February 22, 2013
Competition Commission raps Big Four accountants
Britain's four biggest accountancy firms have been heavily criticised by the Competition Commission. The regulator has accused PWC, Ernst & Young, Deloitte and KPMG of being too dominant and not always meeting a shareholder's needs. The four…
February 22, 2013
AIG reports $4bn loss from sale of leasing business
American International Group (AIG) has reported a huge loss from the sale of its aircraft leasing business ILFC. The insurer reported a net loss of $4bn (£2.6bn) for the last three months of 2012, due to the $4.4bn loss from the ILFC sale. It had…
February 22, 2013
Japan Moves to Stimulate their Stalled Economy
Japan's central bank is embarking on an American-like plan to stimulate the country's stalled economy by pumping more money into it. The Bank of Japan, under pressure from the new government of Prime Minister Shinzo Abe, agreed Tuesday to double…
February 18, 2013
PSOJ warns of massive job losses in Jamaica
The Private Sector Organisation of Jamaica (PSOJ) is calling on the Government to immediately review and make changes to aspects of its new tax regime, which it said could do more harm than good to the economy. "The PSOJ is urging the Government to…
February 18, 2013
German economy to return to growth, says Bundesbank
Germany will avoid recession and return to growth in the first quarter of 2013, the country's central bank has said. The Bundesbank's monthly report for February forecast that the rest of 2013 will see a gradual pick-up in activity in Europe's…
February 18, 2013
Japan shares up as G20 statement stokes weak yen hopes
Japanese shares have risen after finance ministers of the G20 group of nations avoided singling out Japan for criticism over the recent yen weakness. The yen has dipped nearly 15% against the US dollar since November amid Japan's efforts to stoke…
February 18, 2013
Amazon dismisses German warehouse security firm
Online retailer Amazon has ended the contract of a security firm employed at one of its German warehouses, following complaints about workers' conditions. The company, Hensel European Security Services (Hess), was accused of harassing seasonal…
February 18, 2013
Pound continues to weaken against dollar and euro
Sterling has continued to weaken against the dollar and the euro on continued worries about the health of the UK economy. Against the dollar, sterling fell to a seven-month low, and against the euro it was nearing a 15-month low. The falls came…
February 18, 2013
Heathrow airport hits record 70 million passengers
A record 70 million passengers used Heathrow last year, boosting the airport's revenues by 8% to £2.46bn. The airport, the UK's busiest, is operating at close to capacity, with 471,341 flights during 2012, just below the legal limit of 480,000 a…
February 11, 2013
Euro strength to top finance ministers’ meeting
France is set to voice concerns about the strength of the euro at a meeting of eurozone finance ministers later. French Finance Minister Pierre Moscovici is worried that the rising single currency is making the country's goods less competitive. The…