Bond battle gets bitter as judge holds Argentina in contempt September 29, 2014 ARGENTINA has been held in contempt of court by a US judge after the country ignored a ruling ordering it to pay the bondholders who had refused to take part in the state’s debt restructuring. The ruling underlines how bitter the long-running case has become, making it increasingly difficult for the government to back down [...]
Era of too big to fail nearly over September 29, 2014 BRITAIN and Germany are set to become the first governments to pull their support from banks, shifting the cost of any future collapse from the taxpayer and on to investors, Standard and Poors said yesterday. Such a move represents the end of the “too big to fail” era, when governments were so scared of bank collapses [...]
Hong Kong protests hit Asian markets September 29, 2014 Demonstrators thronged outside the Legislative Council in Hong Kong yesterday as the protest against the Chinese for free elections continued. The unrest has hit stocks for Asia-focused banks such as HSBC and Standard Chartered as well as miners Rio Tinto and BHP Billiton. It is likely to escalate tomorrow, which is China’s National Day holiday.
Investor fury at Balfour Beatty profit warning September 29, 2014 SHAREHOLDERS are angry and concerned over the latest trading update from beleaguered construction firm Balfour Beatty. The update, published yesterday, is the company’s third in five months, and revealed a £75m profit shortfall in its construction services UK business. Balfour’s share price fell by 20 per cent after the report and closed down 15.3 per [...]
Falling confidence in Eurozone points towards another recession September 29, 2014 CONFIDENCE in the Eurozone fell for the fourth consecutive month in September, adding to the growing body of evidence that the currency union is edging toward recession. The headline figure of the European sentiment index (ESI), published by the European Commission, fell to 99.9 in September from 100.6 in August. Figures released earlier in the [...]
Prudential boss to join 21st century board September 29, 2014 Tidjane Thiam, Prudential chief executive, has been nominated to join the board of Rupert Murdoch’s 21st Century Fox (whose upcoming movie Gone Girl, pictured, featuring Ben Affleck, has received rave reviews). Thiam, circled above, said he was “delighted to be nominated”. A final decision will be made on 14 November at the firm’s annual meeting.
Morrisons exec is charged with insider dealing September 29, 2014 MORRISONS’ former treasurer and head of tax has been charged with insider dealing ahead of the retailer’s £216m tie-up with Ocado last year. The Financial Conduct Authority (FCA) said yesterday it had charged Paul Coyle with two offences of insider dealing. He will now face criminal proceeding and is set to appear before Harrogate Magistrates’ [...]
Supermarkets’ shares tumble September 29, 2014 BRITAIN’S struggling supermarkets continued their bad run as the worst performing stocks of the year through September, falling by as much as 20 per cent across the month. Ocado led the plunge, with its share price falling 19.5 per cent, followed by Tesco’s 16.7 per cent. But the shops are fighting to win customers and [...]
Aldi undaunted by price war as profits surge September 29, 2014 GERMAN discounter Aldi said yesterday that the supermarket price war was helping to drive more customers into its shops as it reported a 65 per cent jump in full-year profits. The retailer, together with its German peer Lidl, has been stealing market share from the big four supermarkets as it ramps up its presence in [...]
Mortgages cool fears of bubbles and surprise hike September 29, 2014 LENDING in the UK economy contracted slightly in August as the number of mortgage approvals declined. It signals that the housing market may continue to cool off from its summer highs, which would be consistent with surveys published earlier in the month such as the Halifax house price index. The data released by the Bank of [...]