Haldane says more capital just the start October 24, 2011 FORCING banks to hold more capital will help make the financial system safer but deeper changes are needed to give bankers the right incentives, one of the Bank of England’s top officials said yesterday. Andrew Haldane, executive director for financial stability at the Bank of England, said there is a “governance fault-line” whereby ownership and [...]
Japanese finance minister sounds intervention alarm on strong yen October 24, 2011 JAPAN’S finance minister put traders on alert for possible currency intervention yesterday as the yen’s rise to a record high against the dollar threatened to further squeeze exporters’ profits and hold back economic recovery. Japan’s export growth showed signs of resilience, slowing less than expected in September, finance ministry data showed, but economists warn that [...]
Chicago Fed index up in September October 24, 2011 THE FEDERAL Reserve Bank of Chicago said yesterday that the National Activity Index, which gauges the health of the US economy, rebounded from last month, yet continues to show the economy growing at a below average pace. The headline index compiled by the bank rose to -0.22 in September after being revised down to -0.59 [...]
CITY MOVES | WHO’S SWITCHING JOBS October 24, 2011 Genzyme David Meeker has been appointed as chief executive of Genzyme, part of the wider Sanofi healthcare group, effective from 1 November. He will also join the group management committee. Meeker joined Genzyme in 1994 as medical director to work on the cystic fibrosis gene therapy programme. Rising to the position of president of the [...]
BEST OF THE BROKERS October 24, 2011 VIVENDI Nomura rates the French entertainment and media group as “neutral” with a target price of €20.60, after revising its estimates for tax changes and lowering its forecast for dividend per share. The broker says management is likely to err on the side of caution when setting dividends, and says changes to French tax rules [...]
Episode 33: Life after paternity leave: going back to the office October 24, 2011 THERE is coffee and there are biscuits. There’s an office with a desk and a chair where I may sit, undisturbed, should I so wish, sometimes for as much as minutes at a time. There’s a diary, filled with names, times and places for meetings. Meetings during which my counsel will be sought, my advice [...]
German lawmakers win full say on euro bailout fund October 24, 2011 German lawmakers have flexed their muscles to secure a full parliamentary vote on Eurozone crisis measures negotiated by chancellor Angela Merkel and her Eurozone peers, a move senior politicians said would give Merkel a stronger mandate. The new vote comes just one month after Germany’s Bundestag (lower of house of parliament) approved greater powers for [...]
Cameron faces Parliament revolt over Europe October 24, 2011 Prime minister David Cameron is fighting the biggest rebellion of his leadership as dozens of his party members in parliament prepare to back calls for a referendum on the UK’s membership of the European Union. The debate reignites a long-simmering row over the UK’s relationship with Europe which tore apart the Conservatives in the 1990s [...]
Virgin Money to make second Northern Rock bid October 24, 2011 Virgin Money will put in a second round bid to buy nationalised bank Northern Rock, a shareholder has said. Billionaire investor Wilbur Ross, one of the biggest shareholders in Richard Branson’s high street lender, said the bid would be submitted tomorrow. Northern Rock was fully nationalised three years ago but the government has said it [...]
Caterpillar buoys markets with profit leap October 24, 2011 Equipment maker Caterpillar has buoyed US markets this morning with a 44 per cent increase in its net profits for the past quarter and a bullish outlook for the year. Caterpillar, which makes diggers and other machinery for heavy industry, said its net income for the quarter to September hit $1.14bn, up from $792m in [...]