Euro will not eclipse the dollar September 8, 2009 The euro is unlikely to depose the dollar as the world’s leading currency, but could achieve parity with the US currency, European Central Bank governing council member Ewald Nowotny said yesterday. Nowotny, who heads Austria’s central bank, said there were likely to be several major currencies used for trading in 10 years time. “The euro [...]
BMAurges ban on alcohol ads September 8, 2009 The British Medical Association (BMA) has called for a blanket ban on the advertising of alcohol on television, radio and online to tackle binge drinking among young people. The BMA said advertising, including promotions such as happy hours, should be scrapped to combat the “soaring cost of alcohol-related harm”. However, media research firm Nielsen said [...]
Top bankers fight back in bonus row September 8, 2009 TOP executives?at the world’s biggest banks teamed up to defend bonuses yesterday, in the first clear sign of an industry fightback against threats from policymakers to curb banker pay. Top bankers from Morgan Stanley, Credit Suisse and Deutsche Bank said bonuses did not cause the financial crisis, as they concluded a two-day summit in Germany. [...]
Hedge funds gain 1.85pc in August but correction due September 8, 2009 HEDGE funds grew by 1.85 per cent on average in August, meaning the funds have now grown 17.3 per cent this year so far, according to data released yesterday. But the data provider Hennessee said the gains may be the last investors see for a while, fuelling fears the hedge fund sector’s raging recovery that [...]
STRIKE THREATS September 8, 2009 CITY commuters who use National Express’ East Anglia network face further travel chaos later this month, after drivers’ union Aslef threatened to walk out over pay and conditions. A week-long walk-out would start from 21 September, and comes as the union rejected a deal to end the row. Services in London, Essex, Cambridgeshire, Norfolk and [...]
Air traffic could rise in 2010 September 8, 2009 Airbus, the world’s largest passenger jet maker, has said airline traffic could start to rebound from as early as next year, with a 4.6 per cent rise likely for 2010. This came as Air France-KLM said passenger traffic fell 2.9 per cent in August but its planes were on average 84.8 per cent full, a [...]
IBM issues bullish earnings view September 8, 2009 International Business Machines (IBM) yesterday said it was “well ahead” of its plan of achieving earnings per share of $10 to $11 by 2010. IBM, which has shifted its focus from computers to higher-margin software and services over the past decade, reiterated expectations of earnings of $9.70 a share this year. The group first raised [...]
Oil market healthy, says Saudi September 8, 2009 The oil price of between $68 (£41) and $73 a barrel is healthy, Saudi Arabia’s oil minister Ali al-Naimi said yesterday. Speaking before today’s meeting of the Organisation of Petroleum Exporting Countries (Opec) taking place in Vienna, al-Naimi said the oil market was “very well supplied” and in “good shape”. Analysts at Wall Street bank [...]
Superfly guys September 7, 2009 TURNING a passion into a business is the dream of most budding entrepreneurs. But three American men already successful in their chosen fields are pouring their energies into a new venture designed to elevate their love of historic aircraft into a successful commercial operation. Spearheading aviation website asb.tv are Ed Shipley, Jim Beasley and Dan [...]
Swiss Re says reinsurance prices rising September 7, 2009 SWISS Re, the world’s second-biggest reinsurer, yesterday said reinsurance prices were rising overall despite difficult times in the insurance market.The reinsurer also said it was well positioned for the January 2010 renewals season. “We are observing a broad upward trend in overall reinsurance pricing, although this varies significantly between different lines of business,” said Michel [...]