LSE boss Rolet insists clearing charges push up trading fees November 30, 2009 THE London Stock Exchange (LSE) yesterday stood by its claim that charges levied by clearing houses are mainly to blame for its high trading fees. Under pressure from rival platforms that are undercutting its business, LSE chief executive Xavier Rolet said last week that clearing charges made up two thirds of its fees for trading [...]
China digs in on currency as it assures on climate change action November 30, 2009 CHINA yesterday pushed back against calls to let its currency rise, with Premier Wen Jiabao warning that lifting the yuan could hobble growth, while assuring Europe that his nation is serious about global warming. Speaking after summit talks with the European Union, Wen said the demands being made of Beijing to push up the yuan’s [...]
UNDER THE HAMMER November 30, 2009 A FRENCH court fined eBay €1.7m (£1.5m) for violating a 2008 injunction preventing French users of the online auction site from buying or selling certain LVMH cosmetics on any eBay website. The website said the fine was too high and that the injunction – blocking French eBay users from buying or selling designated LVMH cosmetics [...]
UAE’s stock markets plummet on debt fears November 30, 2009 STOCK exchanges in Abu Dhabi and Dubai suffered record one-day losses yesterday on the first day of trading since Dubai World asked for a six-month delay in repaying its £36bn debt. Abu Dhabi’s Securities Exchange suffered the largest one-day loss in its history, ending the session down 8.3 per cent yesterday. Dubai dropped 7.3 per [...]
CITY VIEWS: ARE YOU CONCERNED ABOUT THE WIDER IMPLICATIONS OF DUBAI’S DEBT ISSUES ? November 30, 2009 BRUCE GRIMMER BLUE FIN“There will be possible wider implications, but I suspect that the UAE will come to Dubai’s aid, particularly Abu Dhabi. I think this is just a hiccup. It’s not as bad as some of the other global debt. It seems to be that the market is overly sensitive.” EDWARD ROGERS CTC AXION“I [...]
Abu Dhabi support expected to come at a heavy price November 30, 2009 THE political power of Abu Dhabi, which has governed the United Arab Emirates (UAE) since its formation in 1971, is likely to be further strengthened by the debt crisis in Dubai. Consultancy Eurasia Group said yesterday the capital has strong incentives not to let Dubai collapse but any support would come at a price. “Longer [...]
Sun seekers lift profits at Thomas Cook November 30, 2009 HOLIDAY firm Thomas Cook yesterday beat annual profits forecasts after reporting consumers were still determined to take a summer holiday despite the downturn and swine flu fears. The holiday operator said that people were tending to book later, but winter bookings and summer 2010 was in line with expectations. Despite the country’s current debt concerns, [...]
Unions ask for guarantees as Kraft readies bid documents November 30, 2009 A UNION representing workers at confectioner Cadbury yesterday asked hostile bidder Kraft for a promise on employment security, saying it was increasingly worried about “massive job losses”. Unite, Britain’s biggest union, said it had written to Kraft chief executive Irene Rosenfeld about the £10bn cash-and-shares bid and asked for commitments there would be no compulsory [...]
SEASONAL THOUGHTS FROM THE CITY GIRL November 30, 2009 As 2009 comes to a close, City folk are craving a bit of fun. After being forced to keep their heads down all year amid the misery, bailouts and chaos, most bankers I know are desperate to let their hair down, get drunk and embarrass themselves. One of the things I miss most about the [...]
M&B asks Panel for help with its rebels November 30, 2009 THE scale of the turmoil at Mitchells & Butlers became clear yesterday after the pubs group asked the City takeover watchdog to decide whether rebel shareholders were attempting to seize control of its board. M&B called on the Takeover Panel after Bahamas-based billionaire Joe Lewis, who controls 23 per cent of the group, blocked the [...]