SFO denies Tchenguiz case is stunt March 21, 2011 THE Serious Fraud Office (SFO) hit back at claims that its raid on Robert and Vincent Tchenguiz was a “publicity stunt” designed to bolster the reputation of the threatened body. A spokesman for SFO director Richard Alderman said: “There is some suggestion that we have taken this action to put ourselves in a better position [...]
Inflation means bigger Budget cuts March 21, 2011 IT’S Budget time again. Tomorrow is George Osborne’s big day; he will be tasked with reinvigorating the coalition’s flagging support without giving up on austerity. There will be plenty of new policies, most of which have been heavily discussed already. But here are a few thoughts that you won’t have read elsewhere. Total public spending [...]
Tensions simmer in the Arab World March 21, 2011 LIBYA David Cameron says almost all of Libya’s air defences have been destroyed, allowing the no-fly zone to be patrolled by Allied forces. He says the action has prevented a “bloody massacre” in rebel stronghold Benghazi. EGYPT A vote saw 77 per cent of Egyptians back pro-democracy amendments to its constitution. Its stock exchange will [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 21, 2011 FINANCIAL TIMES HEDGE FUNDS TOLD TO ACCEPT HIGH TAXES AS THE PRICE OF LONDON LIFE Hedge funds should accept higher taxes as the cost of doing business in London and stop threatening to move elsewhere, according to one of the world’s best-known copper traders. Michael Farmer, a Conservative party donor who runs the near-$1bn Red [...]
Brain drain at London banks March 21, 2011 LONDON investment banks are facing an unprecedented brain drain of talented executives to Asia, according to a leading financial executive search firm. Sheffield Haworth, which has 350,000 executive candidates on its books, has reported an acceleration in the rate at which top bankers are emigrating east. Chief executive Tim Sheffield told City A.M.: “The Asia-Pacific [...]
Osborne aims to make extra £1bn from tax clampdown March 21, 2011 GEORGE Osborne will use tomorrow’s GEORGE Osborne will use tomorrow’s Budget to clamp down on tax avoidance, announcing a raft of measures that he hopes will net the exchequer £4bn. The chancellor first unveiled many of the proposals in December, including plans to close certain VAT and foreign exchange loopholes. At the time, the Treasury [...]
US Treasury Department to sell off $142bn in securities holdings March 21, 2011 THE US Treasury Department said it will begin later this month to sell off $142bn (£87bn) in mortgage-backed securities it acquired to combat the 2007-2009 financial crisis. The move to dispose of its portfolio of agency-backed MBS by selling $10bn worth each month was seen as a signal of the government’s confidence in the recovery, [...]
Swiss Re sees $1.2bn loss from Japan March 21, 2011 THE earthquake and tsunami in Japan will cost reinsurance giant Swiss Re an estimated $1.2bn (£739m) before tax, it said yesterday. The loss would be from exposure to commercial and industrial claims for the catastrophe, it said, and not from damage to homes or the Fukushima nuclear power plant. Insurance cover on commercial property also [...]
Japanese markets gain in early trading March 21, 2011 JAPAN’S Nikkei 225 index opened 2.1 per cent higher this morning after a planned holiday closure yesterday, as the country’s nuclear situation looked serious but unchanged from Friday. The International Atomic Energy Agency (IAEA) said Fukushima Daiichi’s reactor 2 was still emitting white smoke, and workers were evacuated for two hours when unit 3 started [...]
Buffett backs Japan stocks March 21, 2011 BILLIONAIRE investor Warren Buffett yesterday called Japan’s stock market sell-off after the disasters of the past week an “extraordinary event” that has created a “buying opportunity” for shares in local companies. Japan’s Nikkei index ended last week more than ten per cent lower after fears of damage to companies’ long-term growth prospects caused investors to [...]