Ofcom takes postal responsibility October 3, 2011 Ofcom yesterday took regulatory responsibility for the UK postal services. The media watchdog says it has worked closely with Postcomm to ensure a smooth transition of responsibilities with “minimal disruption for industry and users”. Ofcom says it will publish proposals on the framework for economic regulation of post later this month. The government handed the [...]
Napster and Rhapsody team up October 3, 2011 Two of the longest-running names in digital music, Rhapsody and Napster, are combining. Rhapsody, which is the largest US digital music service with 800,000 subscribers, said yesterday it would take over Napster, which is currently owned by retailer Best Buy, in a stock-based deal for an undisclosed sum. Napster, founded as a file-sharing site before [...]
CITY MOVES | WHO’S SWITCHING JOBS October 3, 2011 Palamon Capital Partners The private equity firm has appointed Julian Carreras as a principal in its pan-European team, which comprises professionals from eight countries. The move marks a return to the company for Carreras, who previously worked at Palamon Capital Partners between 2003 and 2006, joining from Goldman Sachs. Between 2006 and 2011, Carreras held [...]
BEST OF THE BROKERS October 3, 2011 COOKSON UBS upgrades the materials science company from “sell” to “neutral” with an unchanged target price of 430p. The broker says the company’s valuation has dropped to such a point that it is difficult to see much further downside, but still sees competitive pressure in China Flow Control as a risk. Long-term organic growth is [...]
Banks and mining stock fall on fear over Greece and Asia October 3, 2011 BRITAIN’S top share index began the final quarter of 2011 on a downbeat note as investors trimmed positions in banks and miners on familiar concerns over Greece’s debt problems and worries about growth in Asia. A 2012 draft budget approved by Greece’s cabinet on Sunday predicted a deficit of 8.5 per cent of gross domestic [...]
Wall Street slumps to a 13-month low October 3, 2011 US stocks slumped in heavy volume to a 13-month low yesterday as investors dumped bank shares on fears that Greece’s worsening financial crisis could cause a large European lender to fail. Investors pegged losses to the sharp fall in Franco-Belgian financial group Dexia, which fell 10 per cent after a Moody’s warning about its liquidity [...]
It is not the time for more QE – the MPC should focus on tackling high inflation October 3, 2011 THE most recent Monetary Policy Committee (MPC) minutes suggested that the Committee may be moving towards injecting more stimulus into the UK economy by restarting its policy of Quantitative Easing (QE). This would be a big mistake. It would confirm what many are beginning to suspect – that price stability and the 2 per cent [...]
A tactical speech laced with many contradictions October 3, 2011 IN MANCHESTER FORGET the Eurozone crisis. George Osborne is already fighting the 2015 general election. He used yesterday’s speech to talk over the heads of the Tory faithful to the electorate at large, often sounding more like a Prime Minister than a chancellor. Ever the master tactician, he couldn’t resist taking several swipes at the [...]
The monetary system needs to be reformed October 3, 2011 IT IS encouraging to see political debate start moving from monetary policy towards monetary regimes. Tinkering with the present system is a necessary but ultimately futile way to ensure a more stable economy, because it is the system itself that is the problem. Douglas Carswell MP is confronting these issues with a ten minute rule [...]
RAPID RESPONSES October 3, 2011 Osborne’s speech George Osborne’s announcement that he will focus on supporting small businesses is clearly good news, but recent research carried out by RSM Tenon shows that nearly a quarter of all entrepreneurs in the south say that the coalition government has had a negative impact on their business. The chancellor says that he recognises [...]
