IMF must not let ECB off the hook, says Balls January 19, 2012 ED Balls, the shadow chancellor, yesterday said the IMF should not be asked to prop up countries such as Italy and Spain, arguing the European Central Bank should support them instead. His comments were interpreted as a sign that Labour could join with Tory backbenchers in voting against an increase in Britain’s contributions to the [...]
Eurozone may be stabilising, Draghi hopes January 19, 2012 THE EUROZONE’s economy may have stopped getting worse, European Central Bank (ECB) boss Mario Draghi announced yesterday, claiming that the situation appears to be stabilising. However, he did warn that such an optimistic outlook may be at risk from the ongoing political wrangling over the sovereign debt crisis. “Tentative signs of stabilisation of economic activity [...]
Unemployment benefit claims drop in the US January 19, 2012 FRESH claims for unemployment benefits dropped to a near four-year low in the US last week, boosting hopes for a strong recovery in the jobs market. Yet bullish economic news continues to elude the ailing American housing market. Housing starts fell in December as groundbreaking on rental property posted a big decline. The Commerce Department [...]
THE CHART THE FRENCH WANT TO HIDE January 19, 2012 LONDON would be the biggest victim by far of a pan-European financial transactions tax, according to a graph (above) published by the Alternative Investment Management Association (AIMA). Nearly three quarters (71 per cent) of the hit from a proposed Tobin tax would fall on the UK. The data, produced by the Austrian Institute of Economic [...]
BP in line to pay $25bn in US spill case January 19, 2012 BP is likely to agree to pay the US Department of Justice $20-$25bn (£16.1bn) to settle all charges around the Gulf of Mexico oil spill, according to a leading analyst – a prediction that is at least twice what the company has set aside. Martijn Rats, head of European oil research at Morgan Stanley, said [...]
News Group compensates 37 of its phone hacking victims January 19, 2012 NEWS GROUP NEWSPAPERS, a subsidiary of News International, will dole out hundreds of thousands of pounds in compensation to targets of the phone hacking spree that led to the closure of the News of the World. The Murdoch-owned company settled with 37 claimants yesterday, and a total payout of £645,000 was disclosed from the 15 [...]
Jupiter suffers some outflows but assets rise January 19, 2012 FUND manager Jupiter yesterday reported its first quarter of net outflows since returning to the London Stock Exchange in June 2010, The group said it lost £225m in assets in its fourth quarter, after a worsening environment for its core UK customer base and the loss of an institutional mandate hit its flows. The redemptions [...]
Turmoil hits Aberdeen’s fund flows January 19, 2012 INVESTORS pulled a net £2.8bn from Aberdeen Asset Management in the final three months of last year as fears mounted over the Eurozone crisis. Shares in the Granite City firm slipped 1.65 per cent to 226.1p yesterday after it said withdrawals had quickened since the £1.7bn reported in the third quarter. But Aberdeen is not [...]
Upbeat St James’s plans news funds January 19, 2012 ST JAMES’S Place, the genteel wealth manager which has soared above the turmoil of the sector, plans to capitalise on its success by launching three funds. SJP, which is known for its affluent client base, said Pimco will run a multi-asset fund, Invesco a global equity income fund and BlackRock an index-linked gilt fund to [...]
Fat lady sings for William Tell January 19, 2012 HEDGE fund Tell Investments is pulling down the shutters on 15 years of trading after three years of disappointing performance. The fund, which has offices in Switzerland, London and Malta, is closing its two principal funds — the William and the Tell — and has started returning €600m (£500m) to investors. The third fund, the [...]
