CITY INVESTOR CHIEFS BACK BANKING REVAMP
City fund managers have broadly welcomed the reform drive sweeping Britain’s banking sector, in spite of vocal criticism from some institutions. “There is a largely silent majority of investors who believe that structural reform and tougher capital requirements are a good idea,” said James Alexander, head of equity research at M&G.
CHINESE COMPANIES GO ON GLOBAL BOND SPREE
Chinese companies have this year embarked on an unprecedented borrowing spree in international bond markets, a trend driven by property developers starved of credit by state-owned banks. Mainland groups have already borrowed $12.2bn from international investors so far in 2011 – more than five times the amount they had secured by the same point last year, according to data provider Dealogic.
MEDVEDEV TO DECIDE SOON ON SECOND TERM
Dmitry Medvedev, the Russian president, has said he will soon decide whether to seek re-election in 2012 and that it is time to draw a line under building state capitalism in the country. Painting himself as the candidate for change, Mr Medvedev underlined the differences between his style of rule and that of his predecessor and mentor, Vladimir Putin, the prime minister.
HIGH-FREQUENCY BOOM TIME HITS SLOWDOWN
Low market volumes and stiff competition have led to a sharp fall in “high-frequency” trading as industry experts warn that the past two years of rapid growth may be coming to a halt. High frequency traders are instead flocking to emerging markets.
BUSINESS GIANTS TAP GROWTH FUND
Some of the world’s largest companies have won a share of a £450 million fund designed to boost regional growth, provoking accusations that ministers froze struggling small businesses out of the scheme. General Motors, Procter & Gamble, Thales, the defence company, and Durham County Cricket Club were among a list of grant recipients described as bizarre by Labour and Tory MPs yesterday.
BLACKBERRY MAKER TURNS ON IPAD
The Playbook tablet computer will be the saviour of Research In Motion, according to the co-chief executive of the maker of the BlackBerry. Analysts have claimed that the company is on the verge of decline after being outflanked in the smartphone market by Apple’s iPhone and devices based on Google’s Android operating system.
The Daily Telegraph
LUBRIZOL TIMETABLE SHEDS MORE LIGHT ON WARREN BUFFETT DEAL
David Sokol, a former key lieutenant to Warren Buffett at Berkshire Hathaway, knew in December that Lubrizol's board was aware of Berkshire's interest in a possible takeover, according to a new filing with US regulators. A more detailed timetable of the events that led to Berkshire's $9bn (£5.5bn) takeover of the US chemicals company last month is in the document.
BRITONS ENJOY EASY LIFE, SAYS OECD
Britons work fewer hours than the Spanish, Portuguese and Italians once cooking, cleaning and caring are included in the daily grind. When it comes to shopping, though, the UK can hold its head up high – only the Germans, Canadians and French spend more time on the high street, according to the Organisation for Economic Co-operation and Development (OECD).
THE WALL STREET JOURNAL
HIGHER OIL PRICES CURB DEMAND
The highest oil prices in two and a half years have begun to trigger some deterioration in demand, oil producers and consumers said, a surprising fallout from the disruption in oil production that has resulted from unrest in the Middle East. Opec slightly downgraded its annual forecast on Tuesday for global oil consumption growth for the first time this year, as it emerged that kingpin Saudi Arabia had cut back production on lackluster demand for extra barrels.
FIAT INCREASES CHRYSLER STAKE
Fiat Tuesday boosted its stake in Chrysler Group LLC to 30 per cent from 25 per cent after the Italian auto maker met the second of three U.S. government-mandated requirements that automatically trigger increases in its ownership stake.