Weale grants backing to QE October 9, 2011 SENIOR official Martin Weale launched a valiant defence of the Bank of England’s latest dose of quantitative easing yesterday, arguing that the move would not push up inflation without helping growth. Yet the Bank’s former leading hawk, Andrew Sentance, attacked the move dubbed QE2, and said the institution’s credibility was at risk. “One of the [...]
Building societies hit back over ratings downgrade October 9, 2011 BUILDING societies have hit back after some of the sector’s smaller players came off worst in a mass downgrade of British lenders. The Building Societies Association said the verdict by Moody’s, as part of a downgrade of 12 British institutions, reflected the removal of an implicit guarantee of Treasury support for mutuals in the event [...]
Q&A: HOW DOES THE EFSF WORK? October 9, 2011 Q. WHAT IS THE EFSF? A. The European Financial Stability Facility (EFSF) is the region’s bailout fund, underwritten by members of the Eurozone. It currently has €440bn at its disposal, but that is due to be boosted to €780bn once all 17 member states have ratified changes to the fund agreed on 21 July. Q. [...]
SLOVAK SULIK STUMBLING BLOCK TO EFSF October 9, 2011 Richard Sulik, leader of Slovakia’s libertarian Freedom and Solidarity (SaS) party, confirmed yesterday his party will reject the extension of the European financial stability facility (EFSF) at a crunch vote tomorrow.
E&Y: Risk of recession is one in five October 9, 2011 THERE is a one in five chance that the Eurozone will go back into recession for the next two years, according to an analysis by Ernst & Young released this morning. The looming threat of a credit crunch coupled with political indecision means that the region could well see its economy shrink two per cent [...]
French banks deny capital raising plan October 9, 2011 TOP French banks BNP Paribas and Société Générale have denied that they could seek to raise a combined €11bn (£9.47bn) as part of a broader European bank recapitalisation plan. A French newspaper had reported that the country’s first and second largest banks by market cap would seek about €7bn and €3-4bn respectively. A BNP spokeswoman [...]
Panel says City would back UK membership of the EU October 9, 2011 THOUGH members of the CityA.M. / PoliticsHome Voice of the City panel were split on their personal feelings towards the UK’s future in the EU, a majority felt the business community as a whole would push for Britain to remain a member. Sixty-five per cent said they expected City institutions and business organisations to support [...]
Backbenchers bite back over fat tax October 9, 2011 DAVID Cameron could face stern opposition from backbench MPs if the government attempts to launch a “fat tax” on foods that are high in fat. The Prime Minister has said that the government “should look at” following in the footsteps of Danish authorities, who recently imposed a tax on foods with more the 2.3 per [...]
Dunstone backs online lender Funding Circle October 9, 2011 THE FOUNDERS of Carphone Warehouse, Betfair and social gaming firm Playfish have backed an online lending marketplace, which allows small businesses to borrow directly from consumers, sidestepping the banks. Charles Dunstone, Edward Wray (top) and Sami Lababidi (bottom) invested an undisclosed amount into Funding Circle, which has offered £28.5m to small businesses since it began [...]
Chinese shoppers splash out after fashion week October 9, 2011 THE West End was boosted last month by record sales to Chinese shoppers in a wave of spending triggered by London Fashion Week. There was a 59 per cent increase in tax free shopping sales to tourists from the country in September compared with the previous month. The figures from Global Blue, which analyses shopping [...]
