Chancellor: stick up for business June 12, 2012 COMPANIES need to fight back against the “anti-business sentiment” that dominates current political discourse in the UK, chancellor George Osborne said yesterday. Osborne urged business leaders to get their voices heard and counter the “politics of envy” that he feels has worsened since the coalition came to power in May 2010. “If you are not [...]
Tucker: Liquidity rules are damaging the recovery June 12, 2012 REGULATORS should lower banks’ liquidity requirements to help them fight the current crisis, top Bank of England official Paul Tucker said last night, arguing that tight constraints are damaging the sector and the wider economy. The very public intervention shows that Tucker would be a more flexible regulator than outgoing Bank governor Sir Mervyn King. [...]
Iceland’s stunning comeback gives Eurozone food for thought June 12, 2012 GUESS which developed country could enjoy the fastest growth this year? Come on? Alright, then – it’s Iceland. Its economy expanded by 2.4 per cent quarter on quarter in the first three months of the year, its fastest pace since its meltdown, boosted by exports, tourism and consumption. Annual economic growth was 4.5 per cent, [...]
Monti row with Austria over bailout claims June 12, 2012 ITALIAN Prime Minister Mario Monti hit out at Austria’s finance minister yesterday, declaring her comments about his government’s finances “inappropriate”. Austrian Maria Fekter had said Italy may need a Eurozone bailout because of its high borrowing costs. “Italy has to work its way out of its economic dilemma of very high deficits and debt, but [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 12, 2012 FINANCIAL TIMES Hildebrand takes Blackrock role Philipp Hildebrand, the former chairman of the Swiss National Bank, is joining BlackRock as vice-chairman and will oversee the firm’s largest institutional client relationships outside of the US. Treasury rejects pay levy on City The Treasury has rejected a plan to get the City to pay the salaries of [...]
Top Syriza candidate defects June 12, 2012 A leading Greek leftist politician defected from the Syriza party yesterday, just days before an election in which it is likely to become the largest group in parliament. Corinth candidate Nikos Hanias hit out at the party in a letter, saying it is “gambling with our future, betting on the possibility that our creditors are [...]
Russia in frame for Cyprus rescue June 12, 2012 Cyprus is keeping its options open on whether to apply for a European Union bailout to help recapitalise its second-largest bank but has yet to make any application, its government said yesterday. Russia was yesterday put in the frame as the source of a possible bilateral bailout for the country. Sigma, a private TV station, [...]
Zynga plunges to lowest price since its listing June 12, 2012 ZYNGA’S shares plummeted more than 10 per cent yesterday, hitting a new low since its stock market listing last year, after analysts expressed doubt at the social gaming company’s ability to grow in the face of rising mobile use. San Francisco-based analyst firm Cowen & Co argued that Zynga’s shares are “likely overvalued at current [...]
WPP pay boss under fire after backlash over Sorrell’s new deal June 12, 2012 THE HEAD of the remuneration committee at advertising giant WPP faces a protest vote today following the controversial 60 per cent pay rise awarded to chief executive Sir Martin Sorrell. Jeffrey Rosen, whose independence has been questioned by shareholder advisory group Pirc, is set to face opposition over his re-election to the board. WPP is [...]
Pension fund deficit soars to record £312bn at British firms June 12, 2012 THE PENSION deficits at Britain’s final salary schemes ballooned to a record £312bn last month as funds were hit by market swings and the effects of the Bank of England’s money printing scheme. The cumulative deficit of the 6,432 defined benefit schemes jumped £95bn in May and increased by nearly 13 times from the £24.5bn level [...]
