Ed Miliband launches attack on the private equity industry September 26, 2011 ED Miliband, the Labour party leader, will use his conference speech today to attack businesses he labels “asset strippers”. His speech shows Labour keen to draw a line between “good” businesses that behave responsibly and “bad” firms that make profits recklessly. Miliband places in the “bad” category firms such as care home operator Southern Cross, [...]
French bailout would dwarf 2009 rescue September 26, 2011 FRENCH banks will need a capital injection in the tens of billions, according to analysts. In several notes yesterday, analysts began to lay out how a new bailout of the country’s lenders could happen, with some suggesting that it is “the best risk-reward medicine”. Following comments by Banque de France governor Christian Noyer that Europe’s [...]
Returns on US Treasuries set to pass 30 per cent this year September 26, 2011 RETURNS on US Treasuries have boomed in recent months, as investors have turned to long-term American debt. Hopes of political action over the Eurozone crisis saw Treasuries slip yesterday, yet 2011 as a whole is on course to be one the most successful ever years for bond-buyers. Despite losing around one and a half points [...]
Germany denies imminent plans for trillion-euro fund September 26, 2011 THE Eurozone descended into confusion yesterday, with officials giving contradictory signals on the prospects for a capital increase for the region’s bailout fund. German finance minister Wolfgang Schäuble denied that the Eurozone is considering plans to boost the firepower of the European Financial Stability Facility (EFSF) by a factor of five so that it could deploy [...]
Gold’s safe haven status questioned by investors September 26, 2011 PRECIOUS metals plunged again yesterday morning as investors continue to be spooked by the unexpected downturn in supposed “safe havens”. Gold and silver both pared losses later in the day, yet have taken a huge hit since earlier in the month. Spot gold tumbled as much as 7.4 per cent to a low of $1,534.49 [...]
GOLD – IT’S NOT INDESTRUCTIBLE September 26, 2011 Q.DOESN’T GOLD RALLY DURING ECONOMIC TURMOIL? A.Not always. Investors often flee from all their positions, and in this case have largely turned to the US dollar as the most liquid option. Q.BUT WHY HAS IT BEEN HIT SO HARD? A.There are several possible factors, with gold likely being affected by a combination. Losses on equities [...]
Balls unveils £18bn plan to aid economy September 26, 2011 ED Balls yesterday unveiled an £18bn plan to stimulate the economy, including slashing VAT on home improvements to five per cent and giving small firms a national insurance holiday if they take on new workers. Balls repeated calls for the government to reintroduce Labour’s bonus tax; to lower the headline rate of VAT from 20 [...]
CITY VIEWS: DO YOU BELIEVE LABOUR WILL INTRODUCE TOUGH FISCAL RULES TO CUT THE DEFICIT? September 26, 2011 TROY SOP | DEUTSCHE BANK “Just look at the Labour party’s track record. I don’t believe Ed Balls. We built up this deficit when he was in power. I don’t believe his party has changed at all. Labour won’t be any different next time round.” MARC TAYLOR | CNS “It’s easy for Balls to say [...]
Shareholders calling for Weber to join UBS now September 26, 2011 A GROUP of shareholders yesterday led the calls for Alex Weber to join UBS early as more contenders emerged for the chief executive’s role. Swiss campaigning group Ethos said UBS could use an EGM, within a month, to install Weber, amid claims the former Bundesbank chief has been has been involved in all strategic decisions [...]
LCH.Clearnet mulls offers September 26, 2011 THE BIDDERS for Europe’s sought-after clearing house LCH.Clearnet were waiting for the outcome of a critical board meeting yesterday to decide which of the offers will be accepted. The decision is crucial for the London Stock Exchange, which is one of two main bidders for a controlling stake in LCH, Europe’s last independent clearing house. [...]
