Activists break into Xstrata’s London site November 30, 2011 PROTESTERS from the Occupy movement stormed the London base of mining giant Xstrata yesterday to highlight the pay package of its chief executive. Activists also climbed onto the roof of the Haymarket building, set off flares to the soundtrack of samba music and hung a banner declaring: “All power to the 99 per cent”. The [...]
Monti vows to cut as Eurozone jobs vanish November 30, 2011 ITALIAN Prime Minister and finance minister Mario Monti vowed to meet fiscal targets by setting out a fresh round of austerity measures even as data showed that Eurozone unemployment has hit a euro-era high. Monti, who was attending his first meeting as finance minister, also denied that Italy is seeking a rescue from the IMF, [...]
The bubble has burst: it is futile to resist reality November 30, 2011 THERE are two ways that one can react to change. The first is to embrace it; the second is to resist it. Contrary to what is often believed, the second option doesn’t always fail – there is no such thing as historical determinism. Wars can often be avoided, for example, or populist tides resisted. What [...]
Credit easing could hit EU law delay November 30, 2011 THE GOVERNMENT could have to wait to implement its credit easing programme until the spring of next year as it contends with EU law, a Treasury source told City A.M. The government is desperate to flood the economy with cheap credit as soon as possible to combat a funding crunch that is choking off growth. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 30, 2011 FINANCIAL TIMES GADDAFI’S GIFT TO LONDON SCHOOL OF ECONOMICS The London School of Economics accepted a £1.5m donation from the family of Muammer Gaddafi that may have been raised from bribes paid to the dictator’s family by companies seeking “business favours”, an independent report has revealed. GERMAN REFORMS ARE UNFAIR, SAYS BETFAIR The fight for [...]
THE FED’S LIQUIDITY COST CUT November 30, 2011 Q.WHAT IS THIS LIQUIDITY THAT’S BEING OFFERED? A.The Federal Reserve offers dollars to other central banks, in exchange for their currency, at a fixed exchange rate. Those central banks – including the Bank of England – then lend it out to banks that need cash but can’t get it from the market. Q.HAS IT BEEN [...]
Data shows deposits fleeing Irish lenders November 30, 2011 IRISH banks suffered a near €3bn (£2.6bn) outflow in deposits in October, reversing two months of inflows, as the deepening Eurozone debt crisis spooked some savers, central bank data showed yesterday. Irish banks, including local units of foreign banks, had nearly €350bn in deposits from residents and non-residents at the end of October compared to [...]
10 days to save the Eurozone, Rehn warns currency’s political leaders November 30, 2011 COLLAPSE looms if Eurozone leaders do not take urgent action to integrate fiscal policy, EU commissioner Olli Rehn warned yesterday. “The economic and monetary union will either have to be completed through much deeper integration or we will have to accept a gradual disintegration of over half a century of European integration,” Rehn said. Emphasising [...]
UK business slams Barnier audit reforms November 30, 2011 A number of business groups, including the CBI, yesterday slammed Michel Barnier’s proposals to shake up the audit market, saying they were “the latest in a long line of unnecessary distractions coming out of Brussels that would only serve to add to business costs”. Matthew Fell, director for competitive markets at the CBI, the employers’ [...]
DRAFT AUDIT REFORMS: KEY POINTS November 30, 2011 ● Mandatory rotation Companies will have to change audit firm after a maximum of six years, or nine years if they employ more than one auditor. Audit firms will not be allowed to tender for the same client’s business until after a four-year “cooling-off” period when the contract ends. ● Mandatory tendering The biggest companies [...]
