HSBC may end Libya presence after 55 years July 6, 2014 HSBC is believed to be planning to close its representative office in Tripoli, bringing to an end a presence in Libya going back 55 years to 1959. The plan is part of ongoing efforts by chief executive Stuart Gulliver to reduce costs by drawing back from markets where the banking giant does not have a [...]
HSBC to pull out of Libya after 55 years in the country July 6, 2014 HSBC is set to close its representative office in Tripoli, Libya, which manages investments for the bank in the North African country, according to The Telegraph. The bank opened the office in 2006, after nearly 50 years of operations in the state. The Tripoli branch was most recently closed in 2011, during a civil war [...]
Eurozone retail sees zero growth and the EU’s statisticians are calling that “stable” July 3, 2014 Eurozone retail has hit an unexpected roadblock in May. Retail sales haven't seen the 0.2 per cent growth expected, and have instead been entirely motionless. There's been zero retail sales growth in the euro area this May. The numbers, released by Eurostat, are a disappointment for economy watchers. Retail sales are up by just 0.7 [...]
Surveys hint at wage growth still missing in official estimates July 3, 2014 There were some signs of wage growth this June, according to a survey produced by Markit. Companies in the service sector are now reporting that higher wages are pushing up operating costs. Many panellists attributed another rise in operating costs during June to "higher average salaries and wage costs". This earnings growth has been evident [...]
Shelf Drilling tries to shake off IPO fail July 2, 2014 Shelf Drilling yesterday said it would push on and grow the business without public shareholder support after scrapping plans to float in London. The Dubai-based company, co-owned by private equity backers Champ, Lime Rock Partners and Castle Harlan, decided to pull plans to raise over $500m (£297m) after a tepid response, City A.M. revealed yesterday. [...]
City Moves for 03 July 2014 | Who’s switching jobs July 2, 2014 BLM The risk and insurance law firm has appointed Guy Munnoch as special and strategic adviser to its executive board. He is a former chief executive of Zurich Southern Africa and Zurich UK, and has also held positions at Aviva and Allianz. Lloyds Bank Commercial Banking Marc Denjean has been appointed managing director, head of [...]
Employment growth in UK’s construction sector hits all-time high July 2, 2014 The UK's construction sector is speeding up again this June, with activity growing at its fastest pace in four months. According to purchasing managers' index (PMI) data from Markit, the sector is expanding more ferociously than first estimated, with a headline reading of 62.6. Any number above 50 implies that activity in the sector is [...]
What the other papers say this morning – 02 July 2014 July 1, 2014 FINANCIAL TIMES Facebook faces experiment probe A UK data regulator is investigating whether Facebook broke data protection laws when it allowed researchers to conduct a psychological experiment on users of the social network. The Information Commissioner’s Office said it was probing the experiment and planned to ask Facebook questions after widespread outrage when it was [...]
Asian manufacturing firms bouncing back after spring slump July 1, 2014 Two of Asia’s largest manufacturing sectors indicated more robust growth in June, with businesses in both China and Japan reporting an improved expansion last month. Data from Nomura and JMMA suggest that Japan’s manufacturing firms are bouncing back from their decline around April’s sales tax hike, with a purchasing managers’ index (PMI) score of 51.5. [...]
UK manufacturing growth moves up a gear with job creation at 39-month high July 1, 2014 The UK's manufacturing sector is growing faster than we thought. The latest figures from Markit see June's headline purchasing managers' index (PMI) revised up from an initial reading of 57 to a final estimate of 57.5. Any number above 50 implies growth, and figures in the region we're seeing now suggest the sector is enjoying [...]