Fall in capital flows threatens recovery
The flow of money through the global financial system is stuck at the same level as a decade ago, raising fresh concerns about the strength of the economic recovery following six years of financial crisis. In mid-2007 cross-border capital inflows into the G20 group of economies were equivalent to almost 18 per cent of those countries’ economic output. In mid-2013 the figure was 4.3 per cent.
Germany presses Deutsche on Libor
Deutsche Bank faces fresh pressure from regulators to make senior management changes over the Libor scandal, after extracts from an interim report by the German watchdog on the bank’s role in the affair leaked in the local media. The report by BaFin pointed to the lack of an “intensive engagement” by the board of Germany’s biggest lender with regards to disciplinary consequences for staff, according to extracts published in the weekly magazine Der Spiegel.
NHS property company bailed out
A company set up under controversial health reforms to manage the NHS property portfolio had to be bailed out just months after starting work and is now being investigated by an independent spending watchdog. The Department of Health in April transferred 4,000 properties to a new government-owned company, but four months later it had to ask the department for a £100m loan as it struggled with widespread rent arrears.
Farmers dip toes in dairy markets
More than a thousand British farmers have joined one of the world’s top ten dairy co-operatives this month in an attempt to reach a broader international market. Arla Foods Amba said that 1,300 farmers had joined in January, taking the total number of Britons who are owners in the business to nearly 2,800.
Not just horses for courses now
The world of racing is taking a big step to rival the summer music festivals. The Jockey Club, owner of most of the country’s most popular racecourses, has set up a company to take advantage of audiences and facilities for music.
The Daily Telegraph
Bitcoin moves back above $1,000
Bitcoin has jumped back over $1,000 after online gaming company Zynga began to accept the virtual currency in some of its games. Zynga said it is now accepting in-game purchases in seven of its online titles, including FarmVille 2 and Hidden Shadows, through the Bitcoin processor BitPay.
Motorists face 60mph motorway limit
The motorway speed limit in some areas will be cut to 60mph under government plans to limit air pollution near homes and schools. The Highways Agency yesterday announced that it is planning to reduce the limit on a 32-mile stretch of the M1.
THE WALL STREET JOURNAL
Ireland to sell long term bonds
Ireland plans to sell a new long-term bond, its first since it ended an international bailout last month and evidence of its remarkable rehabilitation in international financial markets.
Bankers working on the deal said Ireland intends to raise at least €500m from the sale of a 10-year bond, the third time the country will have sold long-term bonds since its bailout in 2010.
FedEx to offer $2bn to rebuy shares
FedEx plans to offer $2bn in senior unsecured notes to fund the repurchase of the package-delivery company’s shares from Goldman Sachs and JP Morgan Chase.