RECESSION OVER FOR BATTERED BRITAIN June 10, 2009 A TOP think-tank yesterday called an end to the bitter recession that has been crippling Britain, in a move that was welcomed across the City last night. The National Institute for Economic and Social Research (NIESR) said output grew 0.1 per cent in May and 0.2 per cent in April. Martin Weale, its director, said [...]
City braced for further disruption June 10, 2009 LONDON is set for another round of travel chaos today, as London Underground (LU) and the Rail, Maritime and Transport (RMT) union refused to budge on a dispute over pay. LU said last night they were “almost waiting at the table” for RMT to enter talks, while the union said it was the employer who [...]
US firms face votes on pay June 10, 2009 US TREASURY secretary Timothy Geithner has promised new laws to force listed firms to put the pay packages of top executives to shareholder votes, although the results will not be binding. Geithner said shareholder-owned firms will have to hold “say on pay” votes over pay packages, following the public fury over so-called “fat cat” bonuses [...]
Both parties will cut public spending June 10, 2009 ANY future government faces one of three option: either continue racking up a crippling budget deficit; or put taxes up until the pips squeaks and anybody with any sense leaves the country; or cut spending. We simply cannot go on with budget deficits of £100bn-£200bn a year for the next decade, which is what we [...]
Setanta pair hanging on June 10, 2009 SETANTA founders Michael O’Rourke and Leonard Ryan were last night locked in talks to salvage their moribund sports channel. The duo were determined to launch one last audacious bid to save their pay-TV venture by raising the funds to buy out investors Goldman Sachs and Doughty Hanson – who have refused to plough more money [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 10, 2009 FINANCIAL TIMES RIKSBANK BORROWS €3BN FROM ECBThe European Central Bank (ECB) stepped in yesterday to help avert a Baltic financial crisis by lending €3bn (£2.6bn) to the central bank in Sweden, whose banks dominate the region’s financial sector. The ECB move signalled the Frankfurt institution’s willingness to shore up official European help for countries such [...]
UKFI in bond plan for bank stakes June 10, 2009 The government is mulling an early exit from its £70bn stakes in bailed-out RBS and Lloyds Banking Group before their share prices recover, by selling off “exchangeable bonds” in the groups. UK Financial Investments has discussed creating the complex instruments to allow an early sale of the stakes at a premium to their still-depressed share [...]
Citigroup defends tax benefit June 10, 2009 Bailed-out US banking giant Citigroup last night brought in a mechanism to deter investors from owning over 5 per cent of its stock. It is designed to protect a $43bn (£26bn) tax break it receives if under 50 per cent of its shareholders own over 5 per cent. The move came as it launched its [...]
BGI staff await 360m payout June 10, 2009 Staff at Barclays’ BGI asset management arm are set to receive a £360m windfall from its sale to US asset manager BlackRock. The group’s top four executives could net shares worth £115m.
Chrysler and Fiat seal their partnership June 10, 2009 ITALIAN carmaker Fiat and Detroit giant Chrysler said yesterday their ambitious partnership deal is now in action, a day after the US Supreme Court gave it the go-ahead. The tie-up will see Fiat chief executive Sergio Marchionne become the new head of Chrysler. In a message last night to his new employees he said he [...]