THE most dramatic stress scenario for tests being applied to European banks envisages write-downs of 2.3 per cent on German government bonds, 20 per cent on Greek sovereign debt and between five and 11 per cent apiece in the case of other peripher
OCADO’S advisers reacted furiously last night to suggestions its £1bn flotation may be in trouble.
The firm spoke out against a number of high-profile fund managers it claims are attempting to undermine the pricing of its IPO.
CHINA BANKS FEAR FALLING CONFIDENCE
Faltering confidence in the Chinese economy could threaten the plans of the country’s banks to shore up capital reserves, the head of China Construction Bank, has warned.
Japan's ruling party, mauled in yesterday's upper house election, faces an uphill struggle to win new allies to back its policies to cut back huge public debt and probably bitter infighting over whether the premier should quit.
CHANCELLOR George Osborne will come under pressure to increase the independence of the Office for Budget Responsibility (OBR) when its head, Sir Alan Budd, is grilled by an influential body of MPs this week.
TELECOMS giant BT will this morning begin a court case that could have a momentous impact on its future.
Trustees of the firm’s pension plan are seeking a ruling on how far the government will underwrite the bloated scheme.
PRIVATE equity firm JC Flowers is in advanced talks with building society Kent Reliance to create a joint venture which could pave the way for a new “mini super-mutual”, transforming the fortunes of the ailing sector.
As an exercise in transparency Europe’s so-called stress tests have already failed. We were promised the methodology and all we got was the madness; a drip, drip, drip of information that has slowly driven the markets round the twist.
SPORTS broadcaster Setanta’s British arm collapsed owing £550m to creditors including the Football Association and the Scottish Premier League, according to the final report from administrator Deloitte.
ITALY’S biggest utility Enel plans to list a stake in its renewables unit despite difficult market conditions and a potential change to Italy’s renewable incentives scheme, Chief Executive Fulvio Conti said.
THE founders of Ideal Shopping Direct are considering selling their 35 per cent stake in the home shopping channel group to cash in on a near doubling of the firm’s shares in the last year, the Sunday Times said.
STRESS levels are mounting at financial services firms even as corporates across the board begin to recover, according to the latest monthly City A.M./Begbies Taynor health monitor for the Square Mile.