No US candidate as World Bank deadline nears March 21, 2012 NIGERIAN Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo are set to be nominated to lead the World Bank, sources with knowledge of emerging market efforts to find candidates said yesterday. The candidacies of Okonjo-Iweala and Ocampo, who have credentials as both economists and diplomats and according to sources the respective [...]
Green shoots for retailers and the housing industry March 21, 2012 CONSUMER spending has been “a little more resilient than expected” in the opening months of the year, a survey from the Bank of England revealed yesterday. While consumer demand was only growing “at a gradual pace”, the summary of business conditions offers a glimmer of hope for the economic recovery. “Annual growth of spending on [...]
Portugal edges closer to second Eurozone bailout March 21, 2012 PORTUGAL’S government successfully issued short-term debt yesterday, despite growing worries the country may follow Greece in requiring another bailout. The country’s core public deficit nearly tripled in the first two months of 2012, showing a deepening slump is denting tax collection and stoking concerns the country may miss its budget targets. The gap widened to [...]
Dutch minister warns EC not to use Tobin tax March 21, 2012 DUTCH finance minister Jan Kees de Jager said yesterday that he wanted the European Commission to look for alternatives to a proposed financial transaction tax, which studies had shown to be inefficient and not helpful in stabilising the financial sector. De Jager said in a letter to parliament he wanted the commission to look for [...]
WARNING OVER US GOVERNMENT DEBT March 21, 2012 AMERICA’S debt to GDP ratio is on course to “explode in the next couple of decades”, the head of the Federal Reserve said yesterday. Ben Bernanke said that a permanent ratio of around 75 per cent could be sustainable, but that current policy will result in the ratio spiralling upwards in coming years. Picture: GETTY
Jaguar seals China venture March 21, 2012 TATA-OWNED Jaguar Land Rover (JLR) has signed a joint venture that paves the way for the firm to manufacture and sell luxury vehicles in China, the world’s largest car market. JLR and Chinese manufacturer Chery Automobile are seeking regulatory approval for the venture, worth around 17.5bn yuan (£1.8bn), they said in a statement yesterday. The [...]
Land Sec sells £76m mall March 21, 2012 LAND Securities (Land Sec) has sold the largest covered shopping centre in Liverpool to InfraRed Capital Partners for £76.5m. Britain’s biggest landlord said last month it was selling the St Johns Centre, which has an annualised net rent of £7.5m, following work to update the food court. The centre includes 413,000 square feet of retail [...]
Goldman fails to dismiss lawsuit March 21, 2012 Goldman Sachs yesterday lost its bid to dismiss a lawsuit accusing it of defrauding investors by selling risky debt linked to subprime mortgages that it planned to bet against. The decision by US district judge Victor Marrero in New York keeps alive a hedge fund’s claims over a $2bn offering of collateralised debt obligations. Marrero [...]
Cuts at Collins and Canaccord March 21, 2012 Workers at Collins Stewart and Canaccord will today find out whether they will keep their jobs, with up to 100 set to go in next week’s merger. The cuts will primarily hit the capital markets teams London and New York offices, while corporate advisory division Hawkpoint will be left largely untouched. The firms officially sealed [...]
Royal Mail pensions deal gets OK March 21, 2012 Privatisation of the Royal Mail moved a step closer yesterday after EU regulators approved government plans to take on its deficit-ridden pension scheme. The European Commission said the revamp included measures that would ensure state-owned Royal Mail would not enjoy an unfair advantage over competitors.