Brown says free trade still matters November 16, 2009 GORDON BROWN last night assured the City that Britain would remain a “free trading” and “internationalist” nation as he addressed the Lord Mayor’s Banquet at the Guildhall. And he said the world should continue to work together to solve economic issues. Brown said: “Can anyone today seriously believe we can tackle the recession better without [...]
Tucker sees use for CoCos November 16, 2009 CONTINGENT capital instruments are potentially an important element in banks’ recovery plans and are a form of catastrophe insurance for the banking sector if they are widely adopted, the Bank of England’s deputy governor Paul Tucker said yesterday. Speaking in Brussels, Tucker – whose remit at the Bank is financial stability – said that the [...]
US retail sales jump after consumers buy more cars November 16, 2009 AMERICANretail sales grew more than expected last month as vehicle purchases bounced back, but non-auto sales rose modestly, suggesting consumers remained too cautious to drive a robust economic recovery. Other data yesterday showed New York state manufacturing activity slowed in November for the first time in four months, further highlighting the uneven nature of economic [...]
Eurozone prices fall on fuel but a rise is expected in November November 16, 2009 Cheaper food and fuel pulled down the eurozone consumer price index in October for a fifth month running in annual terms, data confirmed yesterday, but inflation is expected to return in November. Prices in the 16-country area rose 0.2 per cent last month compared with September but dipped 0.1 per cent year-on-year, European Union statistics [...]
Lonmin slides into the red November 16, 2009 Miner Lonmin slipped into the red due to weak prices and lower output, but said a revival in car and jewellery demand would pave the way for a recovery to begin next year. Lonmin, the world’s third biggest platinum producer, made a pre-tax loss of $272m (£162m) in the year to 30 September, against a [...]
European firms are sitting on extra 270bn pension deficit November 16, 2009 Top European firms are underestimating their pension obligations by €300bn (£270bn), with Royal Bank of Scotland and Lloyds Banking Group among the worst offenders, according to new figures. Lloyds has underestimated its obligations by €14.2bn, more than any other European firm, followed by RBS, which has unrecognised liabilities of €13.3bn, according to calculations by equity [...]
Investors unveil new code for shareholder activism November 16, 2009 HEAVYWEIGHT City shareholders yesterday unveiled guidelines designed to counter criticism they do not scrutinise the companies they invest in closely enough. The code includes pledges to monitor companies, subject boards to closer scrutiny, ensure independent directors are sufficiently powerful and intervene in company management when needed. The code was set up by the Institutional Shareholders [...]
Admiral works on debt deal with its banker November 16, 2009 ADMIRAL Taverns yesterday confirmed it was working on a financial restructuring which is expected to leave Lloyds Banking Group owning half the pub chain. It was revealed that Lloyds is set to agree a £600m debt-for-equity swap at the tenanted pub company group, in the latest fallout from the banking group’s ill-fated merger last year [...]
Amlin back to strength after premiums rise November 16, 2009 AMLIN, the Lloyds of London property and casualty insurer, has bounced back from a tough 2008, with underwriting and investment returns both rising steeply in the first 10 months of the year. Chief executive Charles Philipps yesterday revealed a 52 per cent spike in gross written premiums with two months trading left. An unusually low [...]
The amateur economist who finds the truth in the freakiest places November 16, 2009 FOR someone who has spent much of the last decade successfully writing about economics, Stephen Dubner is surprisingly keen to point out that he is not an economist. Following his co-authorship of Freakonomics, one of the publishing phenomena of recent years, and a sequel called Superfreakonomics, however, surely he has picked up some knowledge. Well [...]
