Rothschild to snub broker Credit Suisse December 13, 2011 BILLIONAIRE Nat Rothschild is preparing to sideline longstanding adviser Credit Suisse by appointing a new broker for his London-listed mining venture Bumi, City A.M. can reveal. Bumi has held a beauty parade for investment banks that is likely to see either Barclays Capital or Bank of America Merrill Lynch appointed following a decision at the [...]
Corzine denies telling MF Global staff to raid funds December 13, 2011 FORMER MF Global chief Jon Corzine yesterday told US senators he had never authorised a raid on customer funds at the bankrupt brokerage. Corzine corrected his earlier statements about hundreds of millions of dollars in missing customer money but conceded there were “break the glass” contingency plans at the firm. Last week Corzine told the [...]
Emails suggest Murdoch knew about hacking December 13, 2011 JAMES Murdoch has continued to deny prior knowledge of the full scale of phone-hacking at the News of the World, despite the emergence yesterday of a chain of emails that refer to the potential scope of the voicemail intrusions. Colin Myler forwarded Murdoch (pictured) an email trail on 7 June 2008 discussing the case being [...]
Greece hit by IMF warning and widening public deficit December 13, 2011 GREECE’S yawning public deficit widened in the first 11 months of the year, putting budget targets further out of reach, as the IMF warned that the country was reaching its limit on new taxes and cut its growth forecast. Finance ministry data showed the budget gap of the central government widened 5.1 per cent to [...]
EU: New debt law in March December 13, 2011 A NEW EU treaty could be negotiated by March despite the UK’s veto at Friday’s summit, European Council president Herman Van Rompuy announced yesterday. Europe’s bailout mechanisms may also need boosting, he told MEPs. The 26 nations that did not veto new proposals to ban governments from running up large debts can still negotiate the [...]
Unemployment rises in Europe but US manages to add jobs December 13, 2011 JOBLESSNESS rose again across Europe in October but fell in the US, according to figures out yesterday from the 34-nation Organisation for Economic Cooperation and Development. The developing crisis pushed up Eurozone unemployment from 10.2 per cent to 10.3 per cent on the month, up 0.2 percentage points on the year. Spanish unemployment hit 22.8 [...]
BARROSO CONDEMNS UK’S VETO DEMAND December 13, 2011 EUROPEAN Commission president Jose Manuel Barroso hit out at the UK government yesterday, claiming that Prime Minister David Cameron’s demands would have harmed the bloc’s single market. “The UK …asked for a specific protocol on financial services which, as presented, was a risk to the integrity of the internal market. This made compromise impossible,” Barroso [...]
Supermarket price war hits food inflation December 13, 2011 THE PACE of price rises slowed slightly last month as the supermarket price war cut inflation and petrol prices fell, according to data from the Office for National Statistics, but the cost of living is still soaring relative to wages. Consumer prices (CPI) rose by 4.8 per cent in the 12 months to November, down [...]
UK standard of living was EU’s highest in 2010 December 13, 2011 HOUSEHOLDS in Britain consume more goods and services on average than any others in the EU besides Luxembourg, according to figures out yesterday from Eurostat. Actual individual consumption (AIC) — a measure of the standard of living — was 21 per cent higher in the UK than the EU average in 2010. The measure takes [...]
CITY VIEWS: HAVE YOU NOTICED PRICE RISES EASING IN CONSUMER GOODS? December 13, 2011 TONY KIERNAN ACME PACKET “Not so much with food – but to be honest I don’t do the shopping, my wife does. I’m more aware of the price of petrol – it often stops me getting in the car.” PHILIP GIFFORD DELOITTE “I’ve definitely noticed food prices stagnating, especially bread and milk. Prices have risen [...]