Blow to Cameron ahead of crucial speech on EU January 14, 2013 DAVID Cameron was dealt a blow last night as peers voted to block a government plan for constituency boundary changes. By 300 to 231, the House of Lords voted to delay the boundary review until 2018, scuppering the move to cut the number of MPs from 650 to 600. The Prime Minister is also facing opposition [...]
What the other papers say this morning January 14, 2013 FINANCIAL TIMES Junk-bond prices point to bulls return The junk-bond market is sending a bullish signal for the global economy in 2013, with investors in US high-yield securities earning higher returns so far this year than those who have bought investment-grade debt. High-yield bonds are an acute barometer of risk appetite and rises in their [...]
Barclays and Deutsche to cut back bonuses January 14, 2013 BANK job losses are set to be matched by tough bonus cuts as the industry seeks to keep costs under control, with Barclays and Deutsche Bank yesterday joining the long list of institutions thought to be preparing to keep a tight hold on the purse strings. Deutsche Bank is expected to cut its bonus pool [...]
JP Morgan ordered to tighten risk controls after Whale losses January 14, 2013 JP MORGAN Chase was last night ordered by regulators to tighten up risk controls after a trader known as the London Whale lost the firm $6.2bn (£3.9bn). The investment giant was hit with two consent orders from the Federal Reserve and the Office of the Comptroller of the Currency, one for the trading losses, and another [...]
Bakries say Bumi deal off if board goes January 14, 2013 THE Bakrie family yesterday threatened to renege on its proposed divorce with Bumi if Nat Rothschild’s plans to re-install himself on the miner’s board are voted through. Co-founder Rothschild last week called for a general meeting to overhaul the board. The Bakrie family said they will use “all legal means” to honour the terms of [...]
PC sales crash as buyers shift focus to tablets January 14, 2013 PERSONAL computer sales plunged into decline for the first time in more than a decade last year as consumers switched to buying tablets, in a serious blow to PC manufacturers and software companies. Figures released yesterday by research firm Gartner showed that worldwide sales of PCs fell by 12.7m – or 3.5 per cent – [...]
Goldman says the global GDP recovery is taking off January 14, 2013 THE GLOBAL economy’s zig-zag phase of repeated periods of growth and contraction is at last coming to an end, with the UK one of the economies pushing its way out of stagnation, top economists at Goldman Sachs said yesterday. At the start of 2011 and 2012, Goldman’s own leading index saw an upturn in the [...]
Apple shares dip below $500 on demand concerns for iPhone January 14, 2013 SHARES in Apple fell to below $500 for the first time in almost a year yesterday, on reports that the company had cut orders for iPhone parts following weak demand. The world’s highest-valued company fell almost four per cent in New York, wiping over $18bn (£11.1bn) off its value, with investors fearing Apple’s most profitable [...]
Bankers want tougher rules January 14, 2013 RETAIL bankers should be more closely regulated, the authorities should give tighter guidelines on training and more resources should be devoted to enforcing laws on fraud, the British Bankers’ Association said yesterday. Its chief Anthony Browne also told the Parliamentary Commission on Banking Standards that a new standards council would help improve bankers’ behaviour. And [...]
Ex-Credit Suisse trader faces extradition January 14, 2013 Former Credit Suisse trader Kareem Serageldin, 39, can be extradited to the United States, a court ruled yesterday. The Swiss bank’s former global head of structured credit is accused of artificially inflating the prices of subprime mortgage-backed bonds to the tune of $540m in 2007-2008.