SPORT | IN BRIEF October 3, 2011 Ancelotti wants England return FOOTBALL: Former Chelsea manager Carlo Ancelotti has stated his eagerness to manage a Premier League club almost five months after he was sacked by the west London club. “I have a strong will to remain in England,” he said. “For a coach, this is the ideal country. But I would only consider [...]
Advisory and auditing lift Ernst & Young October 3, 2011 BIG FOUR accountancy firm Ernst & Young will buck the global market downturn this morning as it announces that revenues in its UK business have risen eight per cent since last year, driven by strong performances in its assurance and advisory business. Turnover at the firm hit £1.465bn in the 12 months to 30 June [...]
Private equity funds raise less in third quarter October 3, 2011 PRIVATE equity firms saw their fundraising efforts slashed by falling investor confidence as global economic woes deepened in the third quarter, new data shows. Fundraising was “significantly down” on the second quarter, with final fund closes falling 45 per cent to $44.8bn (£28.7bn), according to research provider Preqin. Just 97 funds closed in the third [...]
EU ministers agree on deal October 3, 2011 EUROZONE finance ministers yesterday thrashed out the terms of a collateral deal to underpin bailout loans, removing an obstacle to Greece’s second rescue package. Olli Rehn, the European commissioner for economic and monetary affairs, confirmed last night that ministers had agreed on a solution to Finland’s demands for a collateral arrangement, which would be available [...]
Dexia says governments may step in after its shares plunge October 3, 2011 THE BOARD of struggling Franco-Belgian bank Dexia last night said it will work with governments to “resolve the structural problems penalising the group’s operational activities”. The board held an emergency meeting last night to discuss options for the bank after Moody’s said it was on review for a credit rating downgrade, claiming that its funding [...]
ECB KEEPS BOND PURCHASES BELOW €4BN October 3, 2011 THE European Central Bank (ECB) bought €3.795bn in bonds during the last week of September, down from €3.95bn the previous week. Since it was relaunched in August the bank has bought €160.5bn in bonds. The ECB also said yesterday that use of its deposit facility had risen to its highest level in over a year, [...]
Slovakia likely to rubber stamp next phase of Eurozone bailout October 3, 2011 SLOVAKIA’s parliament is likely to approve changes to the Eurozone bailout fund, Eurogroup leader Jean-Claude Juncker said last night. Slovakia is one of the last of the 17 Eurozone countries to vote to approve the new and enlarged European Financial Stability Facility (EFSF). But the leader of the junior coalition party had threatened to block [...]
No land ahoy for HMS Treasury October 3, 2011 WAS that the creaking of rigging we heard in the conference hall as our chancellor took the stage yesterday? At last we know how George really feels, standing on the shifting deck of HMS Treasury, presiding over a surging sea. In his own words, he feels “dwarfed by the scale and power of the daily [...]
HOW CREDIT EASING WILL WORK October 3, 2011 Q.WHAT IS THE NEW POLICY? A.So-called “credit easing” is supposed to make it cheaper for small and medium-sized enterprises (SMEs) to borrow. The programme involves buying SME bonds on the secondary market with the aim of driving down yields so that it is cheaper for them to issue debt. Q.WHAT’S THE RATIONALE? A.Banks are cutting [...]
The long fiscal shadow of credit easing October 3, 2011 GEORGE Osborne would have us believe that his policy of “credit easing” is not a fiscal matter. It’s nothing more than a liquidity injection, he says. The idea is to speed up a shift that is already happening: with new rules forcing banks to horde capital rather than lend, firms are turning to the bond [...]
