Fed in rescue bid on fears over growth August 10, 2010 THE US Federal Reserve confirmed fears of a marked slowdown in the world’s biggest economy yesterday as it made its first step towards extending its emergency monetary policy regime in a significant policy shift. The central bank said it would reinvest proceeds from its investments in mortgage-backed securities to buy longer-term government debt in a [...]
BarCap to cut hundreds of jobs in an effort to cut costs August 10, 2010 BARCLAYS Capital is expected to announce hundreds of redundancies as early as today, affecting back office staff across the firm’s global operations. It is understood the layoffs are intended to cut costs to compensate for a sharp fall in market activity in the second quarter. The investment banking arm was responsible for around 87 per [...]
Dawn Airey heads for the exit after C5 sell-off August 10, 2010 THE CHARISMATIC chief executive of Channel Five is widely expected to quit the firm following its purchase by Express owner Richard Desmond. Dawn Airey is expected to take a senior role at former Five owner RTL after helping it dispose of the loss-making broadcaster. It is understood she will remain at Five for several months [...]
Shoppers fear for economy August 10, 2010 CONSUMER confidence has fallen to the lowest level since May 2009, amid rising everyday costs and jitters about the health of the economy. Nationwide’s confidence index fell seven points to 56 today, the third consecutive monthly drop. The number of households who believe their income will be lower in six months’ time is at the [...]
Bank must restore its credibility August 10, 2010 OF all the people who regulated (or failed to regulate) the financial services industry throughout the banking crisis, Bank of England governor Mervyn King has emerged as the man whose authority has perhaps been most enhanced. Going into the crisis with an institution that sets monetary policy and general supervision, he will emerge, thanks to [...]
Top civil servant to quit August 10, 2010 BRITAIN’S?top civil servant Sir Gus O’Donnell will stand down within the next couple of years, long before the end of the parliament in 2015. Sir Gus – known as God in Whitehall circles because of his initials and power – considered quitting immediately after the election but the Prime Minister convinced him to oversee the [...]
BP cases to be heard near Gulf August 10, 2010 Lawsuits against BP following the Gulf of Mexico oil leak will be heard in New Orleans, a judicial panel said yesterday. BP had argued for the cases to be heard in Texas, a state traditionally more sympathetic to the interests of oil firms. The news comes as the oil giant suspended work on a relief [...]
Aegis eyeing Switzerland base August 10, 2010 Security contractor Aegis has set up a Swiss holding company in a move that could pave the way for its offices to move to the tax haven. The firm, which is privately-owned and currently based in London, operates in conflict zones such as Afghanistan.
Probe targets Streetcar deal August 10, 2010 The Competition Commission is to investigate US car sharing firm Zipcar’s acquisition of UK rival Streetcar after the Office of Fair Trading said that the combination could threaten competition. Privately-owned Zipcar, which in June filed for an IPO worth as much as $75m, bought Streetcar in April in a deal worth around $50m.
WHAT THE OTHER PAPERS SAY THIS MORNING August 10, 2010 FINANCIAL TIMES HIGH COURT RULES INVESTOR BROKE BUY-OUT FUND CONTRACT An important precedent for the private equity industry has been set by a High Court ruling that Robert Adair, chairman of oil group Melrose Resources, breached a contract by refusing to put more money into Advantage Capital’s buy-out fund. Adair, who owns more than half [...]