Isda to rule on Greece’s debt February 29, 2012 THE GLOBAL body that rules on the sale and use of credit default swaps will meet tomorrow to discuss whether Greece’s debt swap should be considered a default, or “credit event”. The International Swaps and Derivatives Association could pave the way for a payout on outstanding Greek CDS contracts if it decides a credit event [...]
Relief as Dow hits milestone February 29, 2012 THE DOW Jones industrial average last night closed above 13,000 for the first time since the onset of the financial crisis. The index ended the day up 0.18 per cent at 13,005.12 after US consumer confidence data and a sharp drop in oil prices boosted investor confidence. It briefly touched the landmark level last week. The Dow [...]
Housebuilders should be re-evaluated February 29, 2012 PERSIMMON, the UK’s biggest housebuilder by value, is experiencing improving fortunes like most in the sector – but it is still a shadow of its former self. Pre-tax profits, which were 55 per cent higher at £148.1m, are nothing compared to the £600m or so that was the norm in 2006. Still, the outlook for [...]
CITY SLICKERS: ST PAUL’S CLEAN-UP BEGINS February 29, 2012 A clean-up operation began yesterday after activists from Occupy LSX were evicted from the area outside St Paul’s Cathedral. The 137 day camp was shut down in the early hours of yesterday morning. Last night protesters gathered outside the cathedral as 30 to 40 police watched on. Members of Occupy have also been evicted from [...]
GM closer to Peugeot deal February 29, 2012 FRENCH car maker PSA Peugeot Citroen is set to consult engine partners Ford and BMW before agreeing to a tie-up with General Motors. The US firm is expected to take a seven per cent stake in PSA, which is reportedly planning a rights issue to raise cash for new ventures. GM, the world’s biggest carmaker, [...]
Google boss: smartphones will cost $20 February 29, 2012 THE PRICE of a smartphone will fall to the equivalent of $20 (£12.60) within twelve years, Google chairman Eric Schmidt predicted yesterday. He said the internet will change dramatically over the next decade as people across the world connect for the first time using mobile phones. The number of users is expected to jump from [...]
EU defies phone firms to clamp down on mobile fees February 29, 2012 EUROPEAN lawmakers voted for steeper cuts to mobile phone roaming charges yesterday in a move that defied calls by the chief executives of Vodafone and France Telecom for a moratorium on revenue-hitting telecoms regulation. Politicians from the European Parliament agreed to lower the cost of making phone calls when abroad by up to two-thirds within [...]
ARM is years ahead of rivals, boasts chief February 29, 2012 UK chip designer ARM is still years ahead of rival Intel, its chief executive Warren East told City A.M. yesterday. Intel has set is sights on ARM’s near monopoly of the mobile chip market and launched a smartphone with Orange at this year’s Mobile World Congress event. East said: “There is more competition in the [...]
IAG profits rise February 29, 2012 British Airways’ parent group IAG has reported a jump in annual profits. The company, which also owns Spain’s iberia, reported pre-tax profits of £425.6 in the year to December 2011. The company said the improvement was against the backdrop of a particularly difficult year in 2010. “BA is making money and Iberia is losing money. [...]
Top court blocks Merkel plan to fast-track bailout February 29, 2012 GERMANY’S efforts to set up a parliamentary committee to approve urgent action by the Eurozone bailout fund have been deemed “in large part” unconstitutional by the county’s top court, hampering efforts to ensure failing states can be rescued. The European Central Bank (ECB) stopped accepting Greek government debt as collateral after Standard and Poor’s put [...]