June 3, 2012
Spain’s manufacturing sector sees contraction worsen
The rate of contraction in Spain's manufacturing sector was worse than that of Greece in May, according to a business survey. Markit's eurozone manufacturing purchasing managers' index for the whole eurozone dropped to 45.1 from 45.9 in April. Any…
June 1, 2012
Spain denies ‘senseless’ IMF bailout rumours
Spain's economy minister has dismissed talk of it seeking a bailout from the International Monetary Fund (IMF) as "senseless". And the IMF denied that Spain had asked to discuss rescue loans. The IMF has contributed to bailouts of all the other…
June 1, 2012
US economic growth slower than thought in first quarter
The US economy grew at an annualised 1.9% in the first three months of 2012, less than the 2.2% first thought. The slower growth rate - which was in line with forecasts - followed a modest downward revision in consumer spending. A rise in the growth…
June 1, 2012
British Chambers of Commerce cuts growth forecast
The British Chambers of Commerce (BCC) has slashed its forecast for economic growth this year, from 0.6% to 0.1%. But the group, which represents more than 100,000 businesses, raised its forecast for 2013 from 1.8% to 1.9%. The data, in the BCC's…
May 31, 2012
Eurozone: ECB says no countries ready to join
The European Central Bank (ECB) has said that none of the eight countries that are supposed to join the euro are ready yet. The verdict comes amid growing fears over the future of the currency itself amid the worst crisis it has faced. It said…
May 31, 2012
Facebook shares dip below $29 to new low
Facebook shares have dipped below $29 for the first time since their flotation to a new low. The shares were launched at $38 less than two weeks ago during its high-profile flotation, which valued the firm at $104bn (£66bn). Since then, Facebook's…
May 31, 2012
European Commission suggests bank bailouts
The European Commission has proposed that money set aside for helping governments should be used to bail out ailing banks directly. The commission also pushed for more integration through a euro-wide "banking union" and a single deposit…
May 31, 2012
Premier League club wages climb to new highs
The proportion of income that Premier League clubs spend on wages hit a new high in the 2010-11 season, says a Deloitte report into football finance. Clubs in England's top football league paid some 70% of their income on salaries for the first…
May 31, 2012
Graff delays $1bn Hong Kong listing as market declines
Graff Diamonds has delayed its $1bn (£646m) share sale in Hong Kong citing adverse market conditions. The firm was in the process of meeting investors and was expected to end its share offer later this week. It was set to be the biggest in Asia…
May 29, 2012
China and Japan to start direct yen-yuan trade in June
China will allow direct trading of the yuan and the Japanese yen, in a move aimed at promoting trade between Asia's two biggest economies. This means the two countries will not be using the US dollar as an intermediary. China, which sometimes has…