Wall Street bosses warn on shutdown October 2, 2013 THE HEADS of the biggest banks in Wall Street and Europe yesterday met President Obama to warn him of the dire consequences if the US defaulted on its debt obligations as the US government shutdown continued for a second day. Goldman Sachs chief executive Lloyd Blankfein said he and his fellow banking bosses had warned [...]
Cameron says under-25s must earn or learn for benefits October 2, 2013 DAVID Cameron yesterday set out plans to slash benefits for young people, saying under-25s will have to “earn or learn” if they want to continue to receive jobseekers’ allowance or housing benefit. The Prime Minister closed the Conservative party conference in Manchester by announcing that a future Tory government would seek to ensure all young [...]
Business groups urge PM to make good on tax cuts October 2, 2013 DAVID Cameron must make good on his defence of the free market by cutting taxes and boosting investment in the economy, business groups warned yesterday. The Prime Minister used the final day of the Conservative party conference in Manchester to deliver a rhetroic-heavy speech in defence of free markets, attempting to define the next election [...]
Cameron must now translate his vision into concrete action October 2, 2013 THERE is, of course, a place for soundbites. David Cameron’s speech yesterday had those in spades; some were even pretty good. The Prime Minister spoke up for the profit motive, for enterprise, hard work, improved standards in education and called for a land of opportunity. He defended business from the vicious attacks of Ed Miliband, [...]
Letta victory as Berlusconi’s party U-turns October 2, 2013 THOUGH Italy’s governing coalition looked poised to fall apart over the weekend, turmoil in Silvio Berlusconi’s party has allowed Prime Minister Enrico Letta to comfortably keep his job. Letta easily survived a vote of confidence yesterday, with only 70 senators voting against the Prime Minister, and 235 backing him. Berlusconi’s People for Freedom party swung [...]
Aviva USA sale grows by $800m October 2, 2013 Insurance group Aviva has completed the sale of its American business, Aviva USA, to Athene Holding for $2.6bn (£1.7bn). The deal comes in $800m higher than the $1.8bn that was announced in December resulting from increased estimated earnings for the American business. “This is a solid outcome with transaction proceeds of $2.6bn. The sale of [...]
Firms to invest during recovery October 2, 2013 Britain’s recovery should prompt firms to invest, boosting hiring and increasing wages, Bank of England governor Mark Carney said yesterday. He reaffirmed his pledge not to consider raising interest rates until unemployment falls to seven per cent or inflation creeps up again. But his upbeat message on business investment could strengthen market expectations that this [...]
Solvency II measures delayed October 2, 2013 European insurance rules that have already cost British businesses at least £3bn have been delayed yet again, Brussels officials said yesterday, amid speculation they will never be implemented. The Solvency II measures, which substantially increases insurers’ capital requirements, will now not come into force until at least 1 January 2016. “There is still no guarantee [...]
What the other papers say this morning – 3 October 2013 October 2, 2013 FINANCIAL TIMES FBI raid $1bn Silk Road black market US authorities have seized more than $3m worth of Bitcoins after closing down Silk Road, the online marketplace that allegedly allowed more than a billion dollars of illegal drugs and illicit services to be bought using the virtual currency. As part of the raid, the Federal [...]
Draghi: This is no time for a spending spree October 2, 2013 EUROZONE governments must not relax their efforts to cut deficits just because of hints of an economic recovery, Mario Draghi warned yesterday. It came as ratings agency Standard and Poor’s said it fears complacency among Eurozone politicians. The President of the European Central Bank (ECB) said the recovery is gathering pace in part because governments [...]
