Coeure calls for limited national control on bloc’s banking union September 30, 2013 EUROPEAN Central Bank (ECB) board member Benoit Coeure argued in favour of limiting Eurozone nations’ discretion over new bail-in rules during a speech yesterday. Coeure said: “The degree of discretion national resolution authorities will have in applying the bail-in rules… in my view should be as constrained as possible.” Some leaders have dragged their feet [...]
Abe expected to announce tax hike and new stimulus for Japan September 30, 2013 SHINZO Abe, Prime Minister of Japan, is set to announce a hike to the country’s sales tax today, paired with measures designed to offset negative effects on demand. Japan’s consumption tax is primed to rise from five per cent now to eight per cent in April. Though there has been opposition, Abe is backed by [...]
Telecom Italia boss to resign September 30, 2013 Telecom Italia chief executive Franco Bernabe could resign on Thursday at the company’s next board meeting, following Telefonica’s move to become Telecom Italia’s largest shareholder last week. The Wall Street Journal reported that Bernabe’s resignation is intended to ease tension within the company’s board that has clashed over the company’s strategic direction. At the end [...]
New manager at Freshfields September 30, 2013 Freshfields’ longest ever serving managing partner Ted Burke is leaving after eight years to move to the US, the law firm said yesterday. The global managing partner will join private equity firm Arclight Capital, one of his clients at Freshfields. London competition partner David Aitman, who has been at the group since 2001, will replace [...]
Independent starts trading on Aim September 30, 2013 Independent Oil and Gas started trading on Aim yesterday, having completed a £2m fundraising that was oversubscribed. The oil and gas explorer has three licences in the North Sea and is expecting a fourth to be awarded soon. “We believe Aim will provide an excellent platform from which to deliver on our strategy of growing [...]
Best of the Brokers for 1 October 2013 September 30, 2013 WILLIAM HILL Deutsche Bank has cut its target price from 496p to 475p, while upgrading the gaming group to “buy” from “hold”. The broker believes that after an 18 per cent share price fall since August interim results, it is now time to buy into the stock again. FRENCH CONNECTION Cantor Fitzgerald has upped its [...]
London Report: FTSE is knocked by jitters in US, China and Italy September 30, 2013 BRITAIN’S top share index fell yesterday, with miners hit by weak data from top metals consumer China and with political jitters in Italy and the United States hurting broad investor sentiment. Fresnillo and Glencore Xstrata lost over two per cent after Chinese data unexpectedly pointed to a near-stagnation of private sector factory activity. Yesterday’s market [...]
New York Report: Markets slip on fear of effects from shutdown September 30, 2013 US STOCKS slipped yesterday as the possibility of a partial government shutdown rose, although major indexes were on still track to close out September with solid gains. With just hours to go before a midnight deadline to avert a federal government shutdown, the S&P 500 was down about 0.5 per cent, cutting initial losses almost [...]
Why the London Docklands hold the key to tackling the UK housing crisis September 30, 2013 HOW DO we solve Britain’s housing crisis? Ed Miliband has promised to see 200,000 homes built each year by 2020. But his pledge was linked to a misguided initiative to stop developers hoarding land (the Office for Fair Trading couldn’t find any evidence that this actually happens). The Tories, meanwhile, are bringing forward the second [...]
The Tories are failing to find a market response to Ed Miliband’s anti-capitalism September 30, 2013 THE ROLE of the state has long been the major fault line in UK political discourse. This is not surprising, given that the interaction between state and citizen has changed so profoundly over the past 100 years. And with Ed Miliband’s challenge to the market economy last week, and yesterday’s attempted defence by George Osborne, [...]
