US reform bill gets key vote June 30, 2010 THE US House of Representatives yesterday approved a landmark overhaul of financial regulations but the Senate put off action until mid-July, delaying a final victory for President Barack Obama. Still, the 237 to 192 vote in the House marked a win for Obama and his fellow Democrats, who have made the most sweeping rewrite of [...]
Reforms needed to boost private jobs June 30, 2010 A MAJOR question dominated the debate in Westminster yesterday: will the private sector create enough jobs to compensate for the looming bloodbath in the public sector? The Office for Budget Responsibility, the new independent official forecasting outfit, believes it will, as does the government; the opposition, the unions and the left-wing media, unsurprisingly, disagree. The [...]
Relief at low ECB take-up June 30, 2010 FEARS over the health of the Eurozone financial system were eased yesterday after the European Central Bank (ECB) reported much lower demand than expected for its three-month liquidity to replace €442bn (£361bn) in 12-month loans that expire today. The auction, seen as a test of the sector’s health, temporarily eased concerns about bank finances which [...]
Moody’s mulls cutting Spanish triple-A rating June 30, 2010 MOODY’S Investors Service said yesterday it was reviewing Spain’s ratings and may lower them by as much as two levels due to sliding growth expectations and mounting fiscal challenges. The ratings agency, the only major agency that still maintains a top rating for Spain, said it was conducting a three-month review of the country’s triple-A [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 30, 2010 FINANCIAL TIMES ARCELORMITTAL FINED €276M FOR PRICE-FIXING ArcelorMittal, the world’s biggest steel producer, has been fined €267.5m ($339m) for the part that its companies played in one of the most wide-ranging and long-running cartels to come to light in Europe. In all, 17 steel manufacturers were involved, and were given fines totalling €518.5m yesterday, with [...]
Tate & Lyle is poised for sale to a US firm June 30, 2010 BRITISH company Tate & Lyle is expected to sell its historic sugars business to US rival American Sugar Refining for around £200m. The deal, which is due to be announced officially today, is likely to cause anger over the loss of yet another UK business – coming, as it does, after the sale of Cadbury [...]
Cameron defends Budget as 610,000 public jobs to go June 30, 2010 DAVID Cameron was forced to defend his government‘s public spending cuts yesterday when it emerged an estimated 610,000 public sector jobs will be lost. The report by the Office for Budget Responsibility (OBR) forecasts one in eight public sector jobs will be shed by the end of this parliament. However, the report also estimates the [...]
Ex-New Star hedgie reveals figures from comeback firm June 30, 2010 ALAN Miller, the former hedge fund high-flyer who quit New Star Asset Management following a messy divorce, has revealed market-beating figures from his comeback venture. Just over a year after launching Spencer-Churchill Miller (SCM) Private, a boutique wealth manager, Miller said his two portfolios had dodged most of the downside suffered by UK equities. SCM [...]
Lloyds set to cut 650 jobs June 30, 2010 Part-nationalised Lloyds Banking Group is to cut 650 jobs and stop using a network of independent agencies, prompting the closure of 265 of them and potentially the loss of hundreds more jobs. Lloyds, which is 41 per cent owned by the UK government, said the closure of an insurance site in Nottingham, central England and [...]
BSkyB to increase sports prices June 30, 2010 British?Sky Broadcasting will today reveal a hike of between 11 and 36 per cent to the wholesale and retail cost of its sports channels, according to the?Financial Times. The higher charges on companies like BT and Virgin?Media mean BSkyB will be charging almost as much as when Ofcom, the regulator, intervened to force it to [...]
