Ken Clarke: Voters need to get serious May 4, 2010 POLITICAL EDITOR Tory big beast warns markets will think electorate is ‘ridiculous’ if it ushers in a hung parliament tomorrow FINANCIAL markets will think voters are “slightly ridiculous” if tomorrow’s general election results in a hung parliament, Ken Clarke said yesterday. In an exclusive interview with City A.M., the shadow business secretary said: “My message [...]
Fresh debt fears rock world markets May 4, 2010 FEARS the €110bn bailout package for Greece might not be enough to stop the spread of the Eurozone debt crisis sent markets worldwide plunging yesterday. The FTSE 100 plummeted 2.6 per cent to 5,411.11, the pan-European Stoxx 600 Index dropped 2.9 per cent to 252.96 – erasing its gains for the year, and the S&P [...]
Ratings firms face EU probe May 4, 2010 EUROPE’S internal markets commissioner Michel Barnier yesterday issued a stark warning to credit ratings agencies, as he demanded an investigation of their methods and floated the possibility of establishing an EU agency tasked with issuing sovereign ratings. Barnier said he had asked for “responsibility” from the ratings agencies, but that he had been “surprised” by [...]
Why Britain needs a Conservative government May 4, 2010 WE are now just one day away from the most important election for a generation. The country is at a crossroads: we have crawled out of recession but our prosperity faces its greatest threat since the 1970s. A discredited government and political establishment have presided over an out of control budget deficit and a bloated, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 4, 2010 FINANCIAL TIMES PAULSON ASSURES INVESTORS OVER GOLDMAN FALLOUT John Paulson, whose hedge fund profited from the transaction at the heart of the civil fraud charges filed in the US against Goldman Sachs, has pledged to his investors that he will bear the costs of any litigation brought against his company in the matter. Mr Paulson’s [...]
Singaporean fund eyes Pru rights issue May 4, 2010 TEMASEK, Singapore’s largest sovereign wealth fund, is considering lending its support to Prudential’s $21bn (£13.9bn) rights issue as a cornerstone investor, City A.M. understands. The $120bn (£79.4bn) government investment vehicle is one of several Asian institutions looking with interest at the terms of the rights issue published this morning. The exact price and timing of [...]
Orrick backs out of SJ Berwin merger May 4, 2010 MERGER talks between law firm SJ Berwin and its US competitor Orrick, Herrington & Sutcliffe have collapsed. The news came after the San Francisco based firm wrote to partners explaining that it would step away from merger discussions. In a leaked memo seen by City A.M., the firm’s chairman Ralph Baxter said the decision to [...]
Taxpayer bailouts banned for ailing US finance firms May 4, 2010 KEY US lawmakers yesterday reached agreement on dismantling large financial firms that get into trouble, as momentum accelerated in the Senate toward passage of a landmark Wall Street reform bill. The agreement came amid several adjustments aimed at building support for the main reform bill, which Senate Democrats hope to push through by mid May. [...]
TIMES SQUARE BOMBING SUSPECT CHARGED May 4, 2010 PAKISTANI-American Faisal Shahzad, 30, was yesterday charged with terrorism and trying to use a weapon of mass destruction over the failed car-bomb attack in New York’s busy Times Square. Several of his relatives have also been arrested in Pakistan.
Record profit for StanChart May 4, 2010 THE booming Asian economies pushed Standard Chartered to record first-quarter earnings. The bank said yesterday it has had “a very strong start to the year” despite fierce competition in its core Asian markets. It did not release profit figures for the quarter but said 2010 promises to be a bumper year. Standard Chartered was pulled [...]
