Tories call for driverless trains on the London Underground June 17, 2010 LONDON’S underground trains could run without drivers in the future if the government meets demands made by the Conservative Group of the London Assembly to replace the current “third rate” trains. The group argued in a report to the Mayor that driverless trains would offer safer and more efficient levels of service and would put [...]
Spain covers €3.5bn bonds at high price June 17, 2010 MARKETS breathed a sigh of relief after Spain’s €3.5bn (£2.9bn) debt auction was almost twice oversubscribed yesterday, although Madrid was forced to pay a steep premium. The heavily indebted country was forced to pay investors 4.9 per cent interest on €3bn of shorter-dated bonds, double the rate it paid in May, and 5.9 per cent [...]
European Union to publish stress tests on 25 key banks June 17, 2010 EUROPEAN Union countries will publish the results of stress tests on the region’s 25 most systemically important banks in July to improve investors’ confidence, EU President Herman Van Rompuy said yesterday. The bank-by-bank assessments will include forecasts for scenarios including a Eurozone sovereign debt crisis. Spanish Prime Minister José Luis Rodríguez Zapatero said: “These tests [...]
Europe and IMF say Greece is on track June 17, 2010 INTERNATIONAL officials gave Greece good marks yesterday for austerity measures demanded as part of a huge bailout, as unions called a 24-hour strike in protest at cuts that have pushed unemployment to a 10-year high. A team from the EU, IMF and European Central Bank said Greece was with reforms aimed at rescuing the debt-laden [...]
Fitch tells EU to buy more bonds June 17, 2010 Ratings agency Fitch has warned the EU it needs to make enormous bond purchases to help the Union stave off an unstoppable debt crisis. Brian Coulton, head of sovereign ratings at the agency, said German members of the European Central Bank appear to be blocking robust intervention where it is most needed in southern European [...]
IMF warns France June 17, 2010 The International Monetary Fund (IMF) warned the French government to rely on independent economic forecasts when it draws up its public deficit reduction plans. The IMF said the French government risks “significantly underestimating the size of the required fiscal efforts” It added: “Growth is expected to be sluggish in 2010 and pick up only slightly [...]
Boris sets out plan to increase river travel June 17, 2010 CITY Hall yesterday ramped up its efforts to encourage more commuters to travel to and from work on Thames riverboat services, announcing a string of measures designed to make river travel as convenient as Tube and bus services. Mayor of London Boris Johnson has spearheaded a technological push to make the Thames more accessible, in [...]
Dubai World’s $800m sale collapses due to US probe June 17, 2010 A US investigation has halted the sale of Inchcape Shipping Services (ISS), the first Dubai World business put up for sale since the emirate’s debt crisis began. The Department of Justice is probing the contracts of the port and shipping agent’s “government services” arm. The two remaining private-equity bidders for the business, Cinven and CVC, [...]
Volcker rule to hurt M&A, warn analysts June 17, 2010 THE “Volcker Rule” provision of Wall Street reform legislation being finalised by Congress would put a lid on domestic mergers and acquisitions by the largest US banks, analysts warned yesterday. Further growth through M&A would be blocked for Bank of America, JPMorgan Chase, Citigroup and Wells Fargo, said Barclays Capital analysts. “A law like this [...]
Sants backs Osborne reforms June 17, 2010 THE key to effective financial supervision is making good judgements rather than structure, Financial Services Authority (FSA) chief executive Hector Sants said yesterday. “I don’t really consider structure is the central issue. I consider making good judgements is the central issue,” Sants told the Chartered Institute for Securities and Investment’s annual conference in London. The [...]