Posts tagged england
Posts tagged england
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The U.K.’s financial industry will lose 43,000 jobs in six months, according to a forecast from the Confederation of British Industry, as companies shrink and reduce costs.
Banks, insurers, asset managers and other finance firms probably cut 25,000 positions in the last three months of 2012 and may eliminate 18,000 jobs in the first quarter of this year, according to a study by Britain’s biggest business lobby group and PricewaterhouseCoopers LLP, published today.
Global cuts at financial firms have exceeded 115,000 since 2012 as they seek to control compensation expenses and retreat from capital-intensive businesses, according to data compiled by Bloomberg. Morgan Stanley, with securities operations in London, plans to eliminate about 1,600 jobs from its investment bank and support staff in the coming weeks, a person with direct knowledge of the matter said on Jan 9.
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Stock futures edged higher on Wednesday, setting Wall Street up for a sixth day of gains, as investors anticipated the U.S. Federal Reserve will announce a new round of bond buying to support the economy.
* The Fed is expected to unveil a fresh round of bond buying on Wednesday as part of efforts to support a fragile economic recovery threatened by political wrangling over the government’s budget. The monetary policy committee’s decision is expected around 12:30 p.m. ET.
* Negotiations intensified to avert the “fiscal cliff” - tax hikes and spending cuts that kick in early in 2013 - ahead of a year-end deadline as President Barack Obama and U.S. House of Representatives Speaker John Boehner spoke by phone on Tuesday after exchanging new proposals.
* On the macroeconomic front, import and export price data is due at 8:30 a.m. ET. Economists in a Reuters survey expect import prices edged down by 0.5 percent last month, while export prices remained flat.
* S&P 500 futures rose 2 points and were slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 14 points, and Nasdaq 100 futures added 6.75 points.
* India’s government announced an inquiry into lobbying practices by Wal-Mart Stores Inc. (WMT.N) on Wednesday after a report that the giant retailer had pressed U.S. lawmakers to help gain access to foreign markets.
* Costco Wholesale Corp (COST.O) posted a 30 percent rise in quarterly profit, beating expectations, as the largest U.S. warehouse club chain saw sales rise and got a lift from higher membership fees.
* Sprint Nextel Corp (S.N) is in talks with Intel Corp (INTC.O) and Comcast Corp (CMCSA.O) to buy out their stakes in the U.S. wireless provider Clearwire Corp (CLWR.O), two people familiar with the matter said on Tuesday.
* U.S. stocks rose on Tuesday, led by technology companies. The S&P 500 closed at its highest since Election Day on November 6.
British banks must combine extra lending to help restore growth with efforts to strengthen their balance sheets to defend against threats from the euro zone, a senior financial regulator said on Sunday.
“The challenge of helping banks’ resilience and boosting the availability of credit is complicated. But we cannot duck the challenge,” Andrew Bailey, head of prudential regulation at the FinancialServices Authority wrote in the Sunday Times.