M&S to introduce in-store banking service June 8, 2012 Retailer Marks & Spencer said it plans to launch an in-store banking service next month, backed by Europe’s biggest bank HSBC. The group said 50 M&S Bank branches will open in M&S stores across the UK over the next two years, with the first branch scheduled to open in July at its flagship Marble Arch [...]
Rolls-Royce to buy out Goodrich June 8, 2012 Rolls-Royce said it would buy out partner Goodrich Corp in its engine controls joint venture, gaining full ownership of its fuel pumps and metering units business. The two companies combined their controls businesses in 2009 to form Aero Engine Controls. The joint venture employs about 1,400 people in Birmingham, Derby and Belfast in Britain and [...]
Spain downgraded as banks face €112bn hit June 7, 2012 Spains government took a huge step closer to financial collapse last night as credit ratings agency Fitch downgraded the state sharply, blaming the enormous projected cost of cleaning up the country’s troubled banking sector, the deep recession and soaring national debt. Meanwhile Standard & Poor’s warned the country’s banks are set to lose €112bn (£90.6bn), [...]
China’s rate cut bolsters global stocks June 7, 2012 Shares throughout the world were given a lift yesterday after an unexpected dose of monetary loosening from China boosted hopes that it could stimulate global demand. The MSCI world equity index rose 0.9 per cent to 301.94 points. A global rally saw shares hit their highest level in more than a week, although gains were [...]
No hints of QE3 from Fed boss but euro fears linger June 7, 2012 INVESTORS looking for a boost from the Federal Reserve were left disappointed yesterday as chief Ben Bernanke refused to signal a move towards more stimulus – unless the US is knocked by events in Europe. Bernanke instead turned the focus towards America’s elected politicians, appealing to Democrats and Republicans to avoid another showdown over the [...]
Our fatally conceited elites are being confronted with reality June 7, 2012 IT was FA Hayek, an economics Nobel prize winner of immeasurably greater distinction than Paul Krugman, who put it best. In his book the Fatal Conceit, he launched a devastating attack on those who believe that elites can mould and control humanity’s destiny. Central direction is impossible, a limitation those in authority never accept. Past [...]
Bear Stearns investors agree to end lawsuit June 7, 2012 FORMER Bear Stearns shareholders who claimed they were misled about the investment bank’s deteriorating health yesterday agreed to settle their lawsuit for $275m (£176m), four years after the company was bought by JP Morgan Chase. The all-cash settlement resolves claims against Bear and several former executives including long-time chief executive James Cayne, his successor, Alan [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 7, 2012 FINANCIAL TIMES Barristers face up to bankruptcy Growing numbers of criminal barristers are facing possible bankruptcy at a time the government is making cuts to legal aid funding. Figures confirm that in the last three years, 130 barristers have given notification that they are facing bankruptcy proceedings, directors disqualification proceedings or have entered into CVAs [...]
UN peace plan crumbles in Syria June 7, 2012 UN monitors came under fire yesterday while trying to investigate reports of a new massacre that raised the pressure on world powers struggling to halt the carnage in Syria. Speaking at a special session of the UN General Assembly on Syria, international envoy Kofi Annan acknowledged his peace plan was not working and said there [...]
Facebook costs may hit $200m June 7, 2012 Losses by banks and brokerages due to Facebook’s botched debut on the Nasdaq exchange last month may be as high as $200m (£128m), Thomas Joyce, chief executive officer of Knight Capital, said yesterday. Nasdaq said on Wednesday that it would offer $40m in cash and rebates to clients harmed by its mishandling of Facebook’s market [...]
