City says Red Ed is anti-business September 26, 2010 ED MILIBAND’S policies could have “very serious consequences” for the economy, a City pressure group warned yesterday, after the new Labour leader used his first major interview to launch a scathing attack on bankers. Ed Miliband, who beat his brother David in the race to become Labour leader by mopping up trade union votes, yesterday [...]
HSBC faces shareholder criticism September 26, 2010 INVESTORS in HSBC, still reeling from one of the most poorly-handled succession processes in the bank’s history, have highlighted pressing concerns over the appointment of finance director Douglas Flint as chairman. Flint’s appointment to steward the bank has sparked fears over the extent to which the former executive can be truly objective in the future, [...]
Swiss banks go beyond Basel September 26, 2010 SWISS regulators will ask UBS and Credit Suisse to go above and beyond the Basel III banking rules this week, according to reports yesterday. A commission of experts looking at whether the banks are still too big to fail will publish a report on Thursday proposing Switzerland’s two largest banks should hold core capital of [...]
Britain is moving back to the old Left September 26, 2010 SLOWLY but surely, Britain’s political landscape and broader culture are reverting to type. Tony Blair and Margaret Thatcher’s legacies are being consigned to history. In key respects, Britain is turning back the clock. This is a hugely important development, unique to the UK; no other country appears as eager to re-embrace the nostrums of the [...]
Irish banks in crunch week September 26, 2010 CRUNCH talks were underway last night to thrash out the details of an announcement on Anglo Irish bank, which could have far-reaching repercussions for the Irish economy. Ministers are expected to release details of the cost of winding up the stricken lender and plans to restructure the bank’s bond debt. The reaction of the markets [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 26, 2010 FINANCIAL TIMES GOLD SALES AT EUROPEAN CENTRAL BANKS DRAW TO HALT Europe’s central banks have all but halted sales of their gold reserves, ending a run of large disposals each year for more than a decade. The central banks of the eurozone plus Sweden and Switzerland are bound by the Central Bank Gold Agreement, which [...]
House prices drop nationwide September 26, 2010 House prices have fallen across all regions for the first time since April 2009, according to September’s Hometrack survey. The monthly report, published today, reveals average prices dropped by 0.4 per cent to £157,600. London and the South East recorded price drops of 0.4 per cent and 0.5 per cent respectively with London’s average price [...]
Spain faces general strike September 26, 2010 Spain was last night braced for a general strike but analysts hope turnout will be low as the country continues to wrestle with its mammoth budget deficit. The mass walk-out is planned for Wednesday but many Spaniards support the austerity measures and are likely to ignore the unions. A poll showed only 18 per cent [...]
Chinese set to eat up United Biscuits deal September 26, 2010 MCVITIES manufacturer, United Biscuits (UB) is in talks with one of China’s largest food groups about a possible takeover that could value the British company at almost £2.5bn. The Shanghai-based foods group Bright Food yesterday confirmed that it was in talks with UB to pen a deal that would potentially hand the Chinese group a [...]
Tesco boss slams short-term investors September 26, 2010 TESCO boss Sir Terry Leahy has launched a stinging attack on City investors for failing to act in the best interests of Britain’s public companies. Writing in today’s Times, Leahy said shareholders would benefit from becoming more engaged with the firms they invest in. This would also free up managers from dealing with the goals of [...]