Anglo Irish Bank bailout price tag £29bn September 30, 2010 Ireland’s central bank has put a 34 billion euro (£29bn) price on bailing out stricken Anglo Irish Bank under a worst case scenario and said Allied Irish Banks needs to raise an additional three billion euros by the end of the year. The government will announce plans to recapitalise Allied Irish Banks, the central bank [...]
US defies China in currency row September 29, 2010 THE RISK of a global currency war escalated yesterday as the US passed a measure threatening trade with China in response to its efforts to keep the yuan undervalued. Politicians voted 348 to 79 in favour of a measure that would allow – but not require – the US Department of Commerce to assess levies [...]
D-Day for Ireland as yields rise September 29, 2010 THE full cost of the 2008 banking crisis in Ireland will be laid bare today with the republic’s government expected to admit that bailing out Anglo Irish Bank will exceed €35bn (£30.2bn) – more than 20 per cent of Ireland’s GDP. Ahead of today’s announcement, detailing the extent of a fresh recapitalisation, embattled Irish Prime Minister, [...]
EU mulls fines on big deficits September 29, 2010 THE EUROPEAN Commission proposed tougher sanctions on Eurozone countries that breach EU budget rules yesterday, as trade unions staged strikes and protests against austerity measures. The EU executive outlined plans to prevent a repeat of Greece’s debt crisis by making chronic deficit offenders deposit 0.2 per cent of their gross domestic product with Brussels. The [...]
Why QE2 would be wrong for Britain September 29, 2010 THERE is a growing expectation that the Bank of England will eventually announce a renewed bout of quantitative easing (QE). Yet such a decision, supported by Adam Posen of the monetary policy committee, would be a mistake: the economy, while sluggish, is growing; the money supply is expanding; credit conditions are improving; and inflation remains [...]
BHP awaits Potash study September 29, 2010 BHP BILLITON’S efforts to take over Potash Corp endured another twist yesterday, as rival bidder Sinochem struggled to find partners for a counterbid while a Canadian report on BHP’s suitability as a bidder was delayed. Chinese firm Sinochem has failed to team up with Russian fertiliser group UralKali, according to reports last night, leaving it [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 29, 2010 FINANCIAL TIMES WAITROSE EYES DUCHY ORIGINALS US PUSH Waitrose is making its first foray into the US through its Duchy Originals range, the label founded by Prince Charles. The supermarket arm of the employee-owned John Lewis Partnership is talking to North American retailers and distributors about selling Duchy Originals products in US stores. PENSIONS REGULATOR [...]
SocGen beats investor lawsuit September 29, 2010 Societe Generale has won the dismissal of a shareholder lawsuit accusing the bank of concealing nearly €7bn (£6.03bn) of losses from a massive trading scandal and exposure to subprime mortgages. Investors accused the bank of ignoring dozens of warnings about rogue trader Jerome Kerviel, whose activity led to a loss of €4.9bn in January 2008 and [...]
Air France faces price-fixing claim September 29, 2010 Air France-KLM faces a claim for up to €500m (£430.8m) from claimants including Ericsson and Philips over allegedly fixing the price of air cargo. A law firm representing the claimants estimated that the total damages could exceed that amount once money for the harm suffered since 2000 is taken into account. Claims Funding International said it [...]
Dudley begins BP makeover post Gulf spill September 29, 2010 BP is considering linking bonus payouts to the group’s safety performance as part of a radical makeover, which has also seen a shake-up of the board’s structure, announced yesterday by incoming chief executive Bob Dudley. Dudley, who takes over from Tony Hayward on Friday, has launched a review of how the oil giant pays out [...]
