WHAT THE OTHER PAPERS SAY THIS MORNING January 8, 2012 FINANCIAL TIMES CAMERON RISKS FURY OVER EXTRA IMF CASH David Cameron has left open the door to Britain giving billions of pounds of new support to the International Monetary Fund – and indirectly to ailing members of the Eurozone – in a move likely to infuriate eurosceptic MPs in his own conservative party. Extra British [...]
US threatens Iran over Strait January 8, 2012 The US made an overt threat to take military action if Iran carries through with its threat to blockade the Strait of Hormuz, a major thoroughfare for transport of global oil supplies. Defence secretary Leon Panetta said: “We made very clear that the United States will not tolerate the blocking of the Strait of Hormuz… [...]
Scottish independence decision January 8, 2012 The government will announce soon whether a Scottish vote for independence from Britain would be legally binding, Prime Minister David Cameron said yesterday. Cameron told the BBC uncertainty over the timing, result and legal implications of the referendum planned by the party in power in Scotland were damaging the Scottish economy. The pro-independence Scottish National [...]
High speed railway plans split nation January 8, 2012 TRANSPORT secretary Justine Greening could make a decision as soon as tomorrow regarding HS2, the proposed high speed railway linking London with the north which has been dividing the UK. The £32bn project would see a 100-mile connection created by 2026 between London and Birmingham, cutting the journey time down to 49 minutes, with extensions [...]
Basel III to loosen its liquidity rules January 8, 2012 BANKS will be allowed to run down their reserves of liquid assets below the minimum “during a period of stress”, the committee in charge of setting the Basel III rules has decided. In an update last night, the Basel Committee said that it would provide specific criteria for when and how banks would be allowed [...]
City success of 2011 fades on euro crisis January 8, 2012 FINANCIAL services firms experienced an unexpected acceleration in business volumes in the final three months of 2011, but remain pessimistic about future conditions, according to the Confederation of British Industry’s (CBI) survey of the sector, published today. Business activity rose for the seventh consecutive quarter, while incomes rose for the whole year. However employment levels [...]
Finance jobs slump as outlook worsens January 8, 2012 CITY vacancies plummeted in December, forcing larger numbers of well qualified staff to pursue each opportunity, according to figures published today by Astbury Marsden. Only 1,490 jobs were created in December, down 43 per cent from 2,260 in the same month of 2010. Despite a strong start, last year 54,020 jobs were created, down eight [...]
KPMG profit for UK falls five per cent January 8, 2012 PROFESSIONAL services firm KPMG is poised to announce a five per cent dip in profit for the UK this morning, despite a revenue lift of seven per cent. In the twelve months to 30 September 2011, profit dropped from £416m to £396m, while revenues rose from £1.6m to £1.7m. The partners’ profitpool fell to £683,000 [...]
SNB’s Hildebrand to face grilling over forex deals January 8, 2012 SWISS National Bank (SNB) governor Philipp Hildebrand will today face the questions of a parliamentary committee over the controversial currency deals carried out by his wife last summer. Hildebrand will appear in front of a scheduled meeting of Switzerland’s parliamentary committee for economic affairs and taxation, where politicians are expected to grill both Hildebrand and [...]
The City’s outlook on 2012: optimism for Olympic success but Eurozone doubts January 8, 2012 A SUCCESSFUL Olympics seems almost guaranteed according to our latest Voice of the City poll, run in association with PoliticsHome.com, with 73 per cent respondents feeling optimistic about the event. Just 10 per cent said they are pessimistic about London 2012. But the government can feel less happy about the City’s views on its deficit [...]