MPC’s Fisher: Significant risk of a double dip recession in the UK October 27, 2011 A RECESSION may be on the way, Paul Fisher from the Bank of England’s monetary policy committee (MPC) warned yesterday, as new data revealed retail sales and consumer confidence are plummeting. The economy could “slide back approaching a recession, which is always possible with the sort of financial crisis overhanging,” Fisher told Bloomberg Television. In [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 27, 2011 FINANCIAL TIMES MAYOR TELLS EU TO DROP FINANCIAL TAX Boris Johnson has stepped up London’s opposition to European Union plans for a tax on financial transactions, urging Brussels to drop the proposal “at the earliest opportunity”. The mayor says he is “strongly opposed” to the scheme, which would drive business out of London. THE TIMES [...]
Sarkozy says Greece joining euro was a mistake as Osborne hints at IMF cash October 27, 2011 IT WAS a mistake to let Greece join the euro single currency when it did because its economy was not ready to form a monetary union with others in the club, French President Nicolas Sarkozy said yesterday. “It was a mistake,” Sarkozy said, when asked during a TV interview about having Greece adopt the euro [...]
EU banks: we won’t need public money October 27, 2011 EUROPE’S banks insisted yesterday that they can handle ramped-up capital requirements from EU authorities without resorting to state bailouts. Despite some analysts having called a nine-month timeline for raising billions in new funds “unrealistic”, lenders are determined to appear unruffled. Yesterday, the European Banking Authority (EBA) unveiled preliminary results of the stress tests it is [...]
Leaders face falling GDP October 27, 2011 A WAVE of weak data in the Eurozone points towards a recession, analysts are warning, piling more pressure on Eurozone leaders. Figures out yesterday from the European Commission showed consumer and business confidence worsening into October. Economic sentiment slipped to a 22-month low, falling 0.2 points to 94.8. Consumer confidence declined 0.8 points to -19.9 [...]
Bond spreads narrow as investors react October 27, 2011 TEN-YEAR yields on German government bonds jumped by the most in almost three months yesterday and spreads across the Eurozone narrowed, as investors reacted to politicians’ plans by shifting their risk exposure. German bunds became a less attractive safe haven after the country’s parliament backed an increase to the European Financial Stability Facility, to which [...]
Santander vows to beat capital target October 27, 2011 GRUPO Santander saw its quarterly pre-tax profits rise by nine per cent yesterday, despite failing to significantly reduce its impairments. The bank’s shares were also boosted by its assurance that it will overshoot European authorities’ nine per cent capital ratio target by 100 basis points “without the need to issue new capital” while also paying [...]
Lazard shares soar despite profit fall on market turmoil October 27, 2011 ELITE US investment bank Lazard pleased investors with a 24 per cent surge in revenue gained from advising on M&A in the third quarter. Lazard shares bounced as much as 18 per cent after it posted the better than expected rise in advisory revenues to $199.1m (£124.5m). Despite the gain, Lazard’s third-quarter pre-tax profits fell [...]
Canon Chancellor quits St Paul’s over threat to force out activists October 27, 2011 THE CANON Chancellor of St Paul’s has quit the cathedral, saying he did not want to see “violence” used to clear the protesters’ camp. Reverend Dr Giles Fraser (right) said his conscience meant he could not support St Paul’s if it joined with the City of London Corporation to evict the Occupy LSX activists. He [...]
Moody’s expects bond market growth as gains beat forecasts October 27, 2011 MOODY’S chief executive Raymond McDaniel has said the corporate bond rating business looks poised to rebound when credit markets stabilise, after reporting a third-quarter profit that beat Wall Street estimates. McDaniel said the pipeline of corporations waiting to issue new bonds is “pretty strong”, but warned it was hard to predict when it may happen. [...]
