers’ funds over several years, it has announced. Ireland’s biggest bank by market value has become the first major Irish bank to replenish its capital from partly private sources, an exercise […]
Dollar near 15 year low after Fed move
The dollar hovered close to 15-year lows versus the yen but rose against other currencies on August 10 as investors pared back risk exposure in the wake of steps announced by the Federal Reserve to boost the economy. In early European trade, the dollar was up around one percent against the euro and the Australian […]
Saudi Arabia unveils $385bn spending plan
Saudi Arabia plans to build schools, hospitals, housing and other infrastructure projects as part of a five-year plan budgeted at $385bn, the state-run Saudi Press Agency (SPA) has reported. Ageing King Abdullah is under pressure to create jobs and build housing as the population grows and unemployment rises, hitting 10.5 percent last year. Two-thirds of […]
TUI Travel warns on FY as budget measures hit UK
Europe’s biggest travel firm TUI Travel said it expected its full-year profit to be at the lower end of expectations after trading was hit by uncertainty among British consumers following June’s emergency budget. TUI Travel, in which Germany’s TUI AG holds a controlling stake of 57.5 percent, also said airspace closures as a result of […]
Morgan Sindall says construction recession not over
British construction group Morgan Sindall said growing demand for office buildings was helping to offset the impact of government spending cuts on its business, although the construction recession was not over yet. “The commercial side is growing, but let’s not over exaggerate – it’s growing a bit but not as quickly as governments are spending […]
Astra pays $198m to settle US Seroquel claims
AstraZeneca has agreed to pay $198m to settle some 17,500 US personal injury claims related to its schizophrenia and bipolar disorder drug Seroquel, the company has announced. The top-selling medicine, which had worldwide sales of $4.9bn in 2009, accounting for 15 percent of group revenue, has been subject to long-running legal claims after being linked […]
