BANK’S TUCKER LANDS TOP SECURITIES ROLE March 5, 2012 Paul Tucker, a Bank of England deputy governor, was appointed yesterday to head a global rulemaking body for securities clearing, a sector at the heart of post-financial crisis reform. He replaces the Fed’s William Dudley as chairman of the Committee on Payment and Settlement Systems, made up of central bankers from G20 countries. The committee [...]
US politicians urge action over record petrol prices March 5, 2012 AMERICAN politicians have urged the US futures regulator to crack down on excessive speculation in oil markets as fuel prices hit record highs around the world. The price of petrol has hit a fresh record in the UK, edging up 0.1p to 137.55p, while diesel was flat at 144.66p. In the US, prices have jumped [...]
CITY VIEWS: DO YOU THINK THE CHINESE ECONOMY IS IN TROUBLE? March 5, 2012 NICO BAINS | ERNST AND YOUNG “I don’t think there is anything to worry about. The resources China has and the way it has been operating for the past 25 years will always get it back on top.” PAUL FRENCH | GLOBAL SAGE “I work in commodities and there is no way its economy is [...]
Eurozone slips back towards contraction March 5, 2012 ECONOMIC activity fell in the Eurozone in February, paving the way for a renewed recession across the currency area, new data showed yesterday. However, retail sales expanded slightly in January, particularly in eastern European members of the EU. Services activity fell in February, according to purchasing managers’ index (PMI) data from Markit, countering modest manufacturing [...]
Cash stored at ECB hits a new record March 5, 2012 DEPOSITS of cash stored at the European Central Bank (ECB) have hit a new record of €820.82bn (£683bn) following the Bank’s massive injection of liquidity last week. The new record high will stoke fears that the new long-term money being loaned to banks as an emergency measure is simply being hoarded rather than loaned on [...]
US recovery is looking healthy March 5, 2012 SERVICES activity in the US grew at a 12-month high in February according to figures from the Institute for Supply Management (ISM), published yesterday. The index rose to 57.3 from 56.8, led by increasing new orders and business activity, though employment growth slowed slightly. The expansion represents the 26th consecutive month of services growth, and [...]
Europe urged to keep up reforms March 5, 2012 EUROPEAN governments should use the current period of calm on financial markets to further economic reforms, a top European Central Bank (ECB) official said yesterday. Jose Manuel Gonzalez-Paramo told an audience in Spain that the current stability will not last “if it serves as a pretext for national governments to relax their efforts”. They should [...]
ECONOMISTS: BREAK UP EURO TO SAVE MONEY March 5, 2012 EFFORTS to hold the Eurozone together will cost the healthier countries at least €1.3 trillion (£1.08 trillion) by 2015, research from Lombard Street Research claimed yesterday, arguing efforts by leaders like Italy’s Mario Monti will end up being far more expensive than splitting up the currency union. Picture: GETTY
JET SHOWROOM LANDS IN LONDON March 5, 2012 The childhood dream is to sit in the cockpit of an aeroplane; the corporate dream is to own one. And now you can do both. The world’s first corporate aviation showroom, The Jet Business, has just opened on your doorstep, based in one of London’s greenest areas (and we mean dollars, not just Hyde Park). [...]
It’s going to be a very tough fight March 5, 2012 WHEN Boris Johnson took the Mayoralty from Ken Livingstone in 2008, many observers thought a repeat victory in 2012 was a foregone conclusion. If recent polls are anything to go by, that most certainly isn’t the case: with just two months to go, the race is too close to call. “The polls are very close [...]
