HSBC CHIEF FEARS A DOUBLE DIP October 5, 2009 HSBC chief executive Michael Geoghegan has warned that the global economy could be facing a “double-dip” recession. Geoghegan said he was not convinced that a second financial downturn could be avoided and had put expansion plans at the UK’s largest bank on hold as a result. He said:“I’m not as convinced we’re through the worst [...]
CITY VIEWS: HOW DO YOU FEEL IN LIGHT OF HSBC BOSS MICHAEL GEOGHEGAN’S WARNING OF A DOUBLE-DIP RECESSION? October 5, 2009 PATRICK CROSS THOMSON REUTERS“We’re definitely heading into a recovery, technically speaking, but it is unwise to get too confident, too soon. Consumers need evidence of improvement before they’ll head out to the shops. A double-dip recession is a possibility, if confidence doesn’t rise.”JEREMY LEIVERS HALLIWELLS“We could certainly see a double dip, but the second slump [...]
Nomura ups USstaff count amid cash call October 5, 2009 JAPANESE bank Nomura is boosting its presence in the US by doubling its headcount, as it prepares to raise 433bn yen (£3bn) in its second cash call of the year. The fast-growing investment bank, which bought the European and Asian units of failed US bank Lehman Brothers last year, is now turning its attention to [...]
Bulk carrier prices stabilise as world economy improves October 5, 2009 THE cost of chartering bulk carriers to transport commodities worldwide has stabilised but looks unlikely to reach the peak hit during 2008, the International Financial Services London (IFSL) body said yesterday. Duncan McKenzie, director of economics at IFSL, said the Baltic Dry Index (BEDI) – which is based on the average spot price for chartering [...]
Bank of America in hunt for an emergency heir to Lewis October 5, 2009 A COMMITTEE of Bank of America (BoA) executives will meet this week to identify an emergency successor to chief executive Kenneth Lewis, in case he is forced out before his planned retirement at the end of the year. The bank’s chief executive last month announced his intention to step down at the end of 2009, [...]
Power workers snub pay deal October 5, 2009 Power workers and oil refinery staff across the UK yesterday rejected an offer on pay and conditions aimed at ending a long-standing row. Up to 30,000 workers at sites including BP FPS Grangemouth, Sellafield in Cumbria and Shell UK Stanlow say they want employers to stop undercutting agreed rates and employing cheaper foreign labour. The [...]
Pilots strike on long flying hours October 5, 2009 Pilots are demonstrating across Europe over long flying hours, saying they are “putting lives at risk”. European air crew unions say current rules that govern how long they can fly for are unsafe, with fatigue a factor in 15 per cent of accidents. The European Aviation Safety Agency says it is still considering a scientific [...]
National Trust launches beer October 5, 2009 The National Trust is launching a range of food and drinks products, including its own beer. The charity, which has 3.5m members, said it will launch a range of foods, including bread, meat, potatoes and biscuits.
Hedgie status hit for London October 5, 2009 LONDON’S presence in the “billionaire’s club” of giant hedge fund managers slipped during the first half of the year while New York’s stayed the same, according to HedgeFund Intelligence (HFI). The group said London’s level of hedge fund firms running over $1bn (£627m) in assets fell two per cent to below 15 per cent in [...]
The Gulf states need to become a marketplace October 5, 2009 LAST week, I found myself in Doha with the man who brought us JK Rowling’s Harry Potter, Nigel Newton, the chief executive of Bloomsbury Publishing. He was in town to launch qfinance.com, a website focused on serving finance professionals in Qatar, in a joint venture with the Qatar Finance Authority. There, in a sea of [...]