Anglo Irish fears escalate September 28, 2010 IRELAND’S borrowing costs hit a record high yesterday after two credit rating agencies warned its debt is at risk of further downgrades, compounding political jitters over a budget that could break a shaky government. The anxiety was sparked by warnings from ratings agency Standard & Poor’s that if government support for Anglo Irish Bank, set [...]
Ireland finds that less bad isn’t good enough September 28, 2010 THE Irish parliament reconvenes today after its summer recess under distinctly chilly conditions. The markets have spent the week growing ever more anxious about tomorrow’s news on the costs of restructuring Anglo Irish Bank. The coalition government has a ruling majority of just six seats, and must hope that tomorrow’s numbers will restore some calm [...]
Ratings agencies under scrutiny as penalties for mistakes mulled September 28, 2010 EUROPEAN Union (EU) finance ministers will discuss this week how they might penalise rating agencies that pass inappropriately harsh judgment on countries, a senior EU politician said yesterday. Building on remarks that he wants a new EU markets watchdog to be able to fine rating agencies, Didier Reynders, the finance minister of acting EU president [...]
Red Ed? Come off it: A pitch for the centre September 28, 2010 POLITICAL EDITOR’S ANALYSIS ED MILIBAND’S inaugural leaders’ speech will not be remembered for its rhetorical flair. There was none of the barrister’s flourish that characterised Tony Blair’s excellent performances. For all its talk of optimism, it lacked the hopeful oratory that Barack Obama offered the US electorate in 2008. When David Cameron gave his first [...]
IoD slates regulation plan September 28, 2010 THE Institute of Directors (IoD) yesterday became the latest organisation to join the London Stock Exchange (LSE) in opposing the merger of the Financial Reporting Council and the UK Listing Authority (UKLA). In a statement, Miles Templeman, director-general of the IoD, said it made no “sense to leave the UKLA separate from the body [the [...]
L’Oréal may launch rival Culver bid September 28, 2010 UNILEVER could find itself embroiled in a multi-billion dollar bidding war for hair care specialist Alberto Culver. Analysts were yesterday bracing themselves for a rival bid for the firm, with L’Oreal said to be the most likely candidate. German consumer goods giant Henkel is also thought to be considering its position. JP Morgan analyst John [...]
Morgan Stan puts hold on recruitment September 28, 2010 US investment bank Morgan Stanley has frozen all recruitment for the remainder of the year, it said yesterday, offering no guarantees over when it would begin hiring again. The bank, which employs around 5,000 people in the UK, sought to quell fears of job losses, saying although it had stopped recruiting it had no plans [...]
Hunt relaxes media rules September 28, 2010 CULTURE secretary Jeremy Hunt yesterday outlined plans to scrap cross-media ownership rules. The changes mean that holders of Channel 3 licences like ITV, STV and UTV will also be able to own regional papers without restrictions. An aide to Hunt said: “We’re basically clearing the decks. The regulations are outdated. We want to deregulate as much [...]
Boeing wins a $5.3bn US Navy contract September 28, 2010 BOEING has finalised a $5.3bn (£3.4bn) four-year agreement with the US Navy to build 124 F/A-18 fighter jets and electronic attack planes, a deal creatin savings of over $600m. The deal, announced yesterday by Boeing and the Pentagon, calls for the company to deliver 66 F/A-18 “Super Hornet” fighters and 58 EA-18G airframes designed for [...]
Thomas Cook sees dip trigger job cuts September 28, 2010 TOUR operator Thomas Cook yesterday warned of job cuts as it prepares for “substantial” cost savings. The group said it would be looking at its UK workforce of between 13,000 and 15,000 staff and suppliers as a cuts package was drawn up. Thomas Cook said it had been forced into the measures as government spending [...]