China plans raid on European assets November 28, 2011 China’s Commerce Minister plans to lead an investment delegation to Europe next year, hoping to pick up some plum assets on the crisis-hit continent. China has been reluctant to publically commit to buying additional European bonds, despite pleas for help, but could be much more interested in getting hard assets for its cash. “Next year, [...]
Moody’s warns over ratings of all Euro area bonds November 28, 2011 Moody’s Investors Service has warned the rapid escalation of the Eurozone sovereign and banking crisis threatens the credit standing of all European government bond ratings. “While Moody’s central scenario remains that the euro area will be preserved without further widespread defaults, even this ‘positive’ scenario carries very negative rating implications in the interim period,” the [...]
Osborne unveils £20bn loan plan November 27, 2011 The government will guarantee £20bn of UK bank debt over the next two years, chancellor George Osborne revealed yesterday, in a desperate bid to unfreeze credit markets. The Treasury’s credit easing programme will see the government underwrite chunks of lenders’ debt to bring their borrowing costs down, in return for which they will cut the [...]
Army on standby for strike November 27, 2011 THE Army has been put on standby to run Britain’s borders amid fears Wednesday’s mass strike over pensions will paralyse public services. Up to 18,000 immigration officials will join the industrial action, which is set to close up to two-thirds of schools, trigger chaos at ports and airports and disrupt services ranging from refuse to [...]
Chancellor’s plans are a mixed bag November 27, 2011 THIS week’s Autumn statement by the chancellor will be like the proverbial curate’s egg: good in parts, bad in others, and as a result not entirely digestible. While bits of George Osborne’s plans rightly focus on liberating companies and individuals, others involve creating special schemes, funds and interventions, many of them gimmicks, and seek to [...]
The City wants tax cuts – but does not think Osborne shares its hope November 27, 2011 CUTS in corporation and income taxes would benefit the City, but expectations are low for George Osborne to offer any in tomorrow’s Autumn Statement, according to the Voice of the City survey published today. More than two-thirds (69 per cent) said they would be “very favourable” or “somewhat favourable” towards a proposal to cut corporation [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 27, 2011 FINANCIAL TIMES PLEA TO BRUSSELS OVER AUDIT SHAKE-UP The heads of several midsized audit networks have issued a last-ditch appeal to the European Commssion not to dilute sweeping proposals aimed at reducing the dominance of the four biggest accountants and improving audit quality. In a joint interview with the Financial Times, the chief executives called [...]
US Black Friday sales up 6.6pc November 27, 2011 US Black Friday sales were 6.6 per cent up on a year ago, according to retail data and consulting firm ShopperTrak. The gains were the strongest since 2007 and topped last year’s weak 0.3 per cent rise. The firm, which instals monitoring devices in stores to gauge foot traffic, said many retailers extended trading hours [...]
City expects lower bonuses November 27, 2011 City workers expect their bonus to be equal to about a quarter of their salary this year, down from 35 per cent last year, according to a survey by recruitment firm Astbury Marsden. That translates to an average bonus of some £20,000 (assuming average pay of £83,000). However, managing directors think they will get bonuses [...]
Eurozone in rush to draw up fund rules November 27, 2011 EUROZONE leaders are hoping to stimulate demand for the debt of their bailout fund by rushing out newly drawn-up plans for how it will work. The European Financial Stability Facility (EFSF) was forced to cancel an auction of its debt recently due to little interest from investors, with details scarce on how its capital will [...]
