Tougher visa cap opposed February 29, 2012 THE GOVERNMENT has been warned not to bring down its cap on non-EU immigration even further, as figures showed the number of people arriving in the UK on visa schemes is lower than the recently-imposed limit. A maximum of 21,700 general visas for skilled workers were to be made available in the first year of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 29, 2012 FINANCIAL TIMES DIMON DISMISSES REGULATORY THREAT JP Morgan Chase executives have told investors the bank will prosper even after the implementation of new regulations as they maintained profit targets and dismissed talk of a historic threat to Wall Street’s business model. “I’ll be damned if we don’t have record profits for the next year or [...]
Unite boss raises Olympic strike February 29, 2012 The leader of Britain’s biggest union has said workers should consider strike action to disrupt the Olympic Games as a protest against the government’s public spending cuts. Len McCluskey, general-secretary of the Unite union, told the Guardian that the austerity measures were so unfair that they justified action during the event. “If the Olympics provide [...]
SEC puts Goldman on notice February 29, 2012 US regulators have notified Goldman Sachs and Wells Fargo that the banks may be hit by civil cases relating to sub-prime mortgage securities. Goldman said in a filing that the Securities and Exchange Commission has given it a “Wells notice” relating to a $1.3bn bond deal in 2006, which is intended to give a bank [...]
15 year wait for Northern Rock profit February 29, 2012 FAILED bank Northern Rock could return £11bn to the Treasury – but the government may have to wait until 2027 to realise this profit. UKFI, the body which manages the country’s state bank holdings, claims taxpayers will eventually get between £46bn and £48bn back from the old Northern Rock business. Northern Rock has received £37bn [...]
Indian interest may spark Cove Energy bidding war February 29, 2012 A THIRD group is considering a takeover offer for east Africa explorer Cove Energy, raising the prospect of a bidding war for the Aim-listed group. Indian energy giant ONGC said it is mulling a joint offer with state gas firm GAIL, putting it in competition with Shell’s £992m potential offer and a rival £1.1bn plan [...]
Isda to rule on Greece’s debt February 29, 2012 THE GLOBAL body that rules on the sale and use of credit default swaps will meet tomorrow to discuss whether Greece’s debt swap should be considered a default, or “credit event”. The International Swaps and Derivatives Association could pave the way for a payout on outstanding Greek CDS contracts if it decides a credit event [...]
Relief as Dow hits milestone February 29, 2012 THE DOW Jones industrial average last night closed above 13,000 for the first time since the onset of the financial crisis. The index ended the day up 0.18 per cent at 13,005.12 after US consumer confidence data and a sharp drop in oil prices boosted investor confidence. It briefly touched the landmark level last week. The Dow [...]
Persimmon to return £1.9bn to investors February 29, 2012 SHARES IN PERSIMMON soared to their highest in almost four years yesterday after the UK housebuilder unveiled plans to return £1.9bn in surplus cash to shareholders. Persimmon said it will pay investors a total of 620p per share through dividends over nine-and-a-half years starting in 2013, and will remain largely debt-free throughout the period. The [...]
Housebuilders should be re-evaluated February 29, 2012 PERSIMMON, the UK’s biggest housebuilder by value, is experiencing improving fortunes like most in the sector – but it is still a shadow of its former self. Pre-tax profits, which were 55 per cent higher at £148.1m, are nothing compared to the £600m or so that was the norm in 2006. Still, the outlook for [...]
