Manufacturing in China shrinks July 21, 2011 CHINA’S factory sector shrank for the first time in a year in July, a survey showed yesterday, feeding worries among the country’s main trading partners that its growth is unsustainable and could lead to a slump. The HSBC flash purchasing managers’ index (PMI) fell to 48.9 in July, suggesting the manufacturing sector contracted at its [...]
Manufacturing in China shrinks July 21, 2011 CHINA’S factory sector shrank for the first time in a year in July, a survey showed yesterday, feeding worries among the country’s main trading partners that its growth is unsustainable and could lead to a slump. The HSBC flash purchasing managers’ index (PMI) fell to 48.9 in July, suggesting the manufacturing sector contracted at its [...]
Aldermore reaches break even August 1, 2011 New bank Aldermore has broken even, two years after its launch, and has accumulated total assets of more than £1bn, the company said on Monday. Aldermore said it now had loans of more than £800m for 9,500 customers, and had 42,000 deposit accounts. Aldermore and other new entrants such as Metro Bank, Haymarket Financial are [...]
Aldermore reaches break even August 1, 2011 New bank Aldermore has broken even, two years after its launch, and has accumulated total assets of more than £1bn, the company said on Monday. Aldermore said it now had loans of more than £800m for 9,500 customers, and had 42,000 deposit accounts. Aldermore and other new entrants such as Metro Bank, Haymarket Financial are [...]
CITY VIEWS: ARE YOU WORRIED ABOUT THE UK’S GROWTH? August 10, 2011 STEVE GODFREY | ADVANTAGE BUSINESS SYSTEMS “I’m a little concerned about the economy – we’re entering unknown times. I don’t think there’s much the banks or government can do about it; it’s a global event fuelled by global economies’ debt that’s just got out of proportion” MARTIN WALTER | BROADSWORD PRODUCTIONS “I’m more worried after [...]
Banks rally but City frets over ringfence August 30, 2011 BRITISH banks’ share prices rallied dramatically yesterday as London played catch up with world markets after Monday’s holiday. Analysts said that investors were pricing in the possibility of further quantitative easing due to the Federal Reserve’s September meeting being extended from one to two days. But UK lenders were also helped by a bullish note [...]
Banks to take £7bn hit from Vickers reforms September 12, 2011 Britain’s banks should shield their retail operations from riskier investment banking units and boost capital levels to protect taxpayers from future crises, according to far-reaching proposals that could cost the industry £7bn a year. The Independent Commission on Banking (ICB) also said banks must hold core capital of at least 10 per cent in their [...]
Four years into a succession of crises and still no reform: Time for some Long Finance November 3, 2011 FOUR years into a series of financial crises, from Bear Stearns and liquidity shocks in 2007, to Lehman and RBS failures, Irish and Icelandic collapses, and now Eurozone currency-quakes, there have been no financial reforms to match the magnitude of the problems. An Olympiad later, the world feels more brittle and people jump at any [...]
UBS to cut 3,500 jobs worldwide August 23, 2011 Swiss bank UBS plans to slash around 3,500 jobs, almost half of them from its investment bank, as it seeks to shave some two billion Swiss francs from annual costs by the end of 2013. UBS had already said it would cut jobs when it posted a lower-than-expected second-quarter profit last month as its underperforming [...]
UBS to cut 3,500 jobs worldwide August 23, 2011 Swiss bank UBS plans to slash around 3,500 jobs, almost half of them from its investment bank, as it seeks to shave some two billion Swiss francs from annual costs by the end of 2013. UBS had already said it would cut jobs when it posted a lower-than-expected second-quarter profit last month as its underperforming [...]