Sants warns over regulation shake-up June 24, 2010 CHOPPY markets and growing European Union powers will pose big challenges for the country’s transition to a new financial supervisory system, a top regulator said. The government announced last week it would scrap the Financial Services Authority (FSA) and fold many of its powers into a new Bank of England subsidiary by 2012. The aim [...]
BAA lowers earnings forecast by £10m June 24, 2010 AIRPORT operator BAA has lowered its 2010 earnings forecast by £10m reflecting the impact of the volcanic ash cloud, strikes by British Airways cabin crew and bad weather. BAA, which is owned by Spain’s Ferrovial, forecast that its 2010 adjusted earnings before interest, tax, depreciation and amortisation would be £946M based on its expectation of [...]
DSG to rebrand as Dixons June 24, 2010 DSG International has posted an expected 61 per cent rise in full-year profit and forecast more growth in 2010-11. The firm, which owns the Currys and PC World chains said that although the economic backdrop in Europe would remain challenging in the current year it was well placed to continue to grow profits. DSG also [...]
Resolution agrees £2.75bn deal for Axa unit June 24, 2010 AXA has agreed to sell part of its UK life-insurance unit to Resolution for £2.75bn. Resolution, run by Clive Cowdery, aims to merge the AXA divisions with Friends Provident, the life insurance business bought last year for £1.86bn. The investment vehicle said its leading shareholders had agreed to sub-underwrite 52 percent of the cash call, [...]
England’s dream lives on June 23, 2010 ENGLAND booked themselves a World Cup showdown with Germany on Sunday after clinching a nerve-jangling 1-0 victory over Slovenia in Port Elizabeth yesterday. Jermain Defoe scored the only goal of the game on 22 minutes as Fabio Capello’s Three Lions brought hope back to the nation with a much-improved display. But failure to top Group [...]
Soros: Euro in crisis June 23, 2010 BILLIONAIRE investor George Soros yesterday launched a blistering attack on German fiscal policy, warning that its unwavering pursuit of austerity savings is putting the future of the European Union and the single currency at risk. “By insisting on pro-cyclical policies, Germany is endangering the European Union. I realise that this is a grave accusation, but [...]
US base rate held at zero June 23, 2010 THE US Federal Reserve said it would hold interest rates at a record low for “an extended period” yesterday, saying it aims to aid an economic climate that has become “less supportive”. The Federal Open Market Committee voted nine to one to keep the rates at zero to 0.25 per cent after its two-day meeting, [...]
Budget won’t cause a new recession June 23, 2010 WE all know what Mark Twain thought of the extraordinary ability of statistics to make even the weakest of arguments sound persuasive. In the main, this week’s emergency Budget was remarkably honest, especially after years of debased Red Books from the previous Labour government. But there has been some confusion about the extent of the [...]
Two-day Tube strike starts June 23, 2010 LONDON Underground maintenance workers began a 48-hour strike at 7pm last night, after last-ditch legal action by employer Tube Lines failed. A High Court judge denied Tube Lines an injunction to stop the strike, despite arguments that the strike ballot was invalid. “We urge the RMT to pull back from taking this needless action which [...]
Kerviel asked to pay €5bn June 23, 2010 Societe Generale called for a court order yesterday that would force rogue trader Jerome Kerviel to pay back the near €5bn he lost through unauthorised trades. Jean Veil, the French bank’s lawyer, demanded compensation that effectively would leave Kerviel in debt for the rest of his life.