Rise in inflation proves that QE must stop November 17, 2009 IT is wrong to argue that inflationary pressures are about to return, as many commentators said yesterday after the release of figures showing higher than expected consumer price rises. The reality is that inflationary pressures have always been with us – in past years, inflation took place in asset prices, while consumer prices rose at [...]
Mandelson supports GM November 17, 2009 Business secretary Lord Mandelson said yesterday that the government would underwrite General Motors’ plans to restructure its European operations, which he said offer a “solid commitment” to its two Vauxhall plants in the UK. His comments come a day after GM president and chief executive Fritz Henderson gave hope to UK employees, hinting that Vauxhall’s [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 17, 2009 FINANCIAL TIMES BARCLAYS RETAIL CHIEF WARNS NEW ENTRANTSThe new head of global retail banking at Barclays has joined the backlash of traditional bankers against the entry into banking of supermarkets and other consumer companies. Antony Jenkins said the new competitors may be under-estimating the difficulties of breaking into the market. APOLLO SETS SIGHTS ON NYSE [...]
Loopsign brothers bank dividend November 17, 2009 Ian and Richard Livingston, the billionaire brothers who own David Lloyd Leisure, received £242m each in dividends for the year to the end of September 2008, according to accounts filed by their property firm Loopsign. However the firm, which owns the Marks & Spencer building on Baker Street and land in Russia and the Turks, [...]
Big Yellow results disappoint November 17, 2009 Shares in Big Yellow fell five per cent to 410p yesterday after the self-storage firm posted lower-than-expected first-half results. Big Yellow said pre-tax profit is the period rose by 12 per cent to £7.7m, despite a three per cent fall in revenues to £29.2m. Loss before tax narrowed to £3.4m from a loss of £54.3m [...]
Lazard names Ken Jacobs as new boss November 17, 2009 LAZARD yesterday named insider Kenneth Jacobs as chief executive and chairman, succeeding legendary Wall Street dealmaker Bruce Wasserstein, who died last month. The move was widely expected and signals the investment bank is not seeking to change its focus on merger advisory and restructuring, analysts said. Jacobs, 51, has been with the firm since 1998 [...]
BA pension trustees meet to decide the chairman’s future November 17, 2009 BRITISH AIRWAYS’ retirement scheme trustees will meet with chairman Roger Maynard today to discuss his future at the helm of the fund. Maynard has come under fire for combining his role as chairman of both BA’s pension funds with board positions at BA and Spain’s Iberia, suggesting a conflict of interests. A spokesman for the [...]
Citi execs get a boost in salary November 17, 2009 Bailed-out US bank Citigroup has boosted the base salaries for its chief financial officer John Gerspach and a global markets co-head James Forese, but still plans to pay chief executive Vikram Pandit $1 for the year. Gerspach’s annual base salary will increase to $500,000 (£297,000), from $400,000, while Forese is receiving $475,000, compared with $225,000. [...]
Panel says BoA lied over Merrill November 17, 2009 Democrats on the US House Oversight and Government Reform Committee yesterday accused Bank of America of knowing about Merrill Lynch’s huge losses in November 2008, suggesting the bank lied to investors in saying it did not grasp the depth of the problems until later. The panel unveiled documents they said show the bank was alarmed [...]
US and China hit wall over yuan debate November 17, 2009 US PRESIDENT Barack Obama is due to visit The Great Wall of China today – but at the end of his tour of the region it seems the stumbling block of China’s currency is just as tough to surmount. Obama yesterday urged China to let its yuan currency rise in value at a summit where [...]
