Fears grow of dip: Deloitte July 4, 2010 CONFIDENCE among City finance chiefs began to wane again over the second quarter of the year as market volatility, global fiscal tightening measures and the sovereign debt crisis weighed heavily on sentiment. Chief financial officers now predict around a 38 per cent chance of a “double dip” recession on average, a significant jump on the [...]
Market strategists warn of further FTSE pain to come July 4, 2010 MARKET experts at the weekend issued dire warnings of a further downward trend in the FTSE, which was hammered last week on the back of a slew of weak economic data and continuing worries over fiscal tightening and the eurozone debt crisis. The FTSE 100 index closed on Friday at 4,838 – a fall of [...]
O’NEILL ISSUES FISCAL SQUEEZE WARNING July 4, 2010 GOLDMAN Sachs chief economist Jim O’Neill has waded into the debate over the depth and breadth of austerity measures being implemented across the globe, warning large nations cutting back simultaneously could derail the recovery. “All G20 members tightening fiscal policy at the same time as the UK’s tough stance would make it hard to deliver [...]
BP in rush to sell off assets July 4, 2010 A RAFT of Chinese and Middle Eastern bidders are looking at taking up a stake in BP as the oil major attempts to find investors ahead of a possible hostile takeover by a rival oil company. It is understood that a number of sovereign wealth funds, including the Kuwait Investment Office and oil companies have [...]
Boris plans cable car Thames crossing before the Olympics July 4, 2010 LONDONERS may be able to enjoy panoramic views of the capital while traversing the Thames at over 50 metres above ground level, if Boris Johnson’s latest travel plans come to fruition. The Mayor of London yesterday unveiled plans to build a privately-funded cable car crossing between Greenwich Peninsula and the Royal Docks, carrying up to [...]
Chinese firm in exclusive talks to acquire Tower 42 July 4, 2010 THE SALE of London’s first skyscraper came a step closer to completion yesterday after it emerged that Chinese Estates Group had entered exclusive discussions to buy Tower 42. The group, chaired by Hong Kong-based billionaire Joseph Lau, is said to have won a three-month auction with a bid near the asking price of £300m. Moorfield [...]
Blair’s £250k protection costs July 4, 2010 Protection teams for former Prime Minister Tony Blair cost the taxpayer £250,000 in expenses. But Foreign Secretary William Hague said he was doing a good job as representative of the middle east quartet and that politicians should rise above past differences to work together.
Virgin interested in Allied Irish July 4, 2010 Richard Branson’s Virgin Money is said to have made an informal approach for the British branches of the beleaguered Allied Irish Bank. Virgin Money could acquire the bank’s 32 outlets as part of its efforts to build a large branch network within five years. AIB refused to comment on any of its ongoing asset sales, [...]
Airbus set to sell military planes July 4, 2010 Airbus has held talks with 36 countries that are interested in buying the A400M military transport plane. Any sale would give the firm the chance to pare its losses on the aircraft, which has been delayed by three years and is so far €11bn (£9.1bn) over budget. The UK signed up to buy 25 planes [...]
Vadera joining Temasek fund July 4, 2010 Baroness Vadera is set to join Singaporean sovereign wealth fund Temasek. Vadera, Gordon Brown’s closest economic policy adviser, is reportedly wanted for her financial and geopolitical expertise. Temasek is restructuring parts of its S$127bn (£60bn) investment portfolio. Vadera has recently been advising Dubai World and is an adviser to the rotating G20 presidency.