Banks lap up massive ECB cash injection February 29, 2012 EUROPE’S banks borrowed another half-trillion euros at rock bottom interest rates yesterday as the European Central Bank (ECB) again pumped the system full of cheap cash. Bank stocks rose after 800 firms took part in the second three-year long-term refinancing operation (LTRO), borrowing €529bn (£443.3bn) at one per cent interest rates, taking the total lent [...]
Game Group could be left on the shelf as EA refuses to send top new games February 29, 2012 GAME GROUP’S shares plunged 16 per cent yesterday and its future looked more uncertain after the chain admitted that one of the biggest video game makers was refusing to forward several new releases. The ailing retailer said in a statement that, after approaching its suppliers for support, it had been unable to agree terms over [...]
Francois Hollande hits the election trail in London February 29, 2012 FRANCOIS Hollande met with fellow left wing leader Ed Miliband in London yesterday after Cameron, who publicly backs Sarkozy, denied him a meeting. The French socialist presidential candidate touched down in the city ahead of the election, scheduled for 22 April and 6 May, to woo the 400,000 or so French citizens who live in [...]
Sands sounds warning over red tape rush February 29, 2012 THE CHIEF executive of Standard Chartered has warned of the danger of an “avalanche” of global regulation as the bank posted record profits for the ninth consecutive year. Peter Sands said new capital rules could increase protectionism and described the regulatory agenda as “driven through the rear view mirror”. “All of us [banks] face the [...]
Mervyn King hits out at Labour and banks for failing to help small firms February 29, 2012 BANK of England governor Mervyn King hit out at the previous Labour government during a tense committee appearance in Westminster yesterday, and also accused banks of thwarting efforts to boost lending to small firms. King reacted testily to Labour MP Andrew Love who had said that the Bank chief appeared “relaxed” about the UK’s economic [...]
Profit soars but Henderson chief says euro crisis still hitting flows February 29, 2012 THE CHIEF executive of fund manager Henderson has warned more clients could pull their cash this year as the Eurozone crisis buffets the industry. The Anglo-Australian firm reported net outflows of £6.4bn during last year and Andrew Formica told City A.M. the pattern would not be reversed quickly. “There is still a lot of nervousness [...]
North Korea halts nuclear tests February 29, 2012 North Korea agreed yesterday to stop nuclear tests, uranium enrichment and long-range missile launches, and to allow checks by nuclear inspectors, in an apparent policy shift that paves the way for resuming long-stalled disarmament talks. The surprise breakthrough, announced simultaneously by the US and North Korea, makes possible the resumption of six-nation nuclear negotiations.
Fannie Mae needs more state cash February 29, 2012 Fannie Mae, the biggest source of money for US home loans, said yesterday it would seek $4.6bn (£2.9bn) in additional federal aid after reporting a fourth-quarter loss. The government-controlled mortgage finance company posted a loss of $2.4bn for the last three months of 2011. Fannie Mae has borrowed more than $116bn from the government and [...]
IAG profits jump – but Iberia stutters February 29, 2012 BRITISH Airways’ parent group IAG has reported a jump in annual profits. The company, which also owns Spain’s Iberia, yesterday announced pre-tax profits of £425.6m in the year to December 2011. However, it said its underperforming Spanish unit and high fuel costs would dent earnings this year. The company said the improvement in 2011 was [...]
ITV pins its hopes on in-house shows as advertising slips February 29, 2012 ITV, the free-to-air broadcaster, yesterday said sales of hit shows such as Downton Abbey had boosted its revenues, allowing it to become less reliant on an advertising market it expects to slow down this year. Non-advertising revenues jumped 11 per cent last year to £922m, accounting for around 43 per cent of overall revenue. Since [...]