Eurozone’s tough time continues February 8, 2010 THE eurozone faces another difficult week amid mounting worries over budget deficits in Greece, Spain and Portugal. Finance ministers from the G7 countries meeting in Canada at the weekend insisted on a European solution to the problems rather than an IMF rescue. “We told our partners we had to solve the problem ourselves,” said Jean-Claude [...]
BofA and SEC back to court February 8, 2010 BANK OF AMERICA (BofA) is set to return to court in New York today to find out if its settlement with the Securities and Exchange Commission (SEC) will be approved. It is round two for the bank, as a similar deal between the SEC and BofA was rejected six months ago by district judge Jed [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 8, 2010 THE SUNDAYS The Sunday Telegraph MANDELSON ATTACKS US AND EUROPE The full scale of world tension between governments over the way to deal with the banking crisis has been revealed today after Peter Mandelson, the business secretary, said that neither America nor the European Union had shown global leadership on the issue. As the G7 [...]
Rise of Texas is a lesson for London February 8, 2010 HERE is an intriguing question which says a lot about modern America but which everybody here in London always gets wrong. Which US state is home to most big companies? New York, surely, host to Goldman Sachs, News Corporation and Pfizer? Or could it be California, home of Apple, Intel and Walt Disney? Wrong, on [...]
AAA rating always for US February 8, 2010 US TREASURY secretary Tim Geithner has insisted that the country “will never” lose its top credit rating, despite a rising budget deficit. Geithner said that in times of economic crisis, international investors will carry on buying US Treasury bonds and dollar-denominated assets because they are regarded as a safe investment. The Obama administration has predicted [...]
Obama confident on recovery February 8, 2010 US President Barack Obama yesterday said the US economy has turned the corner and resumed growth. “We are seeing the corner turn on the economy growing again,” he said in a interview with CBS news. Obama said companies were beginning to hire again, but “it’s not happening as fast as we’d like.”
BT boosts competition in cables February 8, 2010 BT is poised to open up its underground cable ducts so that competitors can run their own high-speed broadband networks through the telecoms company’s infrastructure. This would allow them to lay their optical fibre cables without the cost of digging up pavements. The move marks an important policy shift by BT.
Dubai World bill $6.2bn so far February 8, 2010 Dubai has pumped $6.2bn (£4bn) into Dubai World over the past 12 months and said yesterday it is stands ready to inject “considerably more money” into the conglomerate, whose debt woes sent shockwaves through financial markets late last year. The Dubai Financial Support Fund was set up last February to aid indebted state-run corporations.
Heat is on at RBS as bonus verdict looms February 8, 2010 ROYAL Bank of Scotland (RBS) has locked horns with the Treasury in ongoing talks over the size of its bonus pool, which is expected to hit up to £1.4bn this year despite the bank’s heavy losses and the angry populist backlash against weighty City payouts. Chief executive Stephen Hester has repeatedly stressed the importance of [...]
Toyota Prius likely to be recalled over brake fault February 8, 2010 TOYOTA is expected to recall thousands of Prius hybrid cars in Japan and the US in the next few days to fix a fault with the brakes. The Japanese carmaker has already recalled more than 8m vehicles worldwide with faulty accelerator pedals. The company’s president, Akio Toyoda, publicly apologised for the problems on Friday. The [...]