Lloyds reports £3.8bn loss November 8, 2011 Lloyds Banking Group , the part-nationalised lender which has been hit by its chief executive’s temporary absence due to health issues, reported a nine-month loss and said it may have to put back some financial targets due to the economic turmoil. Lloyds, which is 41 per cent owned by the government after being bailed out [...]
Berlusconi: On the brink November 7, 2011 A defiant Silvio Berlusconi clung on to power last night, dismissing calls for his resignation as bond yields rocketed to euro-era records and markets see-sawed on rumours he was set to resign. Yields on Italian bonds soared to 6.68 per cent, higher than the levels seen in August, when the European Central Bank restarted buying [...]
MPs say Bank must cede power November 7, 2011 THE government should use its overhaul of regulation to bring about a radical shift of power from the Bank of England back to the Treasury, an influential committee of MPs has recommended. The Treasury Select Committee, headed by Conservative MP Andrew Tyrie, says that the Bank’s “antiquated” governance means it is not transparent or accountable [...]
ECB ups bond-buying yet yields still rising November 7, 2011 YIELDS on Italian debt continued their upward surge yesterday, despite the European Central Bank (ECB) appearing to have boosted its bond purchase programme in a bid to control debt costs in struggling peripheral states. Yields on 10-year Italian debt reached a 14-year high of 6.67 per cent yesterday, with analysts again warning that the government’s [...]
EFSF raises €3bn for Ireland in face of low demand and choppy markets November 7, 2011 THE FIRST bond issue by the European Financial Stability Facility (EFSF) in its new form was slightly oversubscribed yesterday. Raising €3bn (£2.57) to fund Ireland’s refinancing needs, the EFSF paid 104 basis points (bps) above mid swaps, implying a yield for investors of 3.59 per cent. The last time such a 10-year bond was offered, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 7, 2011 THE TIMES INTEL SUPERCOMPUTER TO AID START-UPS IN EAST LONDON Intel has thrown its weight behind the Tech City project in East London, earmarking one its supercomputers for start-up companies in the area’s “Silicon Roundabout” to use free of charge. It has four such computer clusters in Swindon, each of which is capable of handling [...]
France announces fresh measures for austerity November 7, 2011 FRANCE announced €65bn of tax hikes and budget cuts over five years yesterday, as President Nicolas Sarkozy seeks to protect the country’s creditworthiness in financial markets without killing his chances of re-election in six months time. Minister’s salaries, including Sarkozy’s, will be frozen as part of the plan, as the government aims to make the [...]
Cameron returns to UK talking tough on Europe November 7, 2011 DAVID Cameron warned the Eurozone nations they must “sort themselves out” before any international aid is given, while negotiations between Greece’s political parties continued in an effort to form a new unity government. The Prime Minister addressed the House of Commons, telling MPs that the UK was prepared, “in principle” to give more to the [...]
Greece struggles to agree on new premier November 7, 2011 GREEK party leaders are struggling to agree on a new prime minister, despite EU demands that the political class commit itself to the nation’s financial salvation and end the chaos threatening the entire euro project. Yesterday came and went without any accord on who will lead a new national unity coalition, despite talk that a [...]
New series of bearish data hits Eurozone November 7, 2011 A WAVE of poor economic data knocked confidence even further in the Eurozone yesterday, piling more pressure on the beleaguered single currency area. Retail sales across the 17 member states fell 0.7 per cent in September compared to August, official figures showed — far worse than economists expected. “It was a pretty disappointing figure,” said [...]
