DODD-FRANK ARCHITECT TO STEP DOWN November 28, 2011 Barney Frank, the Democrat responsible for the Dodd-Frank Act on financial reform, is to retire from Congress next year. Frank, who was first elected in 1980, said new boundary changes and his desire to write and teach more had led to his decision. He is one of the Democrats’ biggest defenders of Wall Street regulation, [...]
London house prices join fall in rest of UK November 28, 2011 LONDON’S house prices slid in the month to the end of October, at last joining the falling trend across the rest of England and Wales, figures out yesterday from the Land Registry revealed. Average prices in the capital fell 1.6 per cent from £345,870 to £340,308 in the month to October, up just 0.3 per [...]
German insurer set to test new issues market November 28, 2011 THERE is some positive news from Hannover, where Talanx Group, Germany’s third largest insurance entity, is considering a flotation. According to sources, there’s already been a beauty parade of potential advisers and a timetable should follow in short order. There’s one adviser in situ; Rothschild has been appointed to advise Talanx on the sale. The [...]
King warns of a credit crunch risk November 28, 2011 THE BANK of England’s financial policy committee (FPC) is examining the impact of a European credit crunch on UK banks, governor Sir Mervyn King warned yesterday. King blamed much of the UK’s current and expected economic woes on the Eurozone crisis. He told the Treasury Select Committee that only transfers from financially sound governments to [...]
CITY VIEWS: HOW DAMAGING WILL THE STRIKES BE? November 28, 2011 ANDREW FIELD | TOM JAMES UK “I don’t think they should strike over pensions. They won’t get a better deal anywhere else. Even if their pensions will be slightly less now than before, they are still good, and they are state guaranteed.” ROXROY DUNKLEY | POOLIA UK “The strikes present a bad image to other [...]
Firms doubt government can boost low confidence November 28, 2011 CONFIDENCE is plummeting among businesses, leading to falling investment and increasing the risk of an economic contraction, according to surveys published yesterday by Barclays Corporate and by Lloyds Bank corporate markets. Lloyds’ business barometer showed a net balance of 20 per cent feel pessimistic about the future, up from 15 per cent in October’s study. [...]
Randgold hit by output fall from strikes November 28, 2011 MINER Randgold Resources has cut its 2011 production target for the second time this year after a “perfect storm” of difficult mining conditions, work stoppages and a mill breakdown at its Tongon mine in Ivory Coast. The cut to 690,000-700,000 ounces for the year – from previous, already trimmed guidance of 740,000-760,000 ounces – sent [...]
Walkouts dent Qantas profits November 28, 2011 Australia’s Qantas Airways yesterday flagged a fall in first half profits of at least 50 per cent as a series of strikes, the grounding of the fleet and high fuel bills take their toll. But the airline, which suspended all flights for two days last month in a drastic attempt to force a resolution with [...]
Laird chief executive Hill steps down over illness November 28, 2011 BRITISH electronics group Laird said yesterday its chief executive Peter Hill would step down immediately due to ill health, but it kept its outlook for the full year. Chairman Nigel Keen will take on the role of executive chairman while the company searches for a new chief executive. The company also formed an executive committee [...]
Rio Tinto joins BHP Billiton in warning over weaker demand as economies dip November 28, 2011 GLOBAL miner Rio Tinto yesterday warned on that further cracks may be emerging in global commodities markets as the economies of Europe and the United States waver, with its customers increasingly cautious on the outlook. Prices of iron ore, copper and aluminium — among Rio’s biggest income earners — have tumbled by more than 20 [...]
