Mining stocks lead weaker banking and power firms December 2, 2009 Britain’s leading share index ended 0.3 per cent higher yesterday as mining firms gained on the back of higher commodity prices, outpacing some weakness in banks and energy stocks. The FTSE 100 closed 15.22 points higher at 5,327.39, adding to Tuesday’s strength when the index recorded its biggest one-day gain in more than four months [...]
Internet shopping data helps Nasdaq December 2, 2009 The Nasdaq rose yesterday as strong online holiday sales boosted shares of retailers, including Amazon.com, and relieved some concerns about the consumer. The Dow edged lower as falling oil prices prompted investors to sell energy shares, while the Standard & Poor’s index finished flat. Worries that bank profits could be hurt by derivatives legislation under [...]
NEW EU REGULATORS GIVEN HUGE POWERS December 2, 2009 BRUSSELS grabbed huge new powers over the financial services industry yesterday amid growing fears that excessive red tape is destroying the City of London’s competitiveness. European finance ministers agreed a sweeping new regulatory framework that will see the EU take centre stage in the supervision of banks, markets and insurance companies. Ministers agreed to the [...]
…AS RBS HIT BY TREASURY BONUS CAPS December 2, 2009 ROYAL Bank of Scotland’s board was on a collision course with the Treasury last night after the government threatened to veto the bank’s plans to pay up to £1.5bn in bonuses to its investment bankers. Stephen Hester, the bank’s chief executive, and the rest of the RBS board are said to be prepared to resign [...]
Myners and Walker clash over City pay December 2, 2009 A ROW was brewing last night after City Minister Lord Myners claimed 5,000 bankers will earn more than £1m this year. The figure is five times the estimate given by Sir David Walker, the man tasked by the government to review bankers’ pay, leaving the pair on a collision course. Myners, speaking in the House [...]
Bank of America to repay $45bn in bailout funds to regain independence December 2, 2009 THE United Arab Emirate’s National Day celebrations to mark the country’s 38th birthday yesterday were marred by the financial turmoil in Dubai. The International Monetary Fund said it expects to cut its 2010 growth forecast for the UAE because of fallout from Dubai’s debt crisis.
TURMOIL SPOILS DUBAI CELEBRATIONS December 2, 2009 THE United Arab Emirate’s National Day celebrations to mark the country’s 38th birthday yesterday were marred by the financial turmoil in Dubai. The International Monetary Fund said it expects to cut its 2010 growth forecast for the UAE because of fallout from Dubai’s debt crisis.
MPC’s Dale is upbeat on UK December 2, 2009 BRITAIN’S recession-hit economy appears to have turned and we are likely to experience a period of renewed expansion, the Bank of England’s chief economist Spencer Dale said in a speech yesterday. Speaking to the Institute of Directors in Essex, Dale said that monetary and fiscal easing has provided considerable support to the emerging recovery, which [...]
EU’s power grab is a disaster for London December 2, 2009 FIRST they came for the hedge funds, then private equity – now it is the turn of the banks, the securities industry and the insurers. The EU’s power grab is almost complete; it is pumping out new proposals on everything from derivatives to asset management virtually every day. The fact that most of these are [...]
US continues to recover December 2, 2009 ECONOMIC conditions continued to improve across much of the US in late October and early November, but a weak labour market and deteriorating commercial real estate sector remain dark spots in the US recovery, the Federal Reserve said yesterday in its latest beige book. In the report, the Fed said conditions across many of its [...]
