Eurobonds would ease crisis: EC November 23, 2011 “STABILITY bonds” backed by the Eurozone as a whole could be one solution to the sovereign debt crises, European Commission (EC) president Jose Manuel Barroso said yesterday. Such a commitment from member states would show that “we are serious about stronger governance in the euro area, both in discipline and in convergence”, he said. German [...]
CITY VIEWS: HOW IMPORTANT IS TOURISM TO THE LONDON ECONOMY? November 23, 2011 DAVID WHITE | MIZUHO “It’s very important, because everything else in the economy is a bit of a state. I think it should be interesting enough to attract people without the government promoting it, though.” MICHAEL PORTER | DEPARTMENT FOR BUSINESS “There is big money there, billions. It may get crowded, and public transport may [...]
NBNK and Co-op in final round of Lloyds auction November 23, 2011 NEW British bank venture NBNK and the mutually owned Co-operative Group have been short-listed by Lloyds as prospective buyers of the 630 retail bank branches which it has been told to sell, sources with knowledge of the situation said. Lloyds said yesterday that it had received three formal offers for the assets and had decided [...]
Nigel Lawson contradicts chancellor by calling for a break up of Eurozone November 23, 2011 FORMER Tory chancellor Nigel Lawson has clashed with current Number 11 inhabitant George Osborne, by labelling plans to preserve the Eurozone as “mad”. Osborne has encouraged the 17 member states of the Eurozone to push forward with plans for greater fiscal integration, yet his predecessor has slammed the idea. “It was the Eurozone that caused [...]
Ireland calls for discount on debts to aid recovery November 23, 2011 IRELAND yesterday called on the EU to provide it with debt relief, arguing that the country had shouldered a disproportionate burden within the Eurozone during earlier crises. Finance minister Michael Noonan told journalists: “We have borne a disproportionate share of protecting the European banking system… The overall burden of debt is going to impede growth.” [...]
HSBC: Vickers is biggest cost of London HQ November 23, 2011 THE VICKERS report is the single biggest factor making the UK a less attractive financial centre than it was in the past, according to HSBC chairman Douglas Flint. Appearing before a committee of MPs, Flint said that the bank’s $2.1bn (£1.35bn) estimate of the annual costs from one single measure in the Vickers report would [...]
Blow for RBS as its head of retail banking leaves November 23, 2011 ANOTHER senior executive joined the management exodus from taxpayer-owned banks yesterday as RBS’s head of retail unexpectedly quit. Brian Hartzer, who also runs the bank’s wealth division and its troubled Irish business, Ulster Bank, is leaving the bank for family reasons to move back to Australia and take up a similar job, the bank said. [...]
Banks claim reform could trigger crisis November 23, 2011 THE UNCERTAINTY caused by the Vickers report risks generating a UK credit crunch, Britain’s major lenders warn in a confidential lobbying paper sent to the Treasury last week. In the paper seen by City A.M., and in a meeting with the Treasury last week, banks said that the government’s lack of clarity over what losses [...]
CAPITAL PAINS AND GAINS November 23, 2011 Chelsea and Villas-Boas face Euro exit after late goal sends them to fourth defeat in five BAYER LEVERKUSEN 2 vs CHELSEA 1 CHELSEA manager Andre Villas-Boas admits he faces the biggest challenge of his fledgling managerial career to lift the confidence of his ailing team, who are now in real danger of suffering an ignominious [...]
Arsenal secure top spot with a game to spare as Van Persie draws yet more superlatives November 23, 2011 ARSENAL 2 vs DORTMUND 1 ARSENAL manager Arsene Wenger admitted his surprise after the Gunners became the first English team to reach this season’s Champions League knockout stage. Top scorer Robin van Persie netted twice — taking his tally to 17 from 18 games for Arsenal this term and 38 in 41 this calendar year [...]
