Japan in deflation for a year March 26, 2010 JAPAN’S economy has been in deflation for 12 consecutive months, official figures have shown. Consumer prices fell by 1.2 per cent in February compared to a year earlier. Many analysts expected the Bank of Japan to ease monetary policy to get the debt-laden economy back on track. Takeshi Minami, chief economist at Norinchukin Research Institute, [...]
Europe and IMF seal Greek deal March 25, 2010 EUROZONE leaders last night finally clinched a deal to secure Greece’s financial future with the IMF drafted in alongside the EU to provide emergency funds if the debt-stricken country needs it. The bailout plan, agreed at yesterday’s EU summit in Brussels after weeks of wrangling, means eurozone members will provide two thirds of the estimated [...]
City rates the Budget 3.8 out of 10 March 25, 2010 ALISTAIR Darling must try harder. That was the verdict of our panel of City and business professionals, who gave the chancellor’s Budget on Wednesday a score of 3.8 out of 10. The City A.M./PHI Panel, which has been specially recruited to represent London’s financial and business community, was asked to score some of the measures [...]
City hits out at new loan cop March 25, 2010 BANKS have slammed government plans for a credit adjudication service to force them to lend more money to businesses, describing the idea as “just another layer of bureaucracy”. Alistair Darling used Wednesday’s Budget to announce the creation of a watchdog which would be able to intervene when a company felt it had been unfairly refused [...]
Ageing population adds to UK’s woes March 25, 2010 OUR panel of City and business professionals’ verdict on the Budget makes grim reading for Alistair Darling: the average grade given was 3.8 out of 10, as we report on pages 1 and 19. Members of the City A.M./PHI panel, produced with PoliticsHome.com, rubbished Darling’s growth forecasts for 2011-12 and slammed his new 50p tax [...]
Tory lead back at four March 25, 2010 The Conservative lead has returned to a four-point margin, according to the latest YouGov/Sun Poll. The Tories gained one point to 37 points, Labour dropped one point to 33, while the Lib Dems increased one point to 18. This lead will come as a relief to the Conservatives who were yesterday seen to be struggling [...]
US plans securities sale March 25, 2010 The US central bank is a step further towards gradually selling some of its $1.25 trillion portfolio of mortgage securities. Ben Bernanke at a House hearing yesterday said: “I anticipate that at some point we will, in fact, have a gradual sales process.” Bernanke’s stand on the issue is important to millions of US homeowners [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 25, 2010 FINANCIAL TIMES CHINESE COMPANIES DEBATE LINKS WITH GOOGLE A wave of Chinese businesses are reconsidering their ties with Google in the wake of the US internet company’s move to confront their government over internet censorship. The decision for companies like Sina, the web portal, or China Mobile, the telecoms operator, on whether to stay with [...]
Dubai unveils $26bn debt restructuring March 25, 2010 Dubai has unveiled plans to restructure the crushing $26bn (£17bn) debt of its troubled property arms, four months after it was forced to beg for a repayment freeze. It says it will inject $9.5bn in new cash into state-run property firms Nakheel and Dubai World. Beleaguered Nakheel will receive the lion’s share at $8bn and [...]
Camelot bought out by Canadian pension fund March 25, 2010 CAMELOT, more famously know as the National Lottery operator, has been sold to Ontario Teachers’ Pension Plan for £389m. The Canadian pension fund beat a rival offer from private equity firm CVC Capital Partners. Camelot said it had been informed by its shareholders – Cadbury Holdings, De La Rue Holdings, Fujitsu Services, Royal Mail Enterprises [...]