Germany sees major economic risks from euro crisis August 10, 2012 The German economy is expected to have grown moderately in the second quarter but it faces “significant risks” linked to the Eurozone crisis, the economy ministry said today. “After the strong growth of the first quarter, the momentum has weakened noticeably because of a slowing international environment,” the ministry said in a statement, before the [...]
US Justice Department drops Goldman financial crisis probe August 10, 2012 The US Justice Department said it will not pursue criminal charges against Goldman Sachs or its employees related to accusations that the firm bet against the same subprime mortgage securities it was selling to clients. The decision not to prosecute Goldman, a firm held up by critics as a symbol of Wall Street greed during [...]
China July commodities imports stay high; outlook weakens August 10, 2012 China’s imports of key commodities, such as iron ore and copper, defied expectations for a monthly fall to stay high in July, but weak trade figures and a nine-month low in crude oil imports painted a picture of a slowing economy. China is the world’s second-largest oil consumer and the top buyer of iron ore, [...]
NOMURA: BRITAIN COULD LEAVE EU August 9, 2012 INVESTMENT bank Nomura has issued a stark prediction to the City of London that it is “increasingly likely” the UK would exit the European Union – firing the opening shot in a debate about the City’s view on EU membership. In a risk assessment issued to clients, analysts said a perfect storm of fraught coalition [...]
72-year-old Walker set to chair Barclays August 9, 2012 BARCLAYS has chosen veteran Sir David Walker as its non-executive chairman, replacing Marcus Agius as it picks up the pieces from the Libor-rigging scandal. Sir David, 72, is a fixture in the British banking establishment, having led a 2009 government inquiry into banking regulation. He also spent part of his 50-year career at the Bank [...]
Johnson calls on London to maintain Olympic spirit August 9, 2012 MAYOR Boris Johnson yesterday called on London to “harness the energy” of the Olympics and lobby for the infrastructure investment that will secure its status as a world city in the decades to come. “If we can take a cue from the Team GB athletes who have prepared and planned and worked so blindingly hard [...]
Volunteers alone will not guarantee a 2012 Games legacy August 9, 2012 AS the London Olympic Games 2012 draw to a close, the debate about their legacy is beginning in earnest. It is a discussion taking place against a background of economic austerity, but the tremendous euphoria of the past few days means there is an air of optimism about the place. The mood recalls for me [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 9, 2012 FINANCIAL TIMES UN urges US to slash ethanol The United Nations has called for an immediate suspension of government-mandated US ethanol production, adding to pressure on Barack Obama to address the controversial food-versus-fuel debate in the run-up to presidential elections. Kenya to bid for 2024 Olympics Kenya will bid to become the first African nation [...]
Restaurant boss demands £90k from Mayor August 9, 2012 THE OWNER of a City of London restaurant yesterday hand-delivered a bill for £90,000 to Mayor of London Boris Johnson in protest at alleged loss of trade during the Olympics. Neleen Strauss of the High Timber restaurant said turnover is down 80 per cent in the last fortnight as workers stay out of the City [...]
FSA proposes to reform or scrap Libor in review August 9, 2012 FSA managing director Martin Wheatley will today announce plans to reform or scrap the London interbank offered rate (Libor) in a bid to restore “credibility and trust” in the much maligned benchmark. Wheatley, who has been appointed to lead a review into the rate, will also announce plans to deliver policy proposals on other price [...]
