US VIEWS: GULF DISASTER June 2, 2010 BARACK OBAMA US PRESIDENT “We have an obligation to investigate what went wrong and to determine what reforms are needed so that we never have to experience a crisis like this again.” “If any laws were broken leading to this death and destruction, my solemn pledge is to bring those responsible to justice on behalf [...]
Rock shuts Guernsey unit June 2, 2010 NATIONALISED lender Northern Rock yesterday announced it will close its offshore banking operation in the channel island of Guernsey, another step in its turnaround plan as the lender prepares for a return to private ownership. Northern Rock, the first major British victim of the credit crunch, said in a statement yesterday it would wind down [...]
Geithner in bid for slow G20 reform June 2, 2010 US Treasury secretary Timothy Geithner said yesterday he hopes the Group of 20 nations will commit to restoring public finances to a sustainable path without jeopardising a global economic recovery. “That is a shared imperative. We all recognise it,” Geithner said before departing for the G20 meeting in Busan, Korea. “As the IMF says, we [...]
AgBank set to struggle in IPO plan June 2, 2010 AGRICULTURAL Bank of China may struggle to get the kind of valuation it wants as it gears up to launch the world’s biggest IPO into a market that has slumped by a fifth in just six weeks. China’s market drop is one of several factors prompting potential investors to query whether AgBank, China’s fourth-biggest lender [...]
CITY VIEWS: IS YOUR EMPLOYER LAYING ON SPECIAL WORLD CUP VIEWING FACILITIES? June 2, 2010 NICK HOOK | DASHWOOD BREWER & PHIPPS “At the last World Cup my employer had the matches on in the boardroom and let us watch the games from there. There aren’t many games during my working hours during the group stages. It’s quite a sensible idea to have the games on at work – if [...]
Barclays buys Tricorona in climate push June 2, 2010 BARCLAYS yesterday agreed to buy Swedish carbon credits trader Tricorona, cementing the bank’s position as the biggest player in the emissions market. Barclays has offered eight Swedish kronor (70p) per share for Tricorona, representing a total consideration of around 1.13bn kronor, or £98m, and a premium of 40 per cent to the firm’s last closing [...]
RBS to axe 500 technology jobs over three years June 2, 2010 ROYAL Bank of Scotland (RBS) plans to cut up to 500 jobs over three years in its UK wealth management business after a major overhaul in technology. The bank, more than 80 per cent owned by the UK government after it was bailed out during the credit crunch, said the roles would be cut across [...]
Greece details public sector asset sell-off June 2, 2010 DEBT-laden Greece yesterday outlined plans to raise more than €3bn (£2.5bn) by selling stakes in some of its struggling state-run businesses but said it will hold back its more attractive assets. Analysts welcomed the objective to shed loss-making firms but said selling non-listed assets may be difficult and stressed it would go only a small [...]
France gets backing for Euro government June 2, 2010 FRENCH-inspired plans to create an “economic government” for the Eurozone took a step forward yesterday when European Council president Herman Van Rompuy threw his weight behind the idea. The move raised pressure on Germany, Europe’s biggest economy and chief crusader for tougher budget discipline, to accept a new political forum to coordinate economic policy, made [...]
Spain sets date for labour reform June 2, 2010 SPANISH Prime Minister Jose Luis Rodriguez Zapatero said yesterday the government would present much-needed labour market reforms on 16 June whether or not it had reached a deal with unions and employers. The proposed reforms will then go to parliament for a final vote, without amendments. Economists consider labour market reforms, along with bank restructuring [...]