Top US policymakers clash over Federal Reserve taper decision September 23, 2013 TWO SENIOR figures from the US Federal Reserve revealed sharp disagreement over recent monetary policy in separate speeches yesterday, drawing the approach into question. Richard Fisher, president of the Dallas Fed, said that the Fed’s decision not to taper QE had damaged its credibility. Fisher said that he urged the Federal Open Market Committee (FOMC), [...]
Bankers get chance to propose changes to bonus cap operation September 23, 2013 BANKS will get a chance to challenge the implementation of the bonus cap and offer ways to make the new pay rules less damaging, as the Bank of England plans to launch a consultation. The rules come from the EU so cannot be stopped by the Bank of England’s prudential regulation authority (PRA). But the [...]
Coalition talks start after clear Merkel triumph September 23, 2013 CHANCELLOR Angela Merkel’s impressive victory in Sunday’s federal election was confirmed yesterday morning, with her party polling 41.5 per cent of the vote, the highest in nearly two decades. Merkel’s Christian Democratic Union (CDU) has already contacted the Social Democratic Party (SPD) to initiate coalition talks. The CDU came just shy of an overall majority [...]
Troubled Bankia lays off 800 directors of firms it part-owns September 23, 2013 SPANISH lender Bankia has cut back the vast majority of its external directors over the past year, it emerged yesterday. In a cost-cutting drive to save €7m (£5.9m) per year, the bank has sacked 800 of the 1,000 directors it appointed to the boards of firms it owns stakes in, the Financial Times reported last [...]
Bank of England’s big guns weigh in behind Carney September 23, 2013 TOP BANK of England policymaker Ben Broadbent yesterday came out in support of governor Mark Carney’s policy of forward guidance. He joined fellow monetary policy committee (MPC) member David Miles who last week gave his backing to the new policy in a speech. Under forward guidance the Bank of England has said it will not [...]
Cuadrilla discovers oil at Balcombe site September 23, 2013 ENERGY firm Cuadrilla yesterday said that its exploration drilling operations in Balcombe, West Sussex have been successful and that it will go back to test flow rates after it receives planning permission. The shale gas explorer said that it has started removing its drilling equipment from the site and expects to have all equipment removed [...]
IAG chief Willie Walsh hits out at visa red tape September 23, 2013 BRITISH Airways boss Willie Walsh yesterday hit out at the government for failing to set a long-term agenda for economic growth and said Britain’s bureaucratic visa system is putting off Chinese tourists and businesses. The chief executive of the airline’s parent company International Airlines Group told reporters on board BA’s inaugural flight to Chinese city [...]
Arsenal profits tumble yet cash remains for more star signings September 23, 2013 PREMIER League giants Arsenal saw pre-tax profits drop 81.7 per cent in the 12 months to the end of last season, yet the club remains in a strong financial position due to rising revenues and falling debt. London’s biggest football club revealed yesterday that earnings before tax were down to £6.7m in the year to [...]
SAC Capital Advisers attempts to settle US insider trading charges September 23, 2013 LAWYERS for Steven A Cohen’s embattled $14bn hedge fund, SAC Capital Advisors, have reached out to US prosecutors in Manhattan to try to settle insider trading charges, Bloomberg Businessweek reported yesterday. SAC’s overture to prosecutors is an attempt to strike a deal that would involve paying a fine of as much as $1bn, according to [...]
Eurozone firms point to growth in September September 23, 2013 PURCHASING managers in the Eurozone have signalled the strongest business environment since mid-2011, before the European Central Bank’s aborted interest rate hike. Announced yesterday by Markit, the euro area’s composite purchasing managers’ index (PMI) now stands at 52.1, with any number over 50 indicating growth. Business activity also rose in July and August, a good [...]
